All Aboard Florida and the City of West Palm Beach have finally struck a deal for the benefit of the city after a year of intense negotiations. The agreed upon deal allows for an access road between two parcels of land. The tension rose with Mayor Jeri Muoio saw that the expense to create the access road would be at the expense of the city. The agreed upon deal has All Aboard Florida paying for the parcels of land, the construction of the road, sidewalk, lighting and landscaping.
It will reflect well the beauty of our fair city and will include a building for residential living. The size of the residential project has not yet been released. However, it is a paper transaction worth $1.3 million dollars but not in need of any existing taxpayer dollars. Any newly generated property tax revenue from the project will be used to make up the difference which is approximately $2.5 million over the course of 3 years.
Essentially, tax payers won’t be footing the bill.
West Palm Beach Real Estate conditions are projected to stabilize even more with foreclosures & short sales coming to a minimum. With the proposed new plan for All Aboard along with new projects like Alexander lofts, The Bristol, Z Residences, and Loftin Place Downtown West Palm Beach will experience a surge of residential living and tourism! It’s predicted to be a win win!
The exciting news of growth has many saying now is the time to buy before interest rates and housing prices rise in West Palm Beach. Whether you’re selling or buying in our fair market, representation is absolutely necessary. James N Brown PA can be your Real Estate Attorney & Title Company. Contact us for more information.