X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.