|
Getting your Trinity Audio player ready...
|
$122 Million Public-Private-
South Florida-based Affiliated Development has closed on a $73 million construction loan with Pacific Life Insurance Company for The Dune, a mixed-use, mixed-income multifamily development in Boynton Beach, Florida.
Located off Federal Highway just north of Delray Beach, The Dune will deliver 336 residential units, including 298 luxury apartments in an eight-story building and 38 three-story luxury townhomes with internal parking garages, along with street-level retail and structured parking. The project will offer unobstructed intracoastal and ocean views and convenient access to I-95, placing residents between major employment centers in Boca Raton and West Palm Beach.
The Dune is designed to deliver best-in-class Class A living at attainable rental rates, addressing a deeply undersupplied segment of the housing market. The project contains 198 units reserved for households earning between 80% and 120% of Area Median Income, providing high-quality workforce housing in a high-barrier, coastal market.
Fort Lauderdale-based Affiliated Development has developed a niche for building luxury class-A multifamily communities at attainable rents. The Dune will feature a resort-style amenity package and high-end finishes consistent with Affiliated Development’s Class A standards, while maintaining rents accessible to middle-income households. The project exemplifies the firm’s strategy of developing luxury multifamily communities in high-barrier markets while leveraging legislative tools, local incentives, and creative capital structures.
To facilitate the development, Affiliated Development utilized the State of Florida’s Live Local Act, which allows for certainmixed-income residential projects that dedicate at least 40% of the units to workforce housing to obtain development approvalsadministrative as well as height and density bonuses.
“The Live Local Act has created a meaningful pathway to deliver workforce housing in high-cost markets, and The Dune is a strong example of how thoughtful public policy can help unlock much-needed housing while maintaining design quality and community standards.” says Nick Rojo, Co-Founder of Affiliated Development. “Providing quality, attainably priced housing would not be possible without participation from our public partners, it takes creative solutions to address the housing crisis, especially given the current cost environment.”
The Dune celebrates a successful collaboration between Affiliated, the City of Boynton Beach and Palm Beach Countyto address both redevelopment and housing. In addition to receiving zoning and density incentives, the project participated in Palm Beach County’s Workforce Housing Exchange Program.
“The City of Boynton Beach is experiencing unprecedented transformation and growth,” says Jeff Burns, Co-Founder of Affiliated Development. “Affiliated is pleased to work alongside City leadership and staff to deliver much needed workforce housing. In total, Affiliated is investing $240 Million into the City of Boynton Beach, so you could say we’re big believers in all that the City has to offer.”
In addition to The Dune, Affiliated Development is developing The Pierce, a 300-unit mixed-use workforce housing development that will include 17,000 square feet of retail and restaurant space and a public parking garage, located one from the intracoastal waterway on Ocean Avenue and Federal Highway. The Pierce will be the home to the new Hurricane Alley restaurant and bar, a Boynton Beach establishment owned by founder, Kim Kelley. Demolition and utility relocation work is currently underway and the vertical construction for the project is slated to begin in mid 2026.
The project is being capitalized with the $73 million construction loan from Pacific Life Insurance Company and equity from Affiliated Housing Impact Fund, LP, along with family office capital partners. Construction is expected to commence immediately following closing.
Affiliated Development continues to be one of the most active mixed-income and workforce housing developers in South Florida, with projects completed or underway throughout Palm Beach, Broward and Miami-Dade counties. The firm has been recognized for its leadership in delivering mixed-income housing through innovative public-private partnerships and institutional capital relationships.
About Affiliated Development
Affiliated Development (“Affiliated”) is a regional real estate development and investment company headquartered in Fort Lauderdale, Florida with offices in West Palm Beach, FL. Affiliated specializes in mixed-use multifamily ground-up development and has created a niche in working with local government to help bring about redevelopment and construct workforce housing. The company was formed as a mission-based organization with the goal of building mixed-use multifamily developments to target unmet demand and underserved areas within the market. Affiliated works directly with communities to improve the quality and sustainability of housing stock for residents, resulting in the development of Class A luxury apartments at attainable rates.
