The first new affordable apartments in the downtown area of West Palm Beach in the last 30 years have been completed.
The project, called Flagler Station, is on Banyan Boulevard and is one block from the Amtrak and Florida TriRail Station. The project cost $33 million to build.
The building is eight stories tall, offering apartments with one, two, or three bedrooms. Amenities for the residents include a double-high multi-purpose clubroom that spans 3,200 square feet, a pool on the rooftop, a business and computer center, on-site parking, and a state-of-the-art fitness center. Brochure printing is often used to highlight such features and amenities.
There are 94 apartments with monthly rents ranging from $393 to $1,689. They are reserved for residents who earn no more than 30, 60, 70 or 80 percent of the median income in the area.
The project was named after Henry Flagler who was an industrialist in the 19th century and built the Florida East Coast Railway (FECR). Some of the original tracks of the FECR are included in the Flagler Station site and they have been incorporated as part of a park with murals and original artwork.
The project was financed by a combination of loans, grants, and tax credits from KeyBank, the Florida Housing Finance Corporation, the city of West Palm Beach, Palm Beach County, and Freddie Mac.
