This mixed-use development provides live-work artist lofts and retail space in Lake Worth’s West Village
Neighborhood Renaissance, a nonprofit community developer based in Palm Beach County, held a ribbon cutting ceremony on December 4 for the Art Lofts of West Village in Lake Worth, Florida. The Art Lofts creates affordable homeownership and small business opportunities under one roof to help working artists who contribute to the social fabric of Lake Worth. The artist live-work lofts are available for sale to low- and moderate-income working artist households to ensure they can afford to stay in the neighborhood and grow their art-related businesses in West Village.
Florida Community Loan Fund provided $1.66 million in financing for construction of the eight 3-story townhouses. The $3.3 million mixed-use development received funding from various sources including the City of Lake Worth NSP-2 Program, Palm Beach County, the Lake Worth Community Redevelopment Agency, and NeighborWorks.
Below is a press release from Neighborhood Renaissance announcing the ribbon cutting.
Learn more about FCLF and Neighborhood Renaissance hereLearn more about FCLF and Neighborhood Renaissance here. (link to Borrowers item)
Learn more about Neighborhood Renaissance at www.neighborhoodrenaissance.org.
An article on the ribbon cutting also appeared in the Palm Beach Post: Art Lofts let low-income artists own a home and studio in Lake Worth.
Pictured, ribbon cutting at West Village Art Lofts included artist homeowners; one of the completed buidlings with 4 homes.
Media Alert from Neighborhood Renaissance
What: The Art Lofts of West Village - Ribbon Cutting & Photo Opportunity
Who: Neighborhood Renaissance, Inc. & Lake Worth Community Redevelopment Agency
When: Tuesday, December 4 at 4:00 pm
Where: 110 North F Street (corner of F and Lucerne), Lake Worth, FL 33460
The Art Lofts of West Village is a BEST PRACTICE for strengthening neighborhoods through the cultivation of multidisciplinary art. Creating affordable homeownership and small business opportunities under one roof is a sustainable redevelopment approach that helps to minimize displacement of working artists who contribute to the social fabric of Lake Worth. This is the second phase of artist live-work lofts to be sold specifically to low and moderate-income working artist households to ensure that they can afford to stay in the neighborhood and grow their art related businesses as the West Village Art District continues to evolve.
The $3.3 million mixed-use development consists of eight 3-story townhomes that are designed with street level studio/retail space along with a 2,000 sq. ft. commercial-retail building. In order for the Lofts to be within the financial reach of moderate-income working artists, Lake Worth donated the land and provided subsidy of $700,000 through the Neighborhood Stabilization Program 2. Palm Beach County is providing $532,000 in down payment assistance to 4 low-income working artist households so that they can afford to purchase their homes. Neighborhood Renaissance, a nonprofit community developer based in Palm Beach County was awarded a $500,000 nationally competitive grant from NeighborWorks Project Reinvest to construct the “Class A” commercial building to attract art related businesses and amenities to the neighborhood.
Three of the Art Lofts will be open for public viewing along with art exhibits by the West Village homebuyers and other local artists. In addition, mural artist Renda Writer’s recently hand written Love Wall is on display and West Village Loft buyers will be available to tell their stories.
Contact: Terri Murray, Neighborhood Renaissance, Executive Director