Billionaire developer Jeff Greene weighed in on the controversial zoning plan for Royal Poinciana Way in the Town of Palm Beach, where he is amassing a large real estate portfolio.
Greene told the Palm Beach Daily News he was flummoxed by the outcome of last month’s referendum on a proposed zoning ordinance called PUD-5. Voters defeated the ordinance, which would have allowed more redevelopment on Royal Poinciana Way.
“It’s so bizarre,” Greene said. “I think the people who were against it thought it would [allow] some sort of high-rise there.”
Greene acquired more than $225 million in South Florida real estate over the last few years, including at least $83 million in Palm Beach. He spent time in the town as a child, as his family had a small apartment near Royal Poinciana Way.
The former U.S. Senate candidate did find a silver lining in the referendum’s result: now property owners on Royal Poinciana Way can move forward knowing the street’s zoning did not change. [Palm Beach Daily News] — Eric Kalis