![]() ![]() 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. View detailed information about property 1500 Southern Cross Ln, Boynton Beach, FL 33436 including listing details, property photos, school and neighborhood data, and much more. 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. Clipper Cove Apartments Moving Company - Moving in Clipper Cove Apartments should not be left to the cheapest company. Those agencies will repay the city the $500,000 down payment and hire a company to manage the complex. 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. In August, Boynton Beach officials sweetened their offer by increasing the number of low-income units to 50 percent. Currently Clipper Cove - Boynton Beach has 192 subsidized apartments out of a total of 384 apartments. The 11 bidders were required to keep at least 35 percent of the rental units for low-income housing. It has received 25 reviews with an average rating of 2.3 stars. The business is listed under apartment complex, apartment building, apartment rental agency category. “We wanted to make sure the property is maintained to the current ambiance,” said Wilfred Hawkins, assistant to the city manager. Clipper Cove Apartments is a Apartment complex located at 1500 Southern Cross Ln, Boynton Beach, Florida 33436, US. The Cove at Boynton Beach Apartments has rentals available ranging from 833-1690 sq ft. City offiicials feared a new owner might increase that to as much as 90 percent. Find apartments for rent at The Cove at Boynton Beach Apartments from 1,924 at 100 New Lake Dr in Boynton Beach, FL. About 35 percent of the Clipper Cove apartments are now subsidized. 1500 Southern Cross Ln, Boynton Beach, FL 33436 Boynton Beach.
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