WEST PALM BEACH, FL — Targa principals, along with Affiliated Development and Moss Construction, broke ground Sept. 24 on The Grand, Targa’s newest investment in workforce housing in South Florida.
The eight-story mixed-use complex of 301 apartments and townhomes will feature a clubhouse, movie theater, upscale pool, hospitality center and co-work and conference areas, along with fitness and yoga areas and a 389-spaceparking garage.
“We are proud to have partnered with Affiliated Development in The Grand” said Targa principal David Greer. “It has all the elements we look for in an investment — a developer with a solid track record, market demand, workforce housing and amenities in one of our primary market areas, West Palm Beach.
Mayor Keith James praised the project’s workforce hosing component and the benefits it will bring to area residents.
The Grand is the third mixed-use project in which Targa has invested, along with the 200-unit The Bohemian in Lake Worth Beach and the 469-unit Watterscape in Allen, Texas. All three projects are being built by Moss Construction, which estimates completion in the first or second quarter of 2023.
Financing for The Grand includes a $52.6 million loan from BankUnited, $10 million in GAP funding from the City of West Palm Beach and the CRA, $18.8 million equity financing — 70% JV equity and 30% Fund Equity of which Targa holds 19%.
The Grand was designed by Miami-based MSA Architecture, along with CID Interior design and Rhett Roy Landscape Architecture.
