South of Atlantic: Downtown Delray Beach Growth
Walkability is the scarce asset in Delray Beach, so every project that extends the downtown core widens the area able to command a downtown premium.
Downtown Real Estate Project Catalyst for Delray Beach Real Estate Growth
There’s a bright ray of sunshine for downtown Delray Beach. A new project called South of Atlantic will be a huge catalyst for the area’s redevelopment and will add 172 new apartment homes to downtown Delray Beach.
Adds Uri Man, vice president of development for the Related Group, which is redeveloping the site, "We looked at this side of town and thought there was a disconnect between what was going on in the rest of the city and this area. But Delray Beach is one of the few places in Florida where you have pedestrian friendly activity and offers the kind of lifestyle young people are looking for."
South of Atlantic will be an asset to the Delray Beach real estate market in general because it will bring jobs to the area and an reenergize the downtown area that is hoping to capitalize on Delray’s “live, work, play” philosophy. The project will be located on the east side of Southeast Third Avenue between Southeast First and Second streets.
Many believe it will be a large competitor for Atlantic Avenue, which has realized a tremendous amount of success with Delray Beach home owners. From couture bakeries to rooftop bars and unique galleries and boutiques, Atlantic Avenue is a haven for luxury lovers in Delray Beach. Developers of South of Atlantic will likely look to Atlantic Avenue for inspiration as they continue to make plans for the area.
Delray Beach home owners are largely supportive of the project too, urging the City Commission at a local meeting to allow the developer to build more units than are normally allowed per acre. They’re excited about having their own version of Atlantic Avenue closer to home. Home owners in Osceola Park, a neighborhood located just three blocks away from Atlantic Avenue, also expressed their approval of the new project.
Osceola Park Neighborhood Association President James Quillian notes, "The city and the Delray Beach Community Redevelopment Agency have ignored our neighborhood for years. This large project will force them to tackle the issues in our area more strenuously."
It’s a unique neighborhood that many believe is a diamond in the rough. Residents created a program called Artist’s Alley where local talent host open studio and gallery evenings the third Thursday of each month. "The artists would love to have this turn into a vibrant marketplace for art being made here in Delray Beach," said Shirley Talbert, who is on the Pineapple Grove Arts District board and whose husband just opened his plaster studio there.
The hope is that the area will be reinvigorated with money, and that new residents will fall in love with this part of the city and will eventually become Delray Beach home owners. Since the downturn in the economy, Worthing Place on Atlantic Avenue is the only project that has been completed. But local real estate experts and residents believe that South of Atlantic will change the face of Delray Beach and tie the entire community together.
If you would like to learn more about Delray Beach real estate, please reach out to our local team of real estate agents. We’d love to help you find the Delray Beach home of your dreams!
images courtesy of PBP Real Estate
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Downtown Delray Beach questions
Why does downtown development matter to Delray Beach home values?
Walkability is the scarce asset in Delray Beach, and each project that extends the walkable core widens the area that can command a downtown premium. That is why owners a few blocks from Atlantic Avenue watch construction announcements more closely than county-wide statistics.
Is downtown Delray Beach a good place to buy?
It suits buyers who want to live without relying on a car and accept season crowds in exchange. Prices there run above comparable housing further west, and the supply is limited, which historically has supported values.
Where can I see current Delray Beach prices?
Our Delray Beach market report page publishes closed-sale figures from BeachesMLS and is refreshed on a schedule, which is a better basis for a decision than a national estimate or an article from a previous cycle.