The need for Palm Beach County workforce housing is growing fast, and a new apartment community in Lake Worth Beach is stepping in to help. The Residences of Lake Worth Beach is a $62 million development by the Richman Group that will bring 195 income-restricted apartments to the area.
This isn’t just another housing project. It’s part of a bigger effort to give working families a place they can actually afford to live in one of Florida’s most expensive regions.
$62M Development in Lake Worth Beach
Project Overview and Location
Right in the heart of Lake Worth Beach at 2431 2nd Avenue North, this 7.4-acre site will soon be home to:
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195 workforce apartments
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279 parking spaces
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A 4,980-square-foot clubhouse
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A pool deck for residents to enjoy
The site sits perfectly between West Palm Beach and Boca Raton, making it ideal for folks who work in either city and want to cut down their commute.
Who’s Behind It?
The Richman Group bought the land in 2021 for $5 million and officially kicked off construction in 2025. The project is being built by Straticon, with design work from Behar Font Partners out of Coral Gables.
Where the Money’s Coming From
A Mix of Public and Private Support
Big projects need big money. This one is being funded by:
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$47 million from Merchants Bank of Indiana
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$13 million from Palm Beach County’s workforce housing bond program
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$2.35 million in tax-exempt financing from Merchants Capital Corp
In total, it’s about $67 million. What’s really important is that this kind of public-private mix is helping make Palm Beach County workforce housing more of a reality.
The Bond Program: What You Should Know
Back in 2022, Palm Beach County voters approved $200 million in bonds to support affordable and workforce housing. The program officially started awarding funds in 2025.
Here’s how it works:
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Loans can be up to 20 years
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Interest rates are just 1% for for-profit developers
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0% for nonprofits
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Units are meant for people making up to 80–110% of the area’s median income
Why This Matters Right Now
Prices have soared in the last few years, and that’s made it harder for everyday people to find a place they can afford. Palm Beach County workforce housing gives working residents a shot at living closer to their jobs, their kids' schools, and their communities.
It’s not just about saving money. It’s about saving time and improving quality of life.
What This Means for Lake Worth Beach Real Estate
Adding 195 new apartments is a big deal. It brings more options to renters and helps take pressure off the rest of the market. That could mean more stable prices over time.
It also makes Lake Worth Beach real estate more attractive to families, first-time buyers, and even employers who want nearby housing for their staff.
If you're thinking about moving, now’s a great time to connect with real estate agents in Lake Worth Beach FL who know what’s happening on the ground.
FAQs About Palm Beach County Workforce Housing
What is workforce housing?
Workforce housing is built for people who earn too much to qualify for low-income housing but not enough to afford market-rate rent. Think teachers, firefighters, and service workers.
Who qualifies for workforce housing?
Usually, it’s for people making up to 80–110% of the area’s median income. Each property may have its own criteria.
When will the Residences of Lake Worth Beach be ready?
Construction began in 2025, and projects like this usually take around 18–24 months. So, late 2026 or early 2027 is a good guess.
Is Palm Beach County planning more of these developments?
Yes! With the $200 million bond fund, the county is actively supporting more Palm Beach County workforce housing projects throughout the area.
Final Thoughts of The New Lake Worth Beach Apartments
The Residences of Lake Worth Beach is a much-needed step in the right direction. It's about creating real opportunities for the people who make Palm Beach County run and other essential workers.
As more projects get off the ground, the future of Palm Beach County workforce housing looks more promising than ever.
Looking for guidance or want to know what options are available near you? Call The Mastropieri Group, Realtors® at (561) 544-7000. We’re here to help you find the right place to call home.
Posted by Larry Mastropieri on
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