New Apartment Complex Coming to Boynton Beach

Shalimar Apartment Complex

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!