WEST PALM BEACH, FL-Miami-based Commonwealth American Financial Group plans a joint venture with NW Capital Partners LLC to acquire and redevelop 91 existing housing units and 22 vacant lots in the Northwest District. Commonwealth estimates the redevelopment cost at approximately $6 million. Definitive contracts between the two entities are due by Dec. 12.

NW is a subsidiary of locally based Northwest Communities Development Partnership Inc., a nonprofit organization created to facilitate the revitalization of the historic Northwest District African-American neighborhood. The NW/Commonwealth JV plans to work with established Florida developers to create a mix of 113 units of medium- and high-density housing for an average sales price of $250,000 per unit. The 91 existing units will be either demolished or renovated.

"The size of this development has attracted very well recognized developers," says Kristin Mary Ryals, Commonwealth's president and COO, in a statement. No developers were named in the statement, and a call to Ryals was not returned by deadline. In the statement, she also says Commonwealth "would like to adopt the same redevelopment principles and take the same project management team to other cities to replicate the type of development planned in West Palm Beach," and is reviewing additional JV opportunities.

Commonwealth invests in land development projects either as a developer, joint-venture partner or lender. Earlier this month it formed an emergency services division to negotiate service contracts with municipalities to expedite disaster cleanups.