- Funding Needed
- $54.5 (Mio)
- EB5 Funding
- $13 (Mio)
- EB-5 Investors
- 26
- Investment Amount
- $500,000
- Category
- Construction
- Sub-Category
- New Multifamily Housing Construction (except For-Sale Builders)
- Location
- Delray Beach, Florida
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- Last Update: February 04, 2015 01:01 PM
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Alta Delray Station
- Developer Name
- Wood Partners
Project Description
Alta Delray Station (or the "Project") is a planned 284 unit, institutional grade apartment community located in Delray Beach. The Project will consist of seven three-story garden style residential buildings as well as a 7,500 SF clubhouse, built on a 12.3 acre site. The Project will have 596 surface parking spaces (2.10 spaces / unit). Closing is planned for Q1 2015 and the Project received unanimous approval from the City Commission on June 3 and building permits have already been submitted.
The Project is being sponsored by Wood Partners, which has completed construction on two apartment projects in Delray Beach in 2013, both of which are nearly stabilized. Their Alta Congress Project is located less than 1.5 miles from the subject site, which shows that the Sponsor has extensive local experience and capability in the target area.
The Project will benefit from an Affordable Housing Covenant with the city of Delray Beach, which allows for bonus density in exchange for pricing 20% of the units in line with the requirements for Workforce Housing Units. This will have no impact on the Project as the minimum Workforce Housing rental rates in Delray Beach is actually higher than that contemplated at the property.
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