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Multifamily developer Wood Partners announced today that it hasclosed on a $26.9 million deal to build Midtown Delray, aneighborhood of 116 three-story rental townhomes near downtownDelray Beach. Construction on the new community, which will bespread across 17 buildings totaling nearly 192,000 square feet ofliving space, is scheduled to begin on July 1. The development is expected to generate more than $400,000 inannual property tax revenue for Delray Beach once construction iscomplete and leasing begins, which is anticipated by September2013. In addition, the construction phase is projected to createapproximately 140 full-time temporary jobs while pumping more than$10 million into the local economy, based on a formula developed bythe National Association of Home Builders to estimate local impactof new rental units. "Delray Beach remains an exceptional area for development," saidDavid Thompson, Director for Wood Partners in Florida. "Like ourunder-construction Alta Congress community, Midtown Delray isideally positioned to place its residents right in the hub of abroad spectrum of cultural, dining, employment and recreationalopportunities." Midtown Delray is located at 4200 Old Germantown Road, along thesouth side of Linton Boulevard and just east of Military Trail, inthe midst of several high-end single-family neighborhoods,including Fox Chase to the east and Hammock Reserve to the west.The site is less than four miles east of the Ronald Reagan Turnpikeand just two miles west of I-95 and the Delray Beach TriRailstation that connects Miami, Fort Lauderdale and West Palm Beachwith 18 stations along a 70-mile system. "The Palm Beach County apartment market has seen positiveabsorption in the wake of the housing bust, as the shift fromhomeownership to rental continues," Thompson said. "Whileabsorption will taper off from the strong bump seen immediatelyfollowing the recession, it should remain at a healthy pace foryears to come. The decline in vacancies has already spurred growthin effective rents, which have been rising and should continue todo so as the market continues to tighten." Midtown Delray homes will average just under 1,700 square feet andeach residence will have an attached garage on the first floor, 82of which will accommodate two-cars. The unit interiors will featurehigh-quality amenities including ceramic flooring in kitchens,entries and baths, ceramic tub surrounds, and 9-foot 4-inchceilings throughout. The kitchens will have all black appliances,42-inch cabinets with granite tops and sleek, modern lightingfixtures. The community will also feature a clubhouse, swimmingpool and tot lot. The 7.27-acre site is near major local and regional employmentcenters, including West Palm Beach and Boca Raton, which is lessthan 10 minutes south of Midtown Delray and boasts more than 100office buildings, including the Boca Corporate Center and Campusand the corporate headquarters of Office Depot. The community alsosits just 25 minutes south of West Palm Beach, which is home to the$600 million Scripps Research Institute. The development occupies a choice location at the nexus ofGermantown Road and Linton Boulevard, just a short drive from OldSchool Square on Atlantic Avenue, the heart of historic DelrayBeach. An abundance of cultural venues, restaurants and shops makeAtlantic Avenue dining and shopping second only to South Beach'sLincoln Road among Florida hot spots. The nightlife along theavenue was even referenced in a USA Today article that described Delray Beach as "getting hipper by theyear." As one would expect of a coastal South Florida community,recreation and outdoor activity opportunities abound. The AtlanticOcean is less than three miles to the east and scenic Orchard ViewPark, a six-acre park with picnic pavilions, barbecue grills,playground, and a walking trail, is immediately adjacent to thesite. Several golf courses are nearby, including Delray Beach GolfClub, designed by legendary golf course architect Donald Ross,whose prolific works include the masterpieces Pinehurst, OaklandHills, and nearly 600 others. Current Builders of Pompano Beach is the general contractor for theproject; AW Architects of Boca Raton are the architects; Michael B.Schorah and Associates of West Palm Beach are civil engineers; andUrban Design Kilday Studios, also from West Palm Beach, will handlethe landscape design. About Wood Partners Wood Partners is a national real estate company that acquires, develops,constructs and property manages high density and mixed-usecommunities. Through quality construction, responsible landdevelopment and intelligent design, our communities reflect theaesthetic and social fabric of the community and provide aluxurious living experience at a fair price. The company has beeninvolved in the development of more than 36,000 homes with acombined value of more than $4.5 billion nationwide. To learn moreabout Wood Partners, please visit our Web site at Media Contacts: Anton Communications Vanessa Showalter 949-748-0542 Email Contact Genevieve Anton 714-544-6503 Email Contact. We are high quality suppliers, our products such as Auto Air Conditioner Condenser Manufacturer , Ford Evaporator Manufacturer for oversee buyer. To know more, please visits Honda Evaporator.
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