After 18 months of back and forth negotiations, the Town Council gave its nod of approval to a 50-year land lease agreement with AHS Residential LLC. The deal was described as fair and mutually beneficial to both the town and AHS, which will develop a large-scale apartment complex at the site. The 28-acre property is located across the bridge in West Palm Beach, at 5976 Okeechobee Blvd.
Over the course of 50 years, the town will collect up to $75 million in rent. Should AHS extend for an additional ten years, rents collected could be as high as $100 million. Town Manager Kirk Blouin says this will go a long way toward funding current capital projects such as the new Recreational Center and the Marina Improvement Project.
