West Palm Beach approves term sheet with Palm Beach Venture Philanthropy to redevelop Coleman Park parcels

The West Palm Beach City Commission on May 26 unanimously approved resolution 123-26, endorsing a nonbinding term sheet to convey multiple city-owned parcels along the Tamarind corridor and in Coleman Park to Palm Beach Venture Philanthropy for redevelopment into three residential projects.

Jade Green, the city’s director of housing and community development, described the proposal as a partnership to address long-standing disinvestment in the Tamarind corridor and deliver affordable and workforce housing. Green said the term sheet envisions two homeownership developments and one mixed-use rental project and includes community-serving commercial space targeted to local businesses and nonprofits.

“...this would be three residential projects, two home ownership development, one mixed-use,” Green said, and summarized development commitments including conveyance of the parcels at no cost with reverter protections, required city approvals and permits, and programmatic community engagement requirements.

Palm Beach Venture Philanthropy’s executive director Raphael Clemente described the effort as a place-based, community-led approach that uses philanthropic capital to stabilize neighborhoods. “The key to all this is this is a community-led effort,” Clemente said, adding that Quantum Foundation (the venture’s parent) has supported countywide initiatives and has granted over $175 million in prior investments to the region.

Under terms presented to the commission, a minimum of 40% of the units at each location would be designated as affordable or workforce housing (staff outlined AMI targets for homeownership and rental units), roughly 65% of total square footage would be residential, and the project would include goals for small-business enterprise (SBE) participation (18%) and local workforce participation (15%). Staff said concept-plan approval would be targeted within roughly 18 months after execution of an agreement, with financing and permitting to follow and construction to begin within 36 months; once construction starts, the project completion target is within 24 months.

Clemente said the team has conducted neighborhood outreach, a market study and early public-space activations (including a temporary container library at one site) to inform the plan and minimize displacement risk. He also said the parcel selections aligned with earlier city plans and studies identifying those sites as key to corridor revitalization.

City staff recommended approval of the nonbinding term sheet; the commission moved, seconded and voted unanimously to carry the motion. The resolution does not transfer ownership immediately — final conveyance, site plans, financing and the detailed development agreements will return to the commission for subsequent approvals.

The commission’s approval authorizes the city to proceed with the agreed concept-level terms and continue negotiating final project documents and implementation steps. Green said all final agreements, designs and financing details will be brought back to the commission for review and approval.