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CRA approves amendment for Anchor Site project; developer secures additional financing terms
Summary
The CRA approved a third amendment to the development and ground‑lease agreement with Imacorp for the Anchor Site at Northwood Village, allowing lender‑required financing and schedule changes for the mixed‑use project.
The Community Redevelopment Agency unanimously approved Resolution 25‑22, authorizing a third amendment to the property development agreement and ground lease with Imacorp (Immacorp Capital) for the Anchor Site project at the west end of Northwood Village.
Chris Roog, executive director of the West Palm Beach CRA, reviewed the mixed‑use project — described in staff materials as three mixed‑use structures containing 382 rental units with substantial ground‑floor commercial space — and the amendment requested by the developer’s construction lender, Centennial Bank. Roog said the site is CRA‑owned and currently under a 50‑year lease to the developer; under the agreement the CRA will receive $174,000 plus applicable taxes from the completed project.
Roog said Centennial Bank requires several contractual changes: higher bonding for subcontractors whose contracts exceed $500,000; a modified schedule that pushes the expected completion date out by about six months (staff and the developer currently anticipate project completion in fall 2026); and an amendment to the organizational diagram to identify mezzanine and construction financing sources so the bank is noticed in the project’s organizational structure. Roog noted the general contractor reported active construction and expected a topping‑out next month for the main structure; two additional buildings are scheduled to start this summer.
Commissioners asked about unit pricing and traffic impacts. Roog said the residences “will be market rate” but the agreement requires some units be priced for workforce categories such as firefighters and teachers. Commissioner Ward asked whether Broadway would reopen during construction; Roog said he would obtain the roadway‑closure schedule for affected merchants.
Brian Seymour, a representative of Imacorp who was present, thanked CRA staff for their assistance during a “challenging” financing and construction process. The board approved Resolution 25‑22 by unanimous voice vote.
