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fter securing a $50 million loan from Bank of Montreal, Affiliated Development began constructing their new West Palm Beach apartment complex known as The Spruce. This eight-story building will have 270 units spread across its 1.5-acre site at 2501 Spruce Avenue. According to a press release, Fort Lauderdale-based Affiliated plans to complete The Spruce in 2026. The project's investors include Palm Beach-based Grace Development, Affiliated Housing Impact Fund, and an unnamed family office. The Spruce's design is courtesy of architecture firm A+R, an affiliate of Rinka+ based in Fort Lauderdale.

    The West Palm Beach Community Redevelopment Agency and the city of West Palm Beach have awarded Affiliated $2.5 million in incentives and $5.1 million in tax increment financing, as per city records. In addition, the city officials approved Affiliated's request to increase The Spruce's height by two stories and add 70 units to its initial plan for a six-story, 200-unit apartment building. In exchange for these incentives and building bonuses, Affiliated has agreed to reserve 117 apartments for households earning between 80% to 100% of the area median income. The Spruce will feature a mix of one-, two-, and three-bedroom units.

    Led by co-founders Nick Rojo and Jeff Burns, Affiliated specializes in mixed-use and multifamily projects with workforce housing. The firm is active in both Broward and Palm Beach counties. In March, Affiliated secured a $45.5 million construction loan for The Tropic, an 18-story building with 223 apartments in Hollywood. Half of these units will be reserved for households earning between 100% to 120% of the area median income.

    The previous month, Affiliated spent $12 million on a 4.3-acre assemblage in Boynton Beach, which includes a two-story office and retail building and a vacant lot. Additionally, they spent $15 million for a multifamily development site in Fort Lauderdale.