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99-Unit Affordable Housing Complex on Horizon

WEST PALM BEACH, FL-Related Capital Co. has provided equity financing for the $12.4-million, 99-unit project, called Lakeside Commons. The project will consist of two- and three-bedroom units ranging in size from 953 sf to 1,115 sf.

By Melissa Bogdany | Updated on January 07, 2004

WEST PALM BEACH, FL-The Landmark Cos. Inc. is planning to develop a $12.4-million affordable housing complex called Lakeside Commons in the city. In addition, Related Capital Co. has provided $6.5 million in equity in exchange for tax credits generated by the project.

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.

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