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BOYNTON BEACH, FL-Coconut Grove-based Housing Trust Group and Boca Raton-based Goray Communities Inc. have formed a joint venture to develop the 42-acre Green Cay Village. The multifamily residential project of 28 buildings will encompass 420 residential units. The complex is designed specifically to address the need for "sadly lacking" affordable housing for the county's police, fireman, teachers, city workers, seniors and others, according to Palm Beach County commissioner Burt Aaronson.

This county is the 10th priciest housing market in the country, Aaronson says. It ranked third in the nation in home-price gain for the first quarter of this year, with a 36% jump over the same quarter a year ago, according to the National Association of Realtors.

Goray's president, Gerald Goray, declined to disclose the price paid for the acreage, which is vacant farmland, except to acknowledge that the price supports the scope of the development and "quality of the offerings," he says. He also declined to disclose an all-in construction and development cost.

The 420 units will be split among 160 condos, 160 rentals and 100 townhouses. The two- and three-bedroom condos range from 939 sf to 1,163 sf, and selling prices begin at $199,000 and reach to $240,000. The townhouses are three-bedroom, approximately 1,450-sf units with a garage, and pricing ranges from $249,900 to $270,000. Among the mechanisms to discourage speculative buying is a requirement that prospects indicate that units will be owner-occupied, and there is a limit of one unit per owner-buyer.

Rental units include one-, two- and three-bedroom layouts ranging from 700 sf to 1,163 sf. These are restricted to tenants with household incomes under 60% of the median income in the country. The median, Goray says, is $61,000 for a family of four. He expects Green Cay rental rates to range from $650 a month to $975 a month. The county's only contribution to the project, he says, "was help to pay for elevators in the seven three-story rental buildings in order to accommodate seniors."

The complex will include a 6,325-sf clubhouse, pool, fitness center and other recreational amenities. It is adjacent to the 100-acre Green Cay Wetlands, a county-owned nature preserve and park. Ground broke at Green Cay this August, and Goray says completion will come by year-end 2006.

Instant Insights /

JV Plans 42-Acre Green Cay Workforce Housing Complex

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