Three Florida real estate developers have submitted proposals to Boynton Beach Community Redevelopment Agency officials for an affordable housing project.
The Ocean Breeze affordable housing project on Seacrest Boulevard several blocks north of Boynton Beach Boulevard.
The Auburn Group of Delray Beach, American Realty Development of Lake May, and Pinnacle Housing Group of Miami are vying to turn vacant land in the Heart of Boynton redevelopment area into quality affordable housing.
The CRA purchased 7.83 acres of the eight-acre site in May from former CRA Chairman Larry Finkelstein for $7 million.
The CRA then added small pieces of nearby properties in the hopes of attracting developers of workforce housing units.
The land is the former home of the Boynton Terrace Apartments - dilapidated, federally subsidized community demolished in 2005 after city officials discovered rampant roof leaks, pest infestations and mold problems.
Pinnacle is offering $3.7 million for the property, American is offering $4.2 million and the Auburn Group is offering $7 million, according to the proposals.
The CRA will likely have a hand in the development by providing money for infrastructure improvements, said CRA Executive Director Lisa Bright.
CRA board members will choose a developer on July 10. Whoever is chosen, the winner will undoubtedly be the low- and middle-income seekers who get to live there, however.
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