A proposed development in Boynton Beach, Florida is set to bring much-needed affordable housing to the area. The site, formerly occupied by the Bible Church of God, will now be home to Seacrest Sound Apartments. Spearheaded by developer Alfredo Borges and his company Seacrest Apts Property Owner LLC, the project plans to add 89 new affordable housing units. This aims to alleviate the increasing demand for affordable housing options in Palm Beach County.
Notable Features of Boynton Beach Property Development
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Address: 1390 N. Seacrest Blvd in Boynton Beach
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The project encompasses an area of 2.97 acres.
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Number of Units: 89 affordable housing units for the workforce
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The unit breakdown consists of 34 units with one bedroom, 37 units with two bedrooms, and 18 units with three bedrooms.
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There are a total of 154 parking spots available on the surface.
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The area of the space is 74,847 square feet.
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Acquisition Cost for Land: $1.95 million
The upcoming Seacrest Sound Apartments is designed to accommodate both individuals and families with incomes up to 120% of the area median income (AMI). Given that the median household income in Palm Beach County is $104,000, this development will provide crucial housing choices for working individuals who face difficulties in finding affordable options within their income bracket.
The Live Local Act and Boynton Beach Workforce Housing
Made possible by the Live Local Act, a Florida state law aimed at simplifying the process of producing affordable housing, this development benefits from the act's provision to bypass local density and zoning restrictions on commercial and residential properties. As long as 40% of the units are designated as affordable housing, developers are granted permission to proceed. In the case of Seacrest Sound Apartments, all 89 units will be classified as workforce housing, aligning with Florida's objective of expanding its stock of affordable housing options.
As per existing zoning regulations, the property has a capacity for 22 homes. However, if the land is rezoned for commercial purposes, the developer may avail the Live Local Act and proceed with building the multifamily development as planned.
The Project Approval Process for Developers in Boynton Beach's Real Estate Sector
On December 17, 2024, the Boynton Beach City Commission approved the proposed updates to the land use map, zoning, and master plan for the site. Following a first reading, they will hold a second reading in January 2025 and ultimately approve the changes at a subsequent meeting. This will enable the developer to proceed with construction preparations, pending final approval.
Seacrest Apts Property Owner LLC acquired the property in September 2024 from the Bible Church of God for $1.95 million. Accordingly, the existing church building on the site will be demolished to allow for the construction of a new residential development.
Investing in Boynton Beach Workforce Housing Is a Wise Financial Decision
Boynton Beach is a favorable spot for budget-friendly housing initiatives, given its relatively inexpensive land prices in comparison to urban regions. The developer is confident that constructing a three-story building in this location is a more financially feasible option than a mid-rise or high-rise structure, making it an ideal choice for workforce housing. In addition, the area boasts convenient access to nearby amenities and major thoroughfares, further enhancing its appeal to potential residents.
In Conclusion, It Is Essential to Address the Current Demands of the Boynton Beach Real Estate Market
As Boynton Beach continues to expand and progress, developments such as Seacrest Sound Apartments play a crucial role in offering cost-effective housing choices for community employees. By utilizing the Live Local Act, the developer will meet the rising need for workforce housing in the city and aid in resolving the housing crisis in Palm Beach County.
Keep an eye out for the latest developments on the project, as the Boynton Beach City Commission heads towards their final decision.
Whether you're interested in purchasing or selling real estate in Boynton Beach or its neighboring regions, The Mastropieri Group, Realtors is available to support and advise you throughout the entire process. Reach out to us at 561-544-7000 for information on current listings in this thriving South Florida market!
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