Construction has officially begun on the Residences at Lake Worth, a new housing development aimed at providing more affordable and workforce accommodations. The groundbreaking ceremony, held recently, marked the start of a promising partnership between Palm Beach County and The Richman Group of Florida, Inc., according to information released by Palm Beach County’s newsroom. Palm Beach County is seen to heavily invest in this initiative, providing a robust sum of $13 million from Housing Bond funding to bring the project to fruition.
The ambitious project comprises three 5-story buildings and will house 195 units in one, two, and three-bedroom configurations, targeting households earning between 60% and 120% of the Area Median Income (AMI). Palm Beach County officials appear to anticipate that the Residences at Lake Worth will quickly become a certified development under the National Green Building Standards Silver Certification. The complex will also include amenities like a clubhouse, swimming pool, and ample parking, with 279 spaces available.
Located conveniently near Palm Tran, Tri-Rail, and Interstate 95, the location of these new residences strategically connects residents with the broader resources and opportunities for progress. Ensuring a legacy of affordability, of the 195 apartments, 164 are County-assisted units which “will remain affordable for no less than 50 years, ensuring long-term housing stability for residents,” as revealed by the Palm Beach County newsroom report…