Affiliated Development is set to launch "The Dune," a significant new residential project in Boynton Beach, Florida. This development aims to address the growing need for affordable housing by offering a mix of income levels within its apartment and townhome units. The project leverages state and local initiatives to make workforce housing a reality in a high-cost market.
Key Takeaways
- The Dune will feature 336 residential units, including 298 apartments and 38 townhomes.
- A substantial portion of units (198) will be designated for households earning 80% to 120% of the area median income.
- The project benefits from Florida’s Live Local Act and Palm Beach County’s Workforce Housing Exchange Program.
- Pacific Life Insurance Company has provided a $73 million construction loan.
A New Era for Boynton Beach Housing
The Dune, a new development from Affiliated Development, is poised to bring 336 residential units to Boynton Beach. The project will consist of 298 apartments housed in an eight-story building and 38 three-story townhomes. This development is designed to foster affordability, with 198 units specifically reserved for households earning between 80% and 120% of the area median income. Some of these residences are expected to offer desirable Intracoastal and ocean views.
Leveraging Policy for Affordability
This initiative is significantly supported by state and local housing programs. The project tapped into Palm Beach County’s Workforce Housing Exchange Program and the provisions of the Live Local Act, a state law designed to encourage the development of affordable housing. Furthermore, a substantial $73 million construction loan from Pacific Life Insurance Company underscores the financial viability and confidence in the project.
Nick Rojo, co-founder of Affiliated Development, highlighted the importance of these policies. "The Live Local Act has created a meaningful pathway to deliver workforce housing in high-cost markets, and The Dune is a strong example of how thoughtful public policy can help unlock much-needed housing while maintaining design quality and community standards," Rojo stated. He emphasized that providing quality, affordably priced housing would not be possible without public-private partnerships and creative solutions to combat the ongoing housing crisis, especially in the current economic climate.