What’s Up In The Real Estate Market…

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Delray Beach Housing Authority receives final loan approval for Island Cove Project

The Delray Beach Housing Authority received approval from the Palm Beach County Housing Finance Authority for a non-revolving pre-development loan of up to $750,000 and a $1.7 million revolving construction loan for Phase III of their Village Square project—now called Island Cove.

Phase III is proposed as a 54-unit for-sale townhome project on the remaining approximately 3 acre site on SW 8th Street and SW 12th Avenue in Delray Beach.

Total development costs are expected to be approximately $18.5 million with construction of 9 buildings of six townhomes each over 36 months.

The non-revolving $750,000 pre-development loan would be used to pay for a portion of the costs of the architect, project manager, marketing, legal, survey and testing. The revolving $1.7 million portion will be vertical construction of one of the nine in total six-unit buildings. Revolving construction amount may be increased by an additional $1.7 million solely as the discretion of the Housing Finance Authority of Palm Beach County and subject to the availability of funding.

“Our properties provide working families a place to call home,” said Dorothy Ellington, President and CEO of the DBHA. “By providing families with the space they need and services that help parents and their children thrive, we help build communities. This phase of the redevelopment will focus on community heroes: firefighters, teachers, law enforcement officers, nurses and other members of the workforce and first responders. Families will be at 80 percent to 140 percent of Area Median Income or income levels between $60,000 to $105,560.”

Studies show that affordable housing provides a solid foundation for a strong community. Residents who live in a home that is affordable have funds to purchase food, provide health care and satisfy other living needs. Residents of affordable homes also have the economic means to purchase goods and services in their communities.  Affordable housing helps to create economic stability.

Vitacost signs new lease at BRIC

E-commerce company Vitacost has inked a new lease at the Boca Raton Innovation Campus.

Thanks to help from Newmark Knight Frank Executive Managing Director Mitchell Millowitz, the subsidy of Kroger relocated from its one-story building in the Park at Broken Sound to the former IBM headquarter campus.

The 35,438-square-foot deal is part of an ongoing transformation for the online vitamin and healthy product supplier. The new space is located at 4700 Exchange Court.

The Boca Raton Innovation Campus features an impressive array of onsite amenities that include a state-of-the-art fitness center, high-tech conference center, food hall, on-site accredited day care center and numerous walking trails.

Jeff Kelly represented the landlord, Crocker Partners.

“Vitacost conducted an extensive search of amenity-laden office properties in the region to fulfill its charge of finding a modernized, collaborative workplace environment with an abundance of natural light,” said Millowitz. “Boca Raton Innovation Center is the Southeast’s premier science and technology hub, and its proximity to talent and walkable amenities will provide Vitacost with a significant recruiting advantage in the years to come.”

Boca Woods Country Club hires new Executive Chef

Boca Woods Country Club recently hired Chef Ryan Corbin as Executive Chef.

Chef Corbin was the executive chef at Lago Mar for 2 years and also has experience at Boca West where he worked for 5 years. He comes to Boca Woods from Hunters Run Golf & Racquet Club where he has served as executive sous chef for over 7 years.

Chef Corbin grew up in Stillwater, Minnesota and has lived in Florida since 2003. He earned an associate degree in Culinary Arts at the Minneapolis Art Institute and interned at Charlie Trotters in Chicago for six months. He has been an active member of the American Culinary Federation (ACF) since 2005.

When Chef Corbin isn’t working, he enjoys playing softball and doing CrossFit.

“I have always enjoyed providing a variety of dishes and creating exciting menus to serve the membership’s desires,” Corbin said. “I look forward to joining the Boca Woods team and bringing excitement to the dining experience. I’m also thrilled about the club’s expansion and the opportunity to be a part of that growth along with our culinary team.”

Real estate marketing firms Sun & Moon and Pace join forces

Industry leaders of the real estate marketing field Madelyne Kirch, President of Sun & Moon Marketing Communications, and Cara Faske, CEO of Pace Branding & Marketing are teaming up under the Pace umbrella.

Pace is based in New York and has offices in Orlando, Miami and Boca. Sun & Moon celebrated its 25th anniversary this year. Pace was founded in 1954 and is led by Faske and president, Diana Riser. A WPP company for many years, Faske and Riser took the company private in December and now own it independently.

Erin Deady, P.A. launches new practice area

Erin L. Deady, P.A., announced the formation of a new practice area in the firm—a title company for residential real estate transactions.

The new area will focus on providing clients with secure residential real estate closings inclusive of title searches, reviewing title, working with the realtors and mortgage brokers, review of all closing documents and preparing the closing documents for all parties.

“We are very excited about the launch of this new practice area,” Deady said. “This new area made sense for us as a way to expand our client services in the real estate industry. In addition, the fact that we are attorneys will give us a leg-up since our experience allows us to look at the big picture for our clients.”

The firm can host a closing in their office or at a mutually convenient location. “We will ensure for a smooth closing from start to finish and ensure clear title is transferred between owners,”