The Real Deal Miami

Withheld vote derails micro-condo development in West Palm Beach

Northwood Commons would have had condos as small as 450 square feet and prices starting at $189,000
April 28, 2018 12:45PM

Northwood Commons rendering (Credit: Palm Beach Post)

West Palm Beach city commissioners derailed Northwood Commons, a micro-condo development, by withholding a vote on the proposed project.

In their role as members of the board of West Palm Beach’s Community Redevelopment Agency (CRA), the city commissioners could have voted for or against Northwood Commons.

But none of the other city commissioners supported a proposal by Corey Neering to vote on Northwood Commons, so the development quietly collapsed.

That left the developer, Mario Caprini, uncertain why the commissioners withheld a decisive vote on Northwood Commons on a city-owned, 3.5-acre site.

Caprini, principal in charge of Capital Group P3 Developments LLC, told the Palm Beach Post that he hopes the city commissioners will reconsider Northwood Commons. But the CRA cannot reconsider a vote if none was taken.

Jon Ward, executive director of the CRA, said he planned to issue another request for proposals to develop the 3.5-acre property within several weeks.

Four of the five city commissioners who serve as CRA directors said they doubted Caprini could complete the Northwood Commons development.

The development would have included 91 condo units with 450 square feet to 680 square feet of living space and prices starting at $189,000. The micro-condo building in West Palm Beach also would have housed a parking garage, a grocery store office space.

Caprini estimated that Northwood Commons would cost at least $35 million to build, and his sources of financing would have included investments through the federal government’s EB-5 program, which provides permanent visas to foreign nationals who fund employment-generating business ventures. [Palm Beach Post] – Mike Seemuth