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. 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. This community has a 1 - 2 Beds, 1 - 2 Baths, and is for rent for 1,680. Nearby cities include Briny Breezes, Ocean Ridge, Hypoluxo, Gulf Stream, and Lantana. Find the best-rated Boynton Beach apartments for rent near Clipper Cove Apartments at . Clipper Cove Apartments is an apartment in Boynton Beach in zip code 33436. Those agencies will repay the city the $500,000 down payment and hire a company to manage the complex. Clipper Cove Apartments is an apartment in Boynton Beach in zip code 33436. Ratings & reviews of Clipper Cove Apartments in Boynton Beach, FL. 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. CLIPPER COVE APARTMENTS (3/5) Suggest an edit. MORE AFFORABLE APARTMENTS BOYNTON BEACH, FL 33436. In August, Boynton Beach officials sweetened their offer by increasing the number of low-income units to 50 percent. Clipper Cove is a featured Apartment Home Living Platinum-Level community located in the 33436 Zip code of Boynton Beach, FL. The 11 bidders were required to keep at least 35 percent of the rental units for low-income housing. For apartment rental rates and current specials, contact us today. “We wanted to make sure the property is maintained to the current ambiance,” said Wilfred Hawkins, assistant to the city manager. Clipper Cove 1500 Southern Cross Lane, Boynton Beach, FL 33436. 2301 S Congress Ave, Boynton Beach, FL 33426. Listings, photos, tours, availability and more. City offiicials feared a new owner might increase that to as much as 90 percent. 1625 Cheap Apartments in Boynton Beach, FL to find your affordable rental. About 35 percent of the Clipper Cove apartments are now subsidized.
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