With South Florida foreclosures still at a high, locals are looking at other viable options for housing that do not include a mortgage or taking out loans. With buying a home off the table, high-end rentals are becoming popular for small families and singles.
Six weeks ago, the first phase of Seabourn Cove broke ground on the corner of Federal Highway and Gulfstream Boulevard in Boynton Beach.
Jeff Meehan, managing partner at The Housing Group in Tampa, said this is not the first project his company has built in South Florida.
“We have a sister project Cypress Pointe in Coral Springs built in 2005 [with more than 300 residences],” he said. “We do everything from marinas to office buildings to housing.”
Meehan said people today want flexibility in a down economy, especially those burned by the housing market who don’t want to get stuck in a buying situation again.
“They [especially the younger demographic] also want to be able to change jobs without selling a home,” he said.
Seabourn Cove will be flats and town houses, and the first residents who sign a lease can move into the gated neighborhood in April or May, Meehan said.
Charlie Funk, also a managing partner with The Housing Group, said the market is ripe for rentals in the city and vacancy is at a low. He said a second phase would start when the first is well along in construction. The almost 23-acre property should be completed by mid-2013, he said.
Funk said the Cove is a two or three-story product with garages. And when construction is completed, he said the project will include just more than 450 residences.
The Cove will run from single, corner apartments, at more than 800 square feet, to three-bedroom town homes with their own parking accommodations – a mix for both the young professional and a family just starting off.
Funk said the economic impact on the city’s infrastructure would also get a boost. The project is set to bring hundreds of jobs to the city because of multiple years of construction.