News Summary
TM Real Estate has announced plans for a new apartment complex named Shalimar at Boynton Beach, featuring 262 apartments and top-notch amenities. With a $53.5 million construction loan secured from Truist Bank, the project will cover 13.2 acres next to the Quail Ridge Country Club. Designed by MSA Architects, Shalimar aims to create a vibrant community despite challenges in the housing market. The project looks to meet growing demand for multifamily housing in South Florida, as developers navigate high costs and interest rates.
Exciting Developments in Boynton Beach: New Apartment Complex on the Horizon!
Boynton Beach is buzzing with new activity as TM Real Estate takes exciting steps toward developing a brand new apartment complex! This hot project, named Shalimar at Boynton Beach, is set to bring over 250 apartments to the area, transforming the local landscape and offering new housing options.
Funding Secured for a Bright Future
TM Real Estate has secured a substantial construction loan of $53.5 million, thanks to Truist Bank, which will help turn their vision into reality. The loan is specifically provided to SBB 250 SPE LLC, the branch of TM Real Estate led by the experienced Matthew Pellar from Miami. With funding in place, construction is set to move forward on this ambitious project, which covers a whopping 13.2 acres of land.
A Prime Location
Located at 3570 W. Boynton Beach Blvd., the future home of Shalimar is perfectly situated right next to the stunning Quail Ridge Country Club golf course. This prime spot will not only offer future residents a beautiful place to live but also provide an incredible community atmosphere.
What’s in Store for Shalimar?
Shalimar at Boynton Beach will feature 262 apartments, designed across 10 buildings, each three to four stories high. In addition, the plan includes two standalone retail buildings that will encompass a total of 5,100 square feet. For leisure, the project boasts an impressive 9,850 square-foot clubhouse, a sparkling swimming pool, and a picturesque lake, making it a delightful place to live.
Expert Design for a Bright Community
To ensure the complex meets the highest standards of modern living, Miami-based MSA Architects has been brought on board to expertly design the project. Their vision is expected to make Shalimar not just a place to live but a vibrant community hub.
Challenges in the Housing Market
Despite the enthusiasm surrounding this project, the multifamily construction sector in South Florida isn’t without its challenges. In recent times, many developers have slowed down their new projects due to factors like high interest rates, rising construction costs, and stagnant rent growth. Nonetheless, Shalimar at Boynton Beach is defying these trends, as construction loans for multifamily projects continue to be issued in the area even amidst these bumps in the road.
Looking Ahead
TM Real Estate Group is well-known in South Florida, specializing in multifamily and mixed-use properties since 2005. As the CEO, Matthew Pellar oversees projects including existing apartment complexes like Shalimar at Davie and Shalimar at Plantation West, showcasing a commitment to quality and community.
Market Trends to Watch
Interestingly, South Florida experienced a construction boom during 2021 and 2022, resulting in an oversupply of multifamily units. Last year alone, over 18,600 units were completed, substantially increasing competition in the rental market. In comparison, only 15,000 new lease agreements were made, reflecting slower leasing activity. In January, median monthly rent even dipped to $2,328, a decrease of almost 2% year-over-year.
However, experts remain hopeful! They’re predicting that demand for multifamily housing could align more favorably with supply later in 2023 or into 2024, especially as new construction projects decrease. Residents of Boynton Beach can look forward to what the future holds, especially with new developments like Shalimar on the way!
Deeper Dive: News & Info About This Topic
- The Real Deal: TM Real Estate Nabs Construction Loan for Boynton Rentals
- Sun Sentinel: What’s Being Built There – New 8-Story Building with 236 Apartments
- Palm Beach Post: New Boynton’s Latest Apartment Complex Opening in September
- The Real Deal: Affiliated Buys Boynton Beach Dev Site for 336-Unit Project
- Google Search: Housing Market Trends Boynton Beach
Author: STAFF HERE ORLANDO WRITER
ORLANDO STAFF WRITER The ORLANDO STAFF WRITER represents the experienced team at HEREOrlando.com, your go-to source for actionable local news and information in Orlando, Orange County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Orlando International Fringe Theatre Festival, Megacon Orlando, and Central Florida Fair. Our coverage extends to key organizations like the Orlando Economic Partnership and Hispanic Chamber of Commerce Metro Orlando, plus leading businesses in leisure and hospitality that power the local economy such as Walt Disney World Resort, AdventHealth, and Universal Orlando. As part of the broader HERE network, including HEREJacksonville.com, HEREPetersburg.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
