Lake Worth Beach Apartment Complex Lands $32M Construction Loan
By Jeff Ostrowski May 5, 2023 8:00 am
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The developer of a mixed-use project in Lake Worth Beach, Fla., said Thursday that it has secured $31.5 million in construction financing for Deco Green at 1715 North Dixie Highway.
Deco Green is a joint venture of Office America Group and Avanti Way Group, both of Miami. The project includes 125 residential units and 8,000 square feet of office and retail space.
“This whole area in the next couple of years is going to look very different,” Ricardo Hernandez, founder and CEO of Office America, told Commercial Observer.
The developers plan to break ground within 90 days. Completion is scheduled for late 2024.
The 2.3-acre site, located just south of West Palm Beach, had been owned by the Lake Worth Beach Community Redevelopment Agency. In 2022, an affiliate of Office America paid $2.49 million for the parcel, according to property records, after winning city approval for the project in 2021.
The project will include three-bedroom units, a feature designed to appeal to families.
“The CRA and the city want to bring young families, and they don’t have the inventory,” Avanti Way co-founder Andres Korda told Commercial Observer.
City commissioners voted in favor of the project despite objections from some neighbors that the proposed buildings are too tall for the area.
As of its 2021 city commission presentation, Deco Green projected rents of $1,500 for one-bedroom units, $1,800 for two bedrooms and $2,000 for three bedrooms.
Office America and Avanti Way didn’t disclose the name of the lender, and loan documents hadn’t been made publicly available as of Thursday afternoon.
Deco Green was designed by Martin Architectural Group and will be built by MGM Construction Group. The buildings will be decorated with two murals by Leonardo Moleiro, an internationally known artist.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
