Tuesday, April 2, 2013

Boynton officials hope new complex a sign of things to come - South Florida Sun-Sentinel.com

This is the trend people...just pointing that out.  Since 2007, the city of Lake Worth lost 2/3 of its taxable property value.  Click title for link.  From the article:
The neighboring residential units in Renaissance Commons are all condos, but with the addition of Compson Place, city officials believe that it could increase property values in a city that has seen them drop 40 percent from 2007 to 2011.
"The higher the value of the project, the higher the tax," said Michael Rumpf, director of planning and zoning for Boynton Beach. "Moreover, the developments bring people who spend part of their incomes on goods and services in the city, contributing to the demand for new shops and restaurants, this in turn may create new jobs."
In Boynton, there are currently seven rental projects in the pipeline with a total of 1,203 units and Realtors say that the city is on the right track encouraging these type of developments.
Other than the CRA sourced La Joya Villages project on the Commission's agenda tonight, Lake Worth has nothing like this project "in the pipeline."  Our pipeline is empty to the joy of a few.