West Palm Beach is poised for a significant transformation, as city officials enter into negotiations with a development group that plans to bring much-needed affordable and workforce housing to the Broadway/US 1 corridor. The proposed project promises to revitalize a key area of the city, providing housing for residents in need while also spurring economic growth along this critical corridor.
The city has received a formal offer from 2823 Broadway QOZB LLC, a partnership between Procida Development Group based in New York and Miami’s Trè Bèl Housing Development Group. The latter is co-led by former NFL star Jonathan Vilma and Daniel Marakovits. Their joint proposal includes purchasing a 0.74-acre parcel of vacant land at 2803, 2813, and 2815 Broadway Ave., along with two adjacent properties on 27th Street. The developers offered $500,000 for this land, and the project is now moving forward as both sides negotiate terms.
A Bold Vision for Housing and Retail
The development group’s vision is a seven-story mixed-use project that would include 151 affordable and workforce housing units, 5,000 square feet of retail space, and a 166-space parking garage. In addition to these critical amenities, the project plans to include 7,500 square feet of green park space, creating a more livable, human-centered urban environment.
This kind of thoughtful design is intended to reinvigorate the Broadway Corridor, which has struggled with underdevelopment in recent years. According to the developers, the project aims to activate the area with local-focused retail and residential spaces that cater to families and individuals with varied incomes.
The project’s $53.1 million budget reflects both the scale of the development and the commitment to providing affordable housing. The proposal includes a request for $3 million in financial assistance from the city, although those details have yet to be finalized.
Affordable Housing for West Palm Beach
Affordable housing remains a critical issue in Palm Beach County, where the median family income is $98,300. This project would make a significant impact, offering 23 units for individuals making up to 80% of the area median income and 128 units for those making up to 120%. The proposed mix of units includes 32 studio apartments, 64 one-bedroom units, and 55 two-bedroom apartments, ensuring a variety of options for renters.
With many residents in the area struggling to find housing within their means, this development would provide a lifeline for those earning moderate incomes. Housing options like this are particularly valuable in a region where land values and construction costs continue to rise, making it difficult for many to afford quality housing.
Overcoming Development Challenges
The city’s decision to move forward with negotiations comes after a thorough evaluation of the proposal. While the $500,000 offer is below the property’s appraised value, city officials, including Jennifer Ferriol, the housing and community development director, noted the economic challenges facing this area of West Palm Beach.
The Broadway Corridor has long been labeled as a “blighted neighborhood,” with numerous barriers to development. These include small lot sizes, height restrictions, and the rising cost of construction, all of which make it difficult for developers to break ground on new projects. Additionally, higher interest rates for construction loans have further hindered investment in the area.
Despite these challenges, the city recognizes the potential benefits of this project. By bringing affordable housing to the corridor, the development could attract further investment and help breathe new life into the neighborhood. Ferriol pointed out that it’s unlikely any other developer will step forward with a competing offer for the site, making this proposal a unique opportunity for the city to move forward with revitalization efforts.
Zoning and Approval Process
One of the hurdles that remains for the project is its height. While the developers envision a seven-story building, current zoning regulations only allow for three stories in this area. The development group has stated that they plan to utilize Florida’s Live Local Act to gain approval for the additional height. However, city officials believe the site may not qualify under this state law, although it could potentially reach six stories through the city’s affordable housing overlay program.
If the project requires further zoning adjustments, it will need to return to the West Palm Beach City Commission for approval. Given the significance of the project, a supermajority vote would be required to move the land sale forward, making the next steps in the process critical for the development’s future.
Why This Project Matters
The Broadway/US 1 corridor has long been overlooked in terms of development, but this project could serve as a catalyst for broader revitalization efforts. With affordable and workforce housing in high demand across Palm Beach County, the city’s focus on bringing more residential options to this area aligns with its long-term vision for growth and sustainability.
Mixed-use developments like this one not only provide housing but also enhance the local economy by adding retail space, creating jobs, and encouraging further investment. This project is a strong example of how smart urban design can improve the quality of life for residents while simultaneously addressing long-standing community challenges.
Take the Next Step in South Florida Real Estate
West Palm Beach’s efforts to transform the Broadway Corridor with affordable and workforce housing represent just one part of the city’s ongoing development. Whether you're interested in learning more about the local real estate market or looking to invest in South Florida’s thriving housing sector, now is the perfect time to take action.
For all your South Florida real estate needs, the Mastropieri Group is here to help. Contact us today at 561-544-7000 to explore the latest opportunities and find out how we can assist you in making the most of this exciting market!
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