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New apartments in Lake Worth Beach will be nearly entirely workforce housing

Posted at 11:48 PM, Jun 05, 2024

LAKE WORTH BEACH, Fla. — Palm Beach County Commissioners approved to grant $13 million in bond money to help with housing struggles in Lake Worth Beach.

This is part of the $200 million bond the county is allocating to help with affordable housing.

With the money, the developers of a new apartment complex called "Residences at Lake Worth" said they can convert nearly all its units into workforce housing.

"I hate to see people homeless, especially here in the park they have nowhere to live," said Lake Worth Beach resident Michael Angelo Prisco, who was riding his scooter along Bryant Park in Lake Worth Beach.

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"I don't look down on them, nobody should you never know when that might be you," said Prisco.

Prisco said he also fell on hard times after his business took a negative hit during the pandemic, forcing him to move in with family until recently.

He said he's now working three jobs to get by.

"In your search for places to live, did you find it to be affordable?" asked WPTV reporter Joel Lopez.

"No! It's so expensive," said Prisco.

The project is just north of Lake Worth Road between Congress and Interstate 95.

City officials said it's been an empty plot of land for years.

The developer is the Richman Group and representatives say the project will feature one- and two-bedroom units.

They say with set-asides ranging from 80-110% of the area median income, that leaves workforce housing rents ranging as low as 1,462 to just over 2,411.

With acquiring the funding from the county bond, developers say they'll be able to convert nearly all of its units into workforce housing.

They say Residences at Lake Worth will have 195 units, 165 of which will be designated workforce housing, and the rest will be at market price.

"Looking ahead to the future, what would you like to see?" asked Lopez.

"I'd like to see affordable housing for anyone that needs it," said resident Ronit Maman.

She's in favor of the project but said she's frustrated by the new towers she's seen pop up around Palm Beach County that don't address the housing issue.

"I have a niece, 27, she has an excellent job," said Maman. "My niece is not going to be able to afford paying half a million dollars for a condo and when they're building they're building for wealthy people."

Details on when you can start applying are still in the works, but representatives for the developer said a groundbreaking can be expected by the end of the 3rd quarter this year.