In the vicinity of The Gardens Mall, a residential complex approaching its 30th anniversary is on the verge of a significant transformation. The local City Council expressed enthusiasm for a developer's vision to enhance Mira Flores, an existing apartment complex comprising two-story units located at the intersection of Gardens Parkway and Valencia Gardens Avenue, with the introduction of a new eight-story residential structure. This proposal received a warm reception during its initial presentation to the council in January, with Mayor Chelsea Reed complimenting the project for embodying the city's essence.
Scheduled for a decision on March 7, this ambitious project is spearheaded by Greystar, a real estate firm based in Charleston, South Carolina. Greystar aims to erect a building housing 362 units across an expanse of over 3 acres situated at the property's southwestern corner near Alternate State Road A1A. The acquisition of Mira Flores by Greystar in 2018 for upwards of $83 million set the stage for this development, which involves the demolition of 32 current apartments to clear the way for the new structure. Residents affected by this change have been informed in advance, with lease terminations timed to precede the commencement of demolition activities.
Ana Pedrajo, Greystar's director of development, highlighted the growing need for additional housing to accommodate the expansion of local employers and their workforce, deeming Mira Flores an optimal location for enhancing residential density. The proposed Bellamy building would include 36 units offered at reduced workforce housing rates, adhering to city mandates, with the remaining apartments priced between $2,500 for a one-bedroom to $4,000 for a three-bedroom unit.
This pricing strategy emerges amidst discussions on affordable housing, with Palm Beach County's median household income standing at around $76,000, according to recent U.S. Census Bureau data. Experts recommend allocating no more than 30% of this income towards housing, a guideline that positions the Bellamy's rates above the accessible range for many county residents.
The development plan also encompasses a comprehensive redesign of the surrounding infrastructure to promote pedestrian accessibility and traffic moderation, including the modification of sidewalks and roadways adjacent to the complex. The inclusion of Mira Flores in the city's transit-oriented development district is under consideration, aiming to stimulate economic growth and high-density living within a walkable community framework.
Amidst these developments, concerns have been raised regarding traffic impact, with proposals for additional roadwork and the potential installation of a traffic light at a key intersection to manage the anticipated increase in vehicular movements. City Council member Bert Premuroso, while supportive of the project's vision, emphasized the importance of addressing these traffic concerns to ensure the project's successful integration into the community's fabric.
Sign up for Florida of Tomorrow's free newsletter below to receive the latest real estate and new business information shaping the Florida of Tomorrow.
_edited.jpg)