The Advantis Lake Worth apartments will soon break ground after the developers secured a construction loan.
While the deal has yet to close in county records, New Smyrna Beach-based Prospect Real Estate Group and Miami-based Midtown Capital said they obtained a $28.7 million construction loan from Pensam Capital for the project. They are purchasing the 6.4-acre site at 2253 Keast Lane, on the north side of 10th Avenue North, from Miami-based Lake Worth Investment Group LLC.
The developers said it will cost $45 million to build 240 apartments in buildings of three and five stories. Amenities would include a clubhouse, a pool, grilling stations, a game room, a fitness room, and coworking space for residents.
“We worked diligently with Midtown Capital and the city to get the plans approved for this property,” said Prospect Real Estate Development Group Chairman Richard Zahn, Sr. “The location is unparalleled and the completed project will offer residents of Palm Beach a new, unique housing option with plenty of amenities and an unmatched location.”
It’s located about five blocks west of the 10th Avenue North exit of Interstate 95. Lake Worth Beach is just south of the employment centers in West Palm Beach.
The land was annexed into Lake Worth Beach in 2016.
BBC Construction, a subsidiary of Prospect Real Estate, is the general contractor. Advantis Lake Worth is expected to be completed by spring 2024.
Miami-based MSA Architects designed the project.
Meanwhile, Prospect Real Estate has an apartment complex planned in Fort Lauderdale’s Flagler Village neighborhood.
Source: South Florida Business Journal