Entry-Level Real Estate For Sale in 33405 Zip Code
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A multi-phase housing development designed by REG Architects has broken ground in West Palm Beach. The project is called "Roseland Gardens", and it will replace a public housing community built in the 1940s.
The first phase of the two-phase venture will comprise 148 homes divided between two four-story buildings. The buildings themselves will measure 75,000 square feet, and there would be a 5,000-square-foot clubhouse with various amenities. With the conclusion of the second phase (which has not broken ground), Roseland Gardens will offer a total of 300 homes and comprise more than 150,000 square feet of new construction.
Residency would be reserved seniors earning up to 80 percent of the area median income (AMI). According to the West Palm Beach Housing Authority, the median income is currently $104,000 a year. For context, a one-person to four-person household would earn $60,000 and $85,650 annually to qualify.
Smith & Henzy Affordable Group is the developer. An affiliate of the firm acquired the project’s build site through a $3.64 million land lease. Roseland Gardens has been made possible with more than $53.18 million in construction loans, with the lion’s share of the funding coming from TD Bank.
Roseland Gardens is slated for 3765 Georgia St., West Palm Beach, FL, 33405, Palm Beach County.
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