New York-based Procida Companies is seeking approval from the West Palm Beach City Commission for an affordable housing project, according to planning documents released on Mar. 25. The commission is expected to vote next week on whether to provide five city-owned parcels at no cost for the proposed development.
The plan calls for a 151-unit multifamily building that would also include 5,000 square feet of retail space, a 7,500-square-foot pocket park, and 166 parking spaces. The parcels under consideration cover about 0.8 acres at several addresses along Broadway and nearby streets. Procida already owns an adjacent half-acre site purchased in 2023 for $1.1 million.
According to agreements between city officials and the developer, all apartments in the new complex would be designated as affordable housing. Twenty-seven units would be reserved for households earning up to 30 percent of the area median income; eighty-five units would be set aside for those earning between 31 and 50 percent; and thirty-nine units would go to households making between 51 and 80 percent of the area median income.
Procida Companies is led by Mario Procida and has developed other affordable housing projects throughout New York’s tri-state region.
West Palm Beach has seen significant real estate activity recently due in part to increased migration during the pandemic period. Earlier this month, Griffis Residential acquired an apartment complex in the city for $78.5 million as part of its new multifamily fund. In addition, billionaire Related Ross chairman has plans for Sapodilla—a seven-story mixed-income building with units earmarked both for market-rate tenants and residents from Ballet Village, a low-income complex slated for redevelopment.
