MALIBU BAY PROPERTY South Florida Regional Planning Council Revolving Loan Fund Grant A Hole in One for Revolving Loan Fund Program ADDRESS: 750 Malibu Bay Drive, West Palm Beach, FL 33401 PROPERTY SIZE: 14 acres FORMER USES: Golf course CURRENT USE: Rental apartments for low and moderate income families EPA GRANT RECIPIENT: The South Florida Regional Planning Council provided $800,000 in EPA Brownfields Revolving Loan Fund funding to the Housing Trust Group of Florida, LLC. PROJECT PARTNERS: Housing Trust Group of Florida, LLC; Housing Finance Authority of Palm Beach County; Florida Department of Environmental Protection; County of Palm Beach; City of West Palm Beach For additional data and geographic information for this and other Brownfields Grants, please visit EPA's: Envirofacts - www.epa.gov/enviro/ bms_query.html Enviromapper - www.epa.gov/enviro/bf PROJECT BACKGROUND: Since the beginning of 2004, the affordable housing market in West Palm Beach has been significantly decimated due to condominium conversions and hurricanes. The Housing Trust Group of Florida, LLC was able to provide one solution to this problem through the conversion of a former golf course into much needed affordable housing. The Palm Beach Lakes Golf Course was closed in 1996 after almost 30 years of operation. High concentrations of arsenic in the soil, surface water, and ground water contaminated the property as a result of many years of fertilizer, herbicide, and pesticide use. Funded by an $800,000 EPA Brownfields Revolving Loan Fund loan, cleanup activities began in December 2003 and included the excavation and removal of contaminated soil. By February 2005, all cleanup activities were completed. Institutional controls in the form of a deed restriction prohibiting the use of ground water for any purpose are required for the property. KEY ACCOMPLISHMENTS: • Leveraged approximately $30 million in public and private funding through sources such as revenue bonds, tax credits (low-income and voluntary cleanup), and a sales tax rebate • Resulted in 264 multi-family apartments for low and moderate income families • Considered a model in the State of Florida for the use of Voluntary Cleanup Tax Credits (VCTC) • First brownfield affordable housing project to be funded by the Housing Finance Authority OUTCOME: The completed Malibu Bay Apartments. In June 2004 redevelopment commenced on the Malibu Bay property and by fall 2005, 264 apartments became available for low and moderate income families. As of March 2007, the high-density residential development is completely rented with a waiting list. The project has significantly spurred redevelopment nearby, including the construction of market rate condominiums and townhomes, retail shops, restaurants, and plans for a hotel and more residential development. As a result of the Malibu Bay development's success, housing organizations throughout the state are more willing to finance brownfields projects, including those with an affordable housing component. FOR MORE INFORMATION: Visit the EPA Brownfields Web site at http://www.epa.gov/brownfields/ or call EPA Region 4 at (404) 562-8682 ------- |