A unique project in the heart of downtown West Palm Beach aimed to provide affordable housing is on life support.
Billionaire real estate investor Jeff Greene proposed micro-unit apartments at a cheaper price in an area where rent is sky-high.
The 300-600 square foot units would have been rented at around $1,000 a month.
"Turns out the price was way out of wack," said Greene.
Greene says he pulled the plug on the project due to cost. He says the amenities came out to be too expensive.
However, the project is not totally dead.
"Know that there's a demand for housing, the only question is how we can build the housing at a cost that makes sense," said Greene.
A recent study shows South Florida is one of the worst areas when it comes to affordable housing.