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