Woodfield Development and Flagler Realty & Development want to build a 358-unit multifamily project in West Palm Beach.
The joint venture proposes the project on 5 vacant acres at 8111 South Dixie Highway in West Palm Beach, according to a city commission agenda. The land borders the C-51 canal to the south.
Woodfield and Flagler Realty, through an affiliate, have the publicly owned site under contract for a reported $10.5 million. Last year, Flagler won a city solicitation for developers to purchase and build out the site.
West Palm commissioners are expected to preliminarily vote at their Tuesday meeting on a tweak to the purchase and sale agreement to allow more units. A final vote is slated for Sept. 18.
Charleston, South Carolina-based Woodfield and West Palm-based Flagler Realty’s planned 358 apartments mark a boost from their previous proposal of 210 units. The developers also increased the number of workforce housing units to 90, up from 52. Of the below-market-rate apartments, 23 would target households earning 60 percent of the area median income, another 23 would target households earning 80 percent, and 44 would target households with incomes at 100 percent of the AMI.
Palm Beach County’s AMI is $98,300, meaning a one-person household would have to earn from roughly $40,920 annually to $98,300 to qualify for one of the workforce apartments.
Founded in 2005 by Mike Underwood and Greg Bonifield, Woodfield has developed 60 residential communities mostly in the South, according to its website.
The firm is increasingly focusing on South Florida’s multifamily market. In downtown Fort Lauderdale, Woodfield paid $18.3 million in December for the site at 520 West Broward Boulevard, with plans to build a 41-story tower with 365 apartments.
Flagler Realty was founded in 1996 by Patrick Koenig, Richard Johnson Jr. and Scott Johnson, according to the company website. It develops, leases and manages commercial real estate.
Separately from Flagler, Koenig and the Johnsons were part of a partnership that paid $7.5 million for the Jetty’s Waterfront Restaurant in Jupiter in February. Other partners in the purchase include Glenn Edward Straub, nephew of embattled developer Glenn Straub.
Developers are increasingly homing in on West Palm, in part seizing on the downtown’s emergence as an office mecca for financial firms. Stephen Ross’ Related Companies, which is the biggest office owner downtown, is developing the One Flagler tower at the foot of the Royal Park Bridge and also plans 515 Fern office project, as well as the East Tower and West Tower at The Square mixed-use complex.
Last month, Related jumped on West Palm’s condo market, dropping $194.6 million for a development site approved for a two-tower, 28-story project. Related plans to pursue development of the Robert A.M. Stern Architects-designed South Flagler House.
Also in West Palm, the Pérez family’s Related Group wants to build a 46-unit condo on the waterfront site at 4906 North Flagler Drive.