A developer team obtained construction financing for a mixed-use project on leased land in West Palm Beach. Woodfield Development and Flagler Realty & Development were winners of a request for purchase sponsored by the city of West Palm Beach. The South Florida Business Journal reports they agreed to pay $2 million to lease the land. PNC Bank provided the $80.6 million leasehold mortgage to the joint venture. It covers the 6.5-acre site at 8111 S. Dixie Highway. The developers broke ground on the project in December.
It’s slated for 358 apartments, 19,000 square feet of retail space and about 710 parking spaces in eight stories. That would include 90 units of affordable housing. A grocer has agreed to lease 15,000 square feet.
Apartment complex amenities will include a pool, coworking space and a sky lounge. Verdex Construction is the general contractor. Local architect Spina O’Rourke + Partners designed the project.
It’s expected that the project will be completed in late 2026.
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