FCI Residential has started work on a 320-unit apartment complex in the sprawling 200-acre Tuttle Royale mixed-use development in Royal Palm Beach. The Miami Business Journal reports FCI broke ground after obtaining a $55.65 million construction loan. PNC Bank provided the mortgage to FCI Residential. It covers 30 acres.
The developer acquired the property for $14.4 million in 2019 from Tuttle Land Investments.
FCI Residential is using its in-house contractor Atlantic Crystal Construction Corp. The complex will consist of 11 three-story buildings, a pair of two-story townhouse buildings, and a two-story clubhouse.
This would be the third apartment complex in Tuttle Royale, as Related Group completed one several years ago and Lynd Development broke ground on a new community there in 2023. As for the rest of the site, it’s approved for a charter school, 100 single-family rental homes and a mixed-use project with retail, offices, residential, a hotel and entertainment.
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