Affiliated Development has commenced construction on The Spruce, an eight-story apartment building in West Palm Beach, following the successful acquisition of a $50 million loan from Bank of Montreal. The project is set to transform a 1.5-acre site located at 2501 Spruce Avenue into a 270-unit multifamily complex, with completion anticipated in 2026, according to a company press release.
The Spruce is being developed by Fort Lauderdale-based Affiliated Development, in partnership with property owner Grace Development, the Affiliated Housing Impact Fund, and an undisclosed family office. The architectural design is spearheaded by A+R, an affiliate of Fort Lauderdale-based Rinka+.
The project has garnered significant support from local authorities. Last year, the West Palm Beach Community Redevelopment Agency and the City of West Palm Beach awarded the developers $2.5 million in incentives and $5.1 million in tax increment financing, as indicated in city records. Additionally, the city granted Affiliated permission to increase the scope of the project, expanding it from a six-story, 200-unit building to its current design of eight stories and 270 units.
In return for these incentives and building allowances, Affiliated has committed to reserving 117 apartments for households earning 80 to 100 percent of the area median income. The Spruce will feature a mix of one-, two-, and three-bedroom units, catering to a diverse range of residents.
Affiliated Development, co-founded by Nick Rojo and Jeff Burns, has a strong focus on mixed-use and multifamily projects with an emphasis on workforce housing. The firm is particularly active in Broward and Palm Beach counties, where it continues to expand its portfolio.
Earlier this year, in March, Affiliated secured a $45.5 million construction loan for The Tropic, an 18-story building planned for Hollywood, Florida, which will offer 223 apartments. Notably, half of these units will be designated for households earning 100 to 120 percent of the area median income.
In February, the firm made significant real estate acquisitions, including a $12 million purchase of a 4.3-acre site in Boynton Beach, comprising a two-story office and retail building, along with a vacant lot. Affiliated also invested $15 million in a multifamily development site in Fort Lauderdale, further solidifying its presence in South Florida’s competitive real estate market.
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