Saturday, July 20, 2019 / by Jordana Tobel
That’s all going to change as the city recently gave away – yes, gave away – 7.4 acres of land from 600 to 800 West Atlantic Avenue to developer BH3 Management, the only group that offered to both make the area into a “destination” and provide over 700 parking spaces.
The $100 million mixed-use project, AltaWest, is comprised of about 3 blocks including:
- 43,000 square feet of ground floor retail
- 21,600 square feet of professional office space
- 1 33,000-square-foot grocery store
- 165 residential units totaling 272,242 square feet
- 744 parking spaces
- Approx. 45,000 square feet of public space called “Frog Alley”
- Up to 30 workforce housing units
- Including 18 affordable housing units being built on an adjacent site
The area is what’s known as an “Opportunity Zone” – enabling the developer to qualify for major federal tax incentives.
For anyone currently living in Delray Beach, buying property in Delray Beach or better yet who currently own property in Delray Beach, this new development is a welcome improvement. The investment into this area will provide new opportunities, beautify the area and bring even more people to our beloved town. Delray Beach continues to evolve into a more upscale location, with over 39 commercial and residential projects in the works (check out this article in Forbes about the luxury explosion in Delray.)
Driving to work daily to the Premier Listings office, just 1 block East of Swinton, AltaWest will upgrade a once neglected area and of course is good for real estate.
The complex is expected to open to the public in 2022.
For more on this or any of your real estate questions, contact your Premier Listings sales associate or email email@example.com. Make sure you to follow us on instagram and Facebook for daily real estate happenings.