Atlantic Grove is a mixed use, mixed income redevelopment project located just west of the Delray Beach Tennis Center. It represents the first major private redevelopment initiative to occur in this historically African American business district in decades. The CRA spent more than two years and almost $2 million assembling and preparing 4.6 acres of land for new development. A Request for Proposal (RFP) was issued in the spring of 2000, and on September 14, 2000, the CRA Board of Commissioners selected Atlantic Grove Partners as the successful development team.Atlantic Grove Partners consists of three entities. Fifty percent (51%) of the partnership is owned by the private development firm of New Urban Communities, which has its offices in Delray Beach and has completed several successful urban infill projects in the South Florida area. The remaining 49% is split equally between two local nonprofit organizations, the Delray Beach Community Development Corporation (CDC) and the Center for Technology, Enterprise, and Development (the TED Center). This collaboration provides a rare opportunity to have 49% of the project's income reinvested in the support of affordable housing and small business development programs. The method of financing is another unique aspect of this project. Private and public funds were acquired from a number of sources, including Local Initiatives Support Coalition (LISC), First Union/Wachovia, Fannie Mae, The Business Loan Fund of the Palm Beaches, Florida Community Loan Fund, Palm Beach County Housing and Community Development, and the City of Delray Beach.
Project Description: The Atlantic Grove project consists of two (2) 3-story buildings fronting Atlantic Avenue and containing retail/restaurant uses on the ground floor, offices on the second floor, and residential condominium units on the top floor. The architecture includes a combination of Neo-Classical, Mediterranean and Anglo-Caribbean facades, to create the appearance of several individual buildings (as opposed to one large one), as in an historic downtown. The commercial component is structured as for-sale condominiums, with 46,000 square feet available in a range of configurations. The proposed sales price is approximately $200 per square foot. Most of the space has already been sold. Reservations have also been accepted for all 20 of the residential condos, which have base prices between $177,000 and $250,000.
In addition to the mixed-use buildings, the project includes fifty-five (55) for-sale townhouses ranging in size from 1,481 to 1,761 square feet. The community includes a pool, cabana, and lush landscaping, and is within walking distance to downtown shops and restaurants. All of the townhouses have been sold. Ten of the units were sold under the Renaissance Program to low/moderate income homebuyers. Seven of the ten Renaissance Program buyers were eligible for and received second mortgage subsidies from the CRA of up to $20,000. Unit prices range from $134,000 (for affordable units) to approximately $280,000.
|US 1 Corridor Project|
|Downtown Bypass System Conversion|
|West Atlantic Avenue Beautification|
|Old School Square Expansion|
|Library and Parking Garage|
|La France Apartments|
|NW/SW 5th Avenue Street Improvements|
|A-1-A Sidewalk Widening|
|Tennis Center Infill Development|
|East Atlantic Avenue Median Installation|
|Shared Public/Private Parking Garage|
|Swinton Ave. Traffic Calming|