Meeting a demand for affordable housing, the project will consist of 99 units near the center of Downtown. Lakeside Commons, to be located on Clear Lake right off Interstate 95 and Okeechobee Boulevard, will feature two five-story garden-style buildings off Executive Drive. The two- and three-bedroom apartments will range in size from 953 sf to 1,115 sf. The monthly rental range was not yet disclosed. Each unit will have a balcony/patio, central air conditioning, a ceiling fan, a refrigerator, a range and oven, a dishwasher, a disposal, mini-blinds, washer/dryer connections and living area carpeting. Units will target residents who earn 60% or less of the area's median income.

"This is a win-win situation, representing an excellent investment for Related Capital, while providing much-needed affordability to a housing market that is quickly becoming unattainable to many," Patrick Martin, executive vice president of Related Capital Co., says in a statement. According to Martin, the area has a 1% vacancy rate in affordable housing.

And Palm Beach County has recently had commission meetings addressing the need for affordable housing in the county, where the focus often is on building more luxury condominium and rental units. "Affordable housing in this day and age is often unrecognizable from its market-rate counterparts, with swimming pools, exercise rooms and many other amenities that typify today's modern living," says Francisco Rojo, vice president of the Landmark Cos. "We're bringing affordable, quality living to West Palm Beach."