1st Avenue Capital 301 – “The 301” Delray Beach, FL

The 301 continues to make progress. Our architect has finalized the plans for the building. He has submitted them to the Site Plan Review and Appearance Board – or SPRAB. This is the final step before we move onto final approvals. After that, we apply for permits. Once we have these in hand, we will be able to start work on the apartment building. This is part of a 120-day schedule to create construction drawings for the bidding/buyout/building permit application, targeted for Q4 2021.

The GC we engaged with in the pre-construction consultant agreement has proven incredibly helpful in advising us and the professional team on value engineering. Ultimately, he has helped us finalize our plans, ensuring that we design a thoughtful, efficient building within our construction budget.

In the meantime, we are touring comparable buildings in the area to ensure The 301 is both larger and sports more amenities. We desire to design a modern building full of amenities that tenants desire. We want multiple areas for tenants to live, work, and play. The 301 will also be designed with 15 EV charging stations and 6 golf cart parking stations for anyone looking for a quick ride to downtown Delray Beach.

Meanwhile, negotiations continue for a Community Redevelopment Agency (CRA) Grant going toward The 301’s construction.  This grant would consist of upwards of $500K-$1M. We anticipate to secure building permits during Nov/Dec 2021, which would culminate in a groundbreaking event targeted for the beginning of 2022.

However, we aren’t just building a building. We’re also contributing to the Delray Beach Community. NRIA recently contributed a donation to a fund created by the Delray Police. The fund was used to purchase an ice cream truck for the town of Delray Beach. NRIA does not simply develop and walk away. We believe strongly in giving back to the community.