A vacant lot on Broadway could soon become home to 151 affordable apartments, after West Palm Beach commissioners cleared a major hurdle for the project this week.
The proposal is led by 2823 Broadway QOZB LLC, a partnership between New York-based Procida Development Group and Miami’s Tre Bel Housing Development Group. Their plan calls for a seven-story building delivering entirely affordable units, along with ground-floor retail and new public space improvements along a stretch of Broadway that has long been ripe for investment.
At the center of this week’s action was the city’s decision to transfer a series of publicly owned parcels to the development team at no cost, a move that marks a shift from earlier expectations that the land would generate some form of payment. The approval, granted unanimously on Monday, applies only to the conveyance itself, with additional steps including an upcoming site plan review still required before the project can move forward in full.
The development footprint is made up of a seven-lot assemblage spanning both city-controlled and privately held land. Five of the parcels, located at 2815 Broadway, 2813 Broadway, 2803 Broadway, 601 27th Street and 611 27th Street, are currently owned by the city, while the developer controls the remaining sites at 2823 Broadway and 610 28th Street, bringing the full project area together.
Plans for the nearly $68 million development outline 151 units in a mix of studio, one-bedroom and two-bedroom layouts, all priced at or below 80% of Area Median Income.
Affordability is distributed across multiple tiers within that structure, with 27 units reserved for households earning 30% or less of AMI, 85 units targeting those between 31% and 50%, and the remaining 39 units set aside for households earning between 51% and 80%. Rents are expected to range from approximately $614 at the lowest end to $2,104 at the highest.
Beyond the residential component, the project is positioned to reshape the ground level of that stretch of Broadway in a meaningful way. Plans call for 5,000 square feet of retail space, wider sidewalks, additional greenery and a 7,500-square-foot pocket park, elements intended to bring both activity and public-facing improvements to the corridor.
Retail space and units will be supported by a 166-space parking garage in the back of the development, largely hidden from public view. Unlike most apartment development, this development will not feature a pool deck (given the affordability limitations).
The effort to redevelop the site dates back several years, when the City Commission designated the collection of properties as surplus and launched a formal solicitation process aimed at maximizing their development potential.
Proposals were expected to deliver mixed-use projects capable of acting as catalysts for the surrounding area, with a particular emphasis on affordable and workforce housing. That process ultimately led to the selection of 2823 Broadway QOZB LLC as the sole developer.
Alongside the physical development, the agreement includes a set of community benefit requirements tied to the project’s execution. At least 15% of on-site construction workers must be city residents, and no less than 18% of contractors and subcontractors are required to be small businesses based within the city.
As planning continues, the development team is also pursuing multiple avenues to reduce upfront construction costs, including tax credits, loan programs and other financing mechanisms that could come into play as the project advances.
Several approvals remain before construction can begin, but the land transfer signals a clear step forward, moving forward a project that has been in the works for years.