1500 Southern Cross Ln Boynton Beach, FL 33436. Nearby cities include Hypoluxo, Lantana, Atlantis, South Palm Beach, and Delray Beach. This community has a 1 - 2 Beds, 1 - 2 Baths, and is for rent for 1,585. search by city, state, property name, neighborhood, or address. Clipper Cove Apartments is an apartment in Boynton Beach in zip code 33436. Clipper Cove has the potential to be profitable, said Jerry Cutrer, a consultant who structured the city’s proposal to RTC.Ĭornerstone and the Housing Partnership could see as much as $300,000 a year in revenue, after debt service is paid, and the city could receive about 25 percent of that amount, according to earlier estimates made by Cutrer. See floorplans, photos, prices & info for available Cheap apartments in Boynton Beach, FL. If the development loses money, the city will not be liable. In return, the two nonprofit agencies would give the city 28 percent of the yearly profits, which will be used to subsidize affordable housing in other parts of the city. Those agencies will repay the city the $500,000 down payment and hire a company to manage the complex. The city plans to buy the complex for about $9 million, then resell it to the Cornerstone Housing Corp., and the Housing Partnership of Palm Beach County, two nonprofit organizations. In August, Boynton Beach officials sweetened their offer by increasing the number of low-income units to 50 percent. The 11 bidders were required to keep at least 35 percent of the rental units for low-income housing. “We wanted to make sure the property is maintained to the current ambiance,” said Wilfred Hawkins, assistant to the city manager. City offiicials feared a new owner might increase that to as much as 90 percent. About 35 percent of the Clipper Cove apartments are now subsidized.
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