It’s fun to buy the YMCA! Mast Capital JV pays $10M for Palm Springs center as multifamily dev site
Mast Capital and partners The Spear Group and Rockpoint plan a 264-unit, garden-style apartment complex
A Mast Capital-led joint venture paid $10 million for an 18-acre YMCA property in Palm Beach County with plans to redevelop the site into an apartment complex.
Coconut Grove-based Mast Capital, in partnership with Fort-Lauderdale-based The Spear Group and Boston-based Rockpoint Group, wants to build 11 three-story buildings with 264 class A apartments at 2085 South Congress Avenue in Palm Springs, according to a press release.
The project, called Palm Springs Residences, is slated to break ground in July.
Seller YMCA of the Palm Beaches paid $95,000 for the site in 1968, according to records. The property has two social/fraternity halls completed in 1980 and 1983, a daycare center built in 1995 and a clubhouse finished in 2010. The buildings have a combined 24,214 square feet. The YMCA of the Palm Beaches has been providing youth services in Palm Beach County since 1917, according to the non-profit organization’s website.
The community buildings will be razed to make way for Palm Springs Residences. The YMCA is planning to relocate to Lake Lytal Park, about two miles away from the current community center, in partnership with Palm Beach County’s newly planned aquatics center, the release states.
Designed by MSA Architects, the new apartment complex will have one- to three-bedroom units. Amenities will include a fitness lawn, outdoor swimming pool, tot lot, dog park, linear park, lake, walking path, and electric vehicle charging stations. The partnership also plans to build a clubhouse with a club room, fitness studio, co-working space, a game room and smart parcel lockers, the release states.
