Affiliated Development has secured $50 million in additional financing to move forward with an affordable housing project in West Palm Beach’s Northwood Village.
The Spruce, an eight-story, multi-family complex located off Spruce Avenue between 24th and 25th Street, will have 270 one-, two- and three-bedroom apartments, with 117 units offered first to city employees at below-market rents. The project will have ground-level commercial space, a parking garage and a dog park for residents.
“I am delighted to hear about this milestone achieved by Affiliated Development,” Mayor Keith James said of the firm’s additional financing. “I applaud the developers for their creative approach to obtaining the funds to make their vision a reality. I am thrilled because this project significantly contributes to my goal of creating 1,400 units of affordable housing during my eight years in office. Congratulations to Affiliated Development.”
Cities across Palm Beach County have struggled to get enough affordable housing built as developers have an easier time getting financing for — and profits from — market-rate or luxury development.
In April of 2023, West Palm Beach and its Community Redevelopment Agency gave Affiliated $8.3 million in incentives and funding to bridge a funding gap the developer had with the project. The company said it got a “philanthropic grant” and participated in the Palm Beach County Workforce Housing Exchange program with a pair of home builders so it could build more affordable units.