A proposed affordable housing development by New York firm Procida Companies is headed to the West Palm Beach City Commission.
Commissioners are slated to vote next week on whether to give five city-owned parcels for the Procida’s proposed 151-unit multifamily development, according to planning documents. The city would give the land to the developer for free. The project would also consist of 5,000 square feet of retail, a 7,500-square-foot pocket park and 166 parking spaces.
The city-owner parcels under consideration span 0.8 acres at 2803 Broadway, 2813 Broadway, 2815 Broadway, 601 27th Street and 611 27th Street. An LLC of the developer already owns an adjacent half acre at 2823 Broadway and 610 28th Street which it bought for $1.1 million in 2023, property records show.
City officials and the developer have agreed that the proposed apartments will be 100 percent affordable, with 27 units reserved for households earning 30 percent or less of the area median income, 85 units reserved for those earning 31 to 50 percent of the area median income, and 39 units reserved for those earning 51 to 80 percent of the area median income.
Procida is based in New York City and led by Mario Procida. It has a portfolio of affordable developments throughout the tri-state area.
West Palm Beach is experiencing a generational real estate boom fueled by a pandemic-catalyzed wealth migration to the region. Earlier this month, Griffis Residential dropped $78.5 million for an apartment complex in the city as part of its recently launched multifamily fund.Billionaire Related Ross chairman is planning Sapodilla, a 164-unit, 7-story mixed-income complex in the city’s downtown. It is slated to include 66 units for residents of the nearby Ballet Village, a low-income housing complex Ross bought in 2022 and plans to redevelop.
