Golf Outing Tickets

The Real Deal Miami

Delray firm clears site in downtown Stuart for apartment development

New Urban Communities will build a 49-unit apartment building on 1.4 acres leased from the city
January 14, 2018 03:10PM

Crush Wine Bar is one of several businesses in downtown Stuart that closed to make way for the Azul Apartments development. (Credit: TCPalm.com | Xavier Mascareñas )

A real estate development firm based in Delray Beach is preparing to break ground for construction of an apartment building in downtown Stuart.

Delray-based New Urban Communities has nearly completed demolition work on a 1.4-acre site in downtown Stuart known as the Triangle Property.

New Urban is clearing the site for a rental property development called Azul Apartments, a three-story, 49-unit building that the company expects to complete in 2020.

Led by principal Keith Rickard, New Urban is redeveloping the city-owned site under a 99-year lease agreement with the city of Stuart. The city bought the Triangle Property in 2013 for $1.5 million as part of an effort to revitalize the downtown area.

The planned apartment building will have 38 two-bedroom units, seven units with one bedroom and four with three bedrooms.

The 1.4-acre development site in downtown Stuart is bounded by Dixie Highway, Joan Jefferson Way and Southwest Albany Avenue. [TCPalm.com] — Mike Seemuth