HTG QUESTIONS FOR NEW DEVELOPMENTS PRESS RELEASES
What is the exact name and address of the property?
Flagler Station
991 Banyan Blvd.
West Palm Beach, FL 33401
Describe the property (# of units, square feet, type, etc.)
Flagler Station is a new construction 94-unit affordable workforce public / private partnership rental housing development for families. The development will consist of one (1) high-rise concrete building across eight stories, a 3,200 SF double-high multi-purpose clubroom available to residents for activities, a computer/business center, a rooftop pool, and a state-of-the art fitness center with on-site parking. It is a 9% LIHTC development funded under Florida Housing Finance Corporation’s RFA 2018-112.
Flagler Station will consist of a unit mix of seventy (70) 1 bedroom / 1-bathroom units, twelve (12) 2 bedroom / 2 bath units, and twelve (12) 3 bedroom / 2 bath units.
Describe the property amenities (clubhouse, pool, etc.)
see above.
What is the affordability breakdown (i.e. 30 % AMI, market rate, etc.)
Flagler Station will be income averaged with 15 units being set-aside at 30% AMI, 45 units being set-aside at 60% AMI, 23 units being set-aside at 70%, and 11 units being set-aside at 80% AMI.
What is the all-in price of the property? (I.e. value of land, construction, etc.)
$32,950,000
Please describe the funding sources – i.e. tax credits used, who bought the tax credits, as well as additional loans taken, and sources of soft financing. Total of financing.
$23,272,317 in 9% Housing Tax Credits purchased by City Real Estate Advisors
$20,300,000 construction loan provided by KeyBank
$8,933,000 permanent loan provided by Freddie Mac
$550,000 HOME loan provided by Palm Beach County
$75,000 City of West Palm Beach loan
$314,446 Palm Beach County Grant
$500,000 City of West Palm Beach CRA Grant
If this was a public-private partnership, please indicate the partner that should receive credit.
City of West Palm Beach
Palm Beach County
When is construction slated to begin/complete?
Begin 11/6/20
Complete February 2022
When is leasing slated to begin?
December 2021
What is the range of monthly rent?
$393 to $1,689
If residents receive any services (i.e. childcare) as part of community, please indicate.
Who is the contractor, architect, engineer, landscaper (i.e. full design/construction team)?
Wantman Group as Engineer and Landscape Design
Modis Architects
Rinaldi Construction