Procida Companies, a New York-based developer, is seeking approval from the West Palm Beach City Commission for an affordable housing project, according to planning documents released on Mar. 25. The proposal involves building a 151-unit multifamily development on five city-owned parcels, which would be transferred to the developer at no cost if approved.
The plan includes not only residential units but also 5,000 square feet of retail space, a 7,500-square-foot pocket park, and 166 parking spaces. The parcels under consideration total approximately 0.8 acres and are located at various addresses along Broadway and nearby streets in West Palm Beach. In addition to these sites, Procida Companies already owns an adjacent half-acre property purchased for $1.1 million in 2023.
All apartments in the proposed development would be designated as affordable housing. Of the total units planned, 27 would be reserved for households earning up to 30 percent of the area median income (AMI), another 85 units for those earning between 31 and 50 percent of AMI, and the remaining 39 units for those earning between 51 and 80 percent of AMI.
Procida Companies is led by Mario Procida and has developed several affordable housing projects throughout New York’s tri-state area.
The initiative comes amid significant real estate activity in West Palm Beach driven by population growth since the pandemic. Recent developments include Griffis Residential’s $78.5 million purchase of an apartment complex as part of its new multifamily fund and plans by billionaire Related Ross chairman for Sapodilla—a mixed-income complex that will offer additional low-income housing options following redevelopment efforts.
