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Affiliated buys Boynton Beach mixed-use building and 3-acre dev site
Fort Lauderdale-based firm paid $12M for assemblage slated for 336-unit multifamily project and 38 townhomes
Affiliated Development is planning its second workforce housing apartment project in Boynton Beach.
The Fort Lauderdale-based firm, led by CEO Jeffrey Burns and President Nicholas Rojo, paid $12 million from a 4.3-acre assemblage that includes a two-story office and retail building and a vacant lot at 2703 and 2755 South Federal Highway, records and Vizzda show. Affiliated obtained $6 million in seller financing.
The seller, three entities led by Alan Rutner in Boca Raton, paid a combined $3.2 million for the two properties in 2016, records show.
Affiliated entered into an agreement with the city of Boynton Beach to build 38 townhomes with garages, and an eight-story apartment building with 336 units, 2,600 square feet of retail and a 401-space parking garage, Rojo told The Real Deal. The planned multifamily project will be a mix of one- and two-bedroom apartments.
“Roughly half the building will be workforce housing,” Rojo said. “All of our projects have a mixed-income component.”
Affiliated is also developing The Pierce, a planned 236-unit apartment building with workforce housing, on land owned by the Boynton Beach Community Redevelopment Agency. “We enjoyed working with the city, and we like the market there,” Rojo said. “This new planned project will be pretty similar to The Pierce.”
The Pierce project is facing delays as the result of a pending lawsuit filed against the city last year by an existing tenant, published reports state.
Affiliated sued the tenant for allegedly interfering with the firm’s contract with the CRA, court records show.
Last week, Affiliated paid $15.2 million for a development site in Fort Lauderdale. The developer is planning The Era, a 400-unit apartment building with ground-floor retail at 2125 South Andrews Avenue.
Affiliated obtained $5.5 million in tax incentives for setting aside 52 percent of The Era’s units for workforce housing, as well as a property tax rebate from the city of Fort Lauderdale.