The Real Deal Miami

Worthing Place ready for Delray Beach

October 09, 2008 02:13PM

Construction is finally ready to begin at Worthing Place, a 217-unit residential project that has been nine years in the making. The development originally morphed from a rental community to a condo community in 2005, but sales stalled as the condominium market froze. It is now planned as a rental community. Financing for the $75 million project is coming from a consortium of banks made up of KeyBank, Regions Bank and National City Bank, plus assistance from Blackrock Realty Advisors, a subsidiary of Merrill Lynch. Construction is scheduled for completion by 2010.