Million-Dollar Housing Boom: Cities Where Seven-Figure Listings Have SkyrocketedBy Yuqing Pan | Jun 19, 2017 bluejayphoto/iStock; realtor.comTime was, a million dollars
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The housing arm of sugar stalwart Florida Crystals has purchased 30 acres of land near Lake Worth Road and Florida’s Turnpike for its latest project, company officials said.
The plan: To build 370 proposed “high-end” apartments, including 70 “workforce housing” units and a pre-school, officials said.
“We plan to build a luxury rental community similar to our Tuscany community on Atlantic Avenue in west Delray Beach,” said Juan Porro, executive vice president of FCI Residential Corp. “We feel positive about incorporating 70 workforce housing units, which will be in the same style.”
Workforce housing means apartments designed to be more affordable for regular working folks.
The property near the southwest corner of the busy junction west of Lake Worth was purchased for $16.6 million.
The seller was Tuttle Land Development, which says it specializes in buying land with the idea of preparing it for future development. Developer Brian Tuttle said his company purchased the land approximately 14 months ago for $8 million.
Tuttle also is moving ahead with plans for 1,100 apartments and homes, a charter school and commercial center in the Tuttle Royale project near the intersection of Southern Boulevard and State Road 7 in Royal Palm Beach.
FCI Residential is a subsidiary of West Palm Beach-based sugar producer Florida Crystals Corp., headed by brothers Alfonso “Alfy” Fanjul and José Pepe Fanjul.
Company officials said the plan west of Lake Worth calls for 27 acres of housing and three acres of commercial development, with the intention to include a pre-school.
The company has completed 10 projects, consisting of 2,800 units. All are in South Florida except one in the Channelside area of Tampa.
In the pipeline are an additional eight projects for about 2,200 units.
“At FCI Residential, we’re committed to creating beautiful spaces for our residents throughout South Florida,” Porro said.