Workforce housing complex coming to Lake Worth Beach in 2027
195 units, pool and clubhouse under construction on Second Ave. North with millions from voter-approved housing bonds
Lake Worth Beach will soon be home to the largest workforce housing development built with money from Palm Beach County voter-approved affordable housing bonds.
Residences at Lake Worth, under construction since November at 2431 Second Ave. North, will consist of 195 income-restricted apartments, offering working families an affordable place to live in one of Florida’s most expensive areas.
The $62 million development by the Richman Group includes $13 million from a $200 million bond issue approved by voters in 2022 to address a critical shortage of workforce housing.
“This project is a prime example of the power of public-private partnership,’’ said County Commissioner Joel Flores. It “will provide safe, attainable housing and contribute to the long-term well-being of Lake Worth Beach and Palm Beach County.’’
The first residential building and clubhouse are expected to be completed by January 2027 and the rest by about June 2027.
Residents at Lake Worth will offer rentals to working residents whose income falls between 80% and 110% of Palm Beach County’s median income, $111,800.
Of the 195 units, 181 will be restricted to incomes no greater than $102,960 for a household of two and 14 to incomes no greater than $74,880 for a household of two. The units will be workforce class for at least 50 years.
People who qualify for workforce housing could be employed in occupations such as, but not limited to, teachers, waiters, hotel workers, professors and mid-level managers.
Residences at Lake Worth is the largest workforce development project financed in part by county housing bond money, said Jonathan Brown, director of Housing and Economic Development for Palm Beach County.
“There is absolutely a need. Here in Palm Beach County, a lot of our key industries, such as tourism, aren’t necessarily the highest-paid industries,’’ he said.
The county’s workforce housing programs, he said, “are designed to make sure those key services needed are still in the county by providing housing to those who qualify.’’
Residences at Lake Worth will consist of three, five-story buildings containing one-, two- and three-bedroom apartments. There will be a clubhouse, swimming pool and 279 parking spaces.
In addition to the county bond money, the Richman Group secured a $47 million construction loan from Merchants Bank of Indiana and $2.35 million in tax-exempt financing from Merchants Capital Group.
The site, purchased by Richman Group for $5 million in 2021, is close to Interstate 95 and the city’s Tri-Rail station.
Straticon is the general contractor and Behar Font Partners designed the community.
“This project reflects what we can achieve when public and private sectors come together with a shared purpose,’’ said Palm Beach County Administrator Joe Abruzzo.
