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Real Estate Development

Atlantic Grove is an $18,500,000 mixed used project featuring 55 townhouses, 46,000 square feet of retail/office and 20 for sale condominiums.

The project takes up two city blocks with the two commercial buildings fronting West Atlantic Avenue and the residential component located in the rear of one of the commercial buildings, on block 36, the larger parcel. Atlantic Grove will be a landmark on West Atlantic Avenue. It will eliminate the visible geographic separation between East and West Atlantic Avenue, and to some extent begin to bridge the economic gap as well.

Parties with potential business opportunities should contact Seabron Smith

Seabron Smith

561-573-1202

Real Estate Components

The residential component features 55 townhouses and 20 for sale condominiums. Sales price start at $149,000 for the condominium units and $134,000 for the townhouses. Based on the market affordability analysis performed by the lender, households earning between 72% and 120% of the Palm Beach County Median Household Income, which stands at $60,000, will be eligible to purchase a home in the project. These families will be eligible to access the down payment assistance program from either the City or the County. Families earning 80% or less are eligible to obtain up to $25,000 in conditional grants and families earning between 80% and 120% are eligible for $5,000 to $10,000. The CRA has set aside $200,000 in grant funds for families earning 80% to 120% of the Palm Beach County Median Household Income.

Benefits

The commercial buildings draw from Caribbean, Mediterranean and Neo-Classical styles and will complement the residential townhouses. The signature arch in the center of each commercial building creates a mid-block arcade both east and west of NW 4th Avenue, providing pedestrian access between the parking lot and Atlantic Avenue. The design introduces a measure of individuality and human scale akin to that found on East Atlantic Avenue, and should set the tone for future development in the area.
The two commercial buildings are being built as condominiums, which will be sold to entrepreneurs who have a stake in the community or seeking to establish a long-term business. As we know, ownership provides a higher success rate in revitalization. Any investor or business person who buys in the project are looking to stay for at least 5 years in the area, thus, stabilizing the business community. This strategy also gives local businessmen an opportunity to own a piece of their community. The projected average sales price for a 2,400 square feet commercial unit is approximately $430,000.

Real Estate Development Team

The two non-profit organizations, the TED Center and Delray Beach CDC joined New Urban Communities, Inc. a Florida for-profit organization, to form a limited liability corporation (L.L.C.) to develop this project.
The ownership structure is on a 50/50 basis with 50% to the developer and 25% to each CDC. The financing and distribution of profits follow the same structure. Decisions will be made by all partners regarding the predevelopment and approved budget, project lenders, plans, and scope of work. New Urban Communities will manage the design, approval, development and construction process; the TED Center and DBCDC will market and sell the townhouse. Arvida Realty Services, a local brokerage firm has been retained to lease the commercial project; however the CDCs are very involved in recruiting potential clients as well. The TED Center is currently working with some of its incubator clients interested in occupying space in the project.

Real Estate Community Profile

Atlantic Avenue is essentially divided into two distinct communities: East Atlantic Avenue and West Atlantic Avenue. Over the past 8 years, the Delray Beach Community Redevelopment Agency (Delray Beach CRA) and the City have poured millions into the revitalization of East Atlantic Avenue.

Today, East Atlantic is a vibrant downtown with several specialty retail stores, restaurants, boutiques and newly renovated office spaces. East Atlantic Avenue has undergone a complete renaissance, much to the credit of the Community Redevelopment Agency. Currently, East Atlantic Avenue has a less than 5% vacancy rate in the retail/office market. However, the West Atlantic Avenue, a historically African-American community benefits very little from the revitalization process of Downtown Delray. The West Atlantic Avenue corridor lacks the basic business infrastructure that makes a viable business corridor. Although there have been some major public investments including the Delray Beach Fire and the Police Departments constructed over the past five years in the area, there have been no significant private investments.

Benefits

Based on the community profile below, this project will benefit direct or indirectly everyone in the community. Based on the analysis done by LISC and the City, 151 jobs will be created and based on the nature of the project, 50% to 60% will go to low-income households. The TED Center and Delray Beach CDC are prepared to partner with Workforce Development or any training organization to offer job skills training seminar or workshops to local residents to access these jobs. The emphasis in this project is the economic component. We want to bring jobs and services to the community and this exactly what Atlantic Grove will do. The African-American population is about one quarter of Delray Beach's overall population of about 60,000. Most are concentrated in the target area for this project. Even though the area has been the heart of the African-American community, it has not kept pace with the rest of Delray Beach in terms of the income levels and distressed factor.

Contact Us

PHONE: (561) 265-3790

FAX: (561) 265-0806

HOURS OF OPERATION

Mon-Fri: 8:30 am - 5:30 pm

Sat & Sun: Closed

Locations

Delray Beach

401 W Atlantic Avenue, Suite 09
Delray Beach, FL 33444

Fort Lauderdale

6241 N Dixie Hwy, Fort Lauderdale,
FL 33334
D. Stephenson Construction Building
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