American Realty Development Gets Deal to Develop 8-Acre 'Heart of Boynton' phase
BOYNTON BEACH, Fla. ---
Will Vash at the Palm Beach Post reports that Boynton Beach commishers gave American Realty Development, Inc., of Lake Mary (no web site) the nod over Carlisle Development last night to develop an eight-acre phase of the 26-acre Heart of Boynton redevelopment corridor along MLK Blvd. in Boynton Beach.American Realty Group vice president Jim Dyal, left, told Vash he plans to recruit local CDC's and the nonprofit Northwood Renaissance in West Palm Beach to help.
"These groups provide us the ability to outreach to the community," Dyal said. "They bring in a tremendous amount of experience."
Vash reports that American Realty proposed:
56 for-sale townhouses on the west side of Seacrest Boulevard and 84 rental units on the eastern lot. The buildings will be no taller than two stories.
Yesterday, Erika Pesantes of the So. Fla. Sun-Sentinel gave a breakdown of the two competing development plans:
American Realty is proposing to pay the CRA $4.2 million for the 8-acre property and then build a mix of 56 for-sale town houses and 84 rental apartments [140 total]. Carlisle Development Group is offering to pay $4.5 million for the lots and plans to build 148 units.
In today's So. Fla. Sun-Sentinel, Pesantes explains why Boynton Beach commishers rejected Carlisle's more generous plan:
Carlisle... offered an all-rental community of 148 apartments that board members immediately nixed. The proposal didn't provide potential renters an opportunity to move up and buy an affordable home in the same community, board members said.
"We might as well go back to Boynton Terrace. We might as well go back to the same predicament," board member Mack McCray, [left,] said, referring to the federally subsidized project that once stood as an eyesore and crime spot and was demolished in 2005.
Some of Fla.'s biggest large-scale low-income developers are after a slice of the Heart of Boynton pie, including American Realty Dev't., Auburn Dev't., Carlisle, Pinnacle Dev't. and Intown Partners.
And ---it's South Fla., after all---controversy abounds: in August, two Boynton Beach city commishers called for an investigation of the city's takeover of the CRA. Auburn and American Realty withdrew proposals on another HOB project, citing improprieties by city officials.
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