The Related Group’s land grab to build more condos and apartments in Florida has spilled into Delray Beach, where the Miami-based developer plans two new apartment buildings.
|Jorge Perez Chair of THR|
Plans are to build two apartment buildings, a block south of Atlantic Avenue, downtown Delray’s lively dining and entertainment street.
The apartments will be across the railroad tracks from each other. Informally dubbed South of Atlantic, or SofA, 1 and 2, the four-story properties will have amenities that can be accessed by residents of each building, according to Uri Man, Related Group vice president of development.
SofA1, for instance, will consist of 117 units and will feature a pool, fitness room and club room. SofA2 will have 55 apartments and a shallow pool with chairs in the pool. A bike-sharing program is planned.
Prices will be about $1,300 for a studio and about $2,300 a month for a two-bedroom unit, although about 10 percent of the units will be lower priced to allow for “workforce housing” for such residents as firefighters or teachers.
“We think Delray Beach is a phenomenal location on so many levels,” Man said. “Atlantic Avenue is second only to Lincoln Road on South Beach in terms of vibrancy.”
Man added that the apartments are an opportunity “to define an area that needs development,” noting the Related apartments could be a catalyst to revive a part of the city that has not seen growth.
Man sees the area becoming an artsy community, particularly with the popularity of the nearby Kevro’s Arts Bar on S.E. 2nd Avenue. To help drive interest in the area, Related plans to feature art displays on the ground floors of the apartment buildings.
Construction on the apartments is expected to begin before the end of the year and will take about 14 months to complete, Man said.
Perez said although the properties will be apartments, a switch to a condo isn’t out of the question: “We always build to standards to convert to a condo.”
Perez is no stranger to Palm Beach County. Related Group has built several condominiums in West Palm Beach, Boca Raton and Boynton Beach. And Related recently took ownership of the unsold units in the downtown Boynton Beach condo formerly known as the Promenade. It has been renamed Casa Costa.
Although Perez plans new condos in Miami-Dade County, he’s also building rental apartments throughout Florida. Related expects years of rental demand due to decreased homeownership and apartment interest from “Echo Boomers,” the 15 to 29-year-old children of Baby Boomers.
Several Related Group apartments are under construction. Among them are six apartment projects, located in Plantation, Doral (in Miami-Dade County), Fort Lauderdale and Tampa. In addition to Delray Beach, new projects also are planned for Davie and Pembroke Pines and more for Doral, too.
In total, the apartment pipeline totals nearly 4,000 apartments in Florida and there could be more outside the state: Related plans a new project in Atlanta, too.