Page 24 - Magazine 1-winter 2017

Habitat Container Magazine Smart and Sustainable Habitats Winter 2017 Habitat Container Magazine November 1, 2017

Greene said the projected rents for Banyan Place — about $995 to $1,200 a month for 340 to 560 square feet — were just too low to make sense; especially when you add in upscale kitchens, bathrooms, and washers and dryers. Maybe. But “at end of the day,” Greene told Doris, “I ran numbers. If you have a choice of a small room with no view, or a 30-story building with views of everything, (it) can’t compete” with other nearby projects about to be completed near the downtown West Palm Beach Brightline station. “I’m stepping back now to see how they all do.” Greene’s right about competition. The city, behind Mayor Jeri Muoio, is experiencing something of a renaissance as it seeks to make itself more attractive to Millennials. Take 312 Northwood, the new apartment complex that just opened at the corner of Dixie Highway and 23rd Street. A few weeks after the doors opened this summer, the building was already 25 percent full, with residents paying between $1,400 to $1,850 for one and two-bedroom apartments, and some apartments as high as $2,300 a month. Developer Neil Kozokoff expects the property’s 100 units — 75 of which have views of the Intracoastal Waterway — to be fully leased by the end of the year . At that point, he’ll consider building 102 apartments on land he owns nearby.
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