real estate in palm beach county is not for snowflakes or faint of heart
Welcome to The Dirt! I’m real estate reporter Kimberly Miller with the latest developments in the sizzling market.
The University of Florida putting the kibosh on building a campus in downtown West Palm Beach feels like waking up from nightmare only to still be in the nightmare but finding out that it’s actually reality. If that’s not bad enough, you learn the deal’s total implosion is the “greatest economic development loss” in three decades in Palm Beach County and that’s saying something because there was the whole 2008-2011 era, and, whew … it’s time for a cocktail already. Seriously. 🍹
Senior business reporter Alexandra Clough has the sad details in the death of the UF campus deal and it’s a Lifetime Channel movie-worthy tale of ego and money.
In happier news, someone must have spiked the drinks of the crew over at the Town of Palm Beach’s Architectural Commission because it (gasp!) approved the design of two houses. One house was even described as a real “fit” for the town. That’s some high praise coming from ARCOM.
Also, what’s the Related Group of Miami doing wheeling and dealing in Riviera Beach? It’s got residential plans at the marina, and just bought a mall, well, a lease to a mall, but it’s an oceanfront mall that could become a hotel-mall combo, which sounds like Singer Island is in for an upgrade.
And there’s trouble in Century Village. The pandemic-crazed real estate frenzy triggered investors to buy up units and do shoddy repair work. It’s also ruining the “camaraderie” between residents, and, worse, leaving bunco and mahjong teams without players. 😉
Say it ain’t so UF! Can we text you later?
Not to be a stalker or anything but West Palm Beach was really sweet on the University of Florida bringing fintech to downtown and now it’s all gone in a flurry of breakup emails. UF didn’t even meet billionaire Jeff Greene to do the whole “it’s not you, it’s us” in person.
I know the question everyone is asking; What the heck is fintech? No idea, but Palm Beach County Mayor Gregg Weiss is still yearning for a reconciliation. “We’re always hoping to hear back from them,” Weiss said. If not, well, there are other fish in the sea, maybe.
Ocean Walk mall could become Ocean Walk mall and hotel
The Related Group of Miami was hush-hush on its deal to lease the Ocean Walk mall on Singer Island. Related Group representatives didn’t respond to questions, basically saying bugger off with its silence, but it makes you wonder why. The mysterious BH Group, which is a partner in the deal was more chatty, extoling the virtues of oceanfront real estate, especially at the entrance to a public beach.
Is Guy Fieri’s interest in Singer Island an impetus for investment there? Or is it just that everything else is taken?
New home near Mar-a-Lago available for blue-light special price of $23 million
Remember way back in 2021 when everyone from New York was trying to fit on one tiny island off the coast of Palm Beach County? Developers started developing tout de suite and some of those homes are just coming to the market, and, well, the Palm Beach fever is now more like a low-grade charley horse.
Still, just three streets north of former President Donald Trump’s Mar-a-Lago is a new home priced at $23 million. And it’s the only property in Palm Beach for sale with an asking price between $20 million and $25 million. So act fast! The deal won’t last long!
Sundy, Sundy, la, la, la, la, la has signed some new tenants
The 7-acre Sundy Village in Delray Beach is teeming with promise and new tenants who see the office and retail space as prime real estate near the city’s bustling Atlantic Avenue. The project is expected to be finished by the summer of 2024.
While the death of commercial office space is a persistent theme in today’s real estate market, Sundy Village developers say “fake news!” to that. The village has already leased space to companies planning to bring hundreds of workers to the area. Find out who in Alexandra Clough’s story.
What the?!? ARCOM is sweet on two homes
Is the Town of Palm Beach’s Architectural Commission getting soft? It approved two homes recently and all The Dirt can say is that everyone should be taking heed of what it liked about the designs so they can emulate it and avoid future hellishness.
In fact, of 10 major projects reviewed by ARCOM in late August, only two won approval. So, the commission isn’t really going soft at all. Some homes have to pass muster or there would be no construction on the island and mayhem and madness would ensue.
Live lightly.
Kimberly Miller is a veteran journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate and how growth affects South Florida’s environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to [email protected]. Help support our local journalism, subscribe today.
