With Palm Beach County’s rental occupancy rate at over 95 percent, the 116-unit project is the latest in a market where new rental units are scarce
DELRAY BEACH, Fla.– (May 9, 2012) Multifamily developer Wood Partners announced today that it has closed on a $26.9 million deal to build Midtown Delray, a neighborhood of 116 three-story rental townhomes near downtown Delray Beach. Construction on the new community, which will be spread across 17 buildings totaling nearly 192,000 square feet of living space, is scheduled to begin on July 1.
The development is expected to generate more than $400,000 in annual property tax revenue for Delray Beach once construction is complete and leasing begins, which is anticipated by September 2013. In addition, the construction phase is projected to create approximately 140 full-time temporary jobs while pumping more than $10 million into the local economy, based on a formula developed by the National Association of Home Builders to estimate local impact of new rental units.
“Delray Beach remains an exceptional area for development,” said David Thompson, Director for Wood Partners in Florida. “Like our under-construction Alta Congress community, Midtown Delray is ideally positioned to place its residents right in the hub of a broad spectrum of cultural, dining, employment and recreational opportunities.”
Midtown Delray is located at 4200 Old Germantown Road, along the south side of Linton Boulevard and just east of Military Trail, in the midst of several high-end single-family neighborhoods, including Fox Chase to the east and Hammock Reserve to the west. The site is less than four miles east of the Ronald Reagan Turnpike and just two miles west of I-95 and the Delray Beach TriRail station that connects Miami, Fort Lauderdale and West Palm Beach with 18 stations along a 70-mile system.
“The Palm Beach County apartment market has seen positive absorption in the wake of the housing bust, as the shift from homeownership to rental continues,” Thompson said. “While absorption will taper off from the strong bump seen immediately following the recession, it should remain at a healthy pace for years to come. The decline in vacancies has already spurred growth in effective rents, which have been rising and should continue to do so as the market continues to tighten.”
Midtown Delray homes will average just under 1,700 square feet and each residence will have an attached garage on the first floor, 82 of which will accommodate two-cars. The unit interiors will feature high-quality amenities including ceramic flooring in kitchens, entries and baths, ceramic tub surrounds, and 9-foot 4-inch ceilings throughout. The kitchens will have all black appliances, 42-inch cabinets with granite tops and sleek, modern lighting fixtures. The community will also feature a clubhouse, swimming pool and tot lot.
The 7.27-acre site is near major local and regional employment centers, including West Palm Beach and Boca Raton, which is less than 10 minutes south of Midtown Delray and boasts more than 100 office buildings, including the Boca Corporate Center and Campus and the corporate headquarters of Office Depot. The community also sits just 25 minutes south of West Palm Beach, which is home to the $600 million Scripps Research Institute.
The development occupies a choice location at the nexus of Germantown Road and Linton Boulevard, just a short drive from Old School Square on Atlantic Avenue, the heart of historic Delray Beach.
An abundance of cultural venues, restaurants and shops make Atlantic Avenue dining and shopping second only to South Beach’s Lincoln Road among Florida hot spots. The nightlife along the avenue was even referenced in a USA Today article that described Delray Beach as “getting hipper by the year.”
As one would expect of a coastal South Florida community, recreation and outdoor activity opportunities abound. The Atlantic Ocean is less than three miles to the east and scenic Orchard View Park, a six-acre park with picnic pavilions, barbecue grills, playground, and a walking trail, is immediately adjacent to the site. Several golf courses are nearby, including Delray Beach Golf Club, designed by legendary golf course architect Donald Ross, whose prolific works include the masterpieces Pinehurst, Oakland Hills, and nearly 600 others.
Current Builders of Pompano Beach is the general contractor for the project; AW Architects of Boca Raton are the architects; Michael B. Schorah and Associates of West Palm Beach are civil engineers; and Urban Design Kilday Studios, also from West Palm Beach, will handle the landscape design.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 36,000 homes with a combined value of more than $4.5 billion nationwide. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com
