News

Owner may replace West Palm office center with apartments

Posted:Sat, 20 Jan 2018 18:50:05 +0000

The owner of an office center in West Palm Beach plans to convert the property to a low-rise apartment complex. Time Equities plans to build six buildings with 300 apartments on the site of Prospect Place, the company’s office center at 3111 South Dixie Highway in West Palm Beach. The planned apartments would be spread across three three-story buildings and three five-story buildings. The apartment buildings would have a combined total of 17,000 square feet of ... [more]


Russian billionaire relists Palm Beach lot for $42M

Posted:Sat, 20 Jan 2018 17:15:08 +0000

A Russian billionaire has relisted one of three lots he carved from a Palm Beach estate with a $42 million price tag, about 8 percent more than his previous asking price. Dmitry Rybolovlev, who made a fortune in the fertilizer business, already has collected $71.3 million from sales of the other two lots at an estate he bought from President Donald Trump in 2008 for $95 million. Rybolovlev initially listed the third lot about a ... [more]


Duke Realty pays $35.7M for Medley industrial site

Posted:Sat, 20 Jan 2018 16:15:22 +0000

Duke Realty paid $35.7 million for a lumber yard in Medley where the Indianapolis-based company plans to construct warehouses. Duke bought the 35.1-acre property at 10300 Northwest 121st Way in Medley from an affiliate of Universal Forest Products. Duke plans to build distribution warehouses spanning 650,000 square feet on the Medley property. The property now has 452,109 square feet of industrial space for lumber storage and distribution. The South Florida Business Journal reported that Universal ... [more]


Developer admits lying to a bank for a condo construction loan

Posted:Sat, 20 Jan 2018 15:10:05 +0000

A real estate developer based in Palm Beach admitted to a federal judge that he lied to a bank to get construction financing for a condominium development in Vero Beach. George Heaton, 74, faces up to five years in prison after pleading guilty Thursday to one count of conspiracy to make false statements to a federally insured bank. Heaton had faced eight counts of bank fraud and up to 30 years in prison before he reached ... [more]


Dezer Development buys shuttered Orlando mall for $23.7M

Posted:Sat, 20 Jan 2018 14:00:09 +0000

Sunny Isles Beach-based Dezer Development bought a shopping mall in Orlando that closed last year and plans to redevelop it as an entertainment complex. The Orlando Sentinel also reported that Dezer Development paid $23.7 million for the 104-acre Artegon Marketplace at the southeast corner of West Oak Ridge Road and North International Drive. The seller was New York-based Lighthouse Group. David Reimer, a representative of Dezer Development, told the Sentinel that the company plans to ... [more]


Who stands to gain if Miami wins Amazon’s second headquarters?

Posted:Sat, 20 Jan 2018 00:00:16 +0000

Who stands to gain if Miami wins Amazon’s second headquarters? Of five sites in Miami-Dade submitted in a regional bid, three are in or near Overtown, Miami Mayor Francis Suarez told The Real Deal. Real estate investor Mitchell Newman owns one site; Michael Simkins owns the other – the Miami Innovation District property in Park West; and the third is the mixed-use Miami Worldcenter project site, Suarez said. Property records show Newman owns land just ... [more]


Boymelgreen scores construction loan on Surfside luxury townhome development

Posted:Fri, 19 Jan 2018 22:30:31 +0000

Developer Menachem Boymelgreen just secured a $23.5 million construction loan for a planned townhome project in Surfside, property records show. The developer, under the guise of Eden Surfside LLC, wants to build a 68-unit luxury townhome project on about 2.9 acres. The site, between 93rd and 94th Streets on Collins Avenue, sits across the street from Fendi Château Residences building. Romspen US Mortgage is the lender. Records show Boymelgreen paid more than $26.5 million, accumulating ... [more]


Why 230,000 affordable housing units may never get built

Posted:Fri, 19 Jan 2018 21:30:14 +0000

From TRD NYC: Even with private activity bonds intact, the new Republican tax law could cut the growth of subsidized affordable housing by more than 230,000 homes in the next 10 years. The tax plan reduces the tax rate for corporations from 35 to 21 percent, which in turn, lowers the value of low-income housing tax credits, the New York Times reported. The reduction would shave roughly 235,000 homes from new supply of affordable housing across ... [more]


Midtown Delray Beach project heads back to the city commission in February

Posted:Fri, 19 Jan 2018 20:30:52 +0000

The third time’s the charm? A proposal to redevelop and rehabiliate a historic swath of Delray Beach into a mixed-used development will go to the city commission for the third time, likely in February. Hudson Holdings has tweaked its Midtown Delray Beach proposal six times over the last four years to appeal to detractors, who include a vocal group of preservationists concerned with the developer’s plan to demolish and relocate some historic structures there, according ... [more]


Costantini buys pricey condo at his own Bal Harbour complex

Posted:Fri, 19 Jan 2018 19:30:48 +0000

Talk about a stamp of approval. Developer Eduardo Costantini liked the Oceana Bal Harbour development he created so much he just closed on one of the units. Property records show Costantini, founder and president of Consultatio USA, paid nearly $9 million for unit 1901S at the 28-story, 240-unit complex at 10201 Collins Avenue. It was among several recent moves he made to buy and sell condo units, records show. The Argentinian developer also transferred ownership ... [more]


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