Investment sales firm CapasGroup Realty Advisors announced the $1.5 million sale of 1.55 acres of vacant land in West Palm Beach to billionaire Jeff Greene.
The site, located at 2023 North Flagler Drive, overlooks Currie Park and the Intracoastal Waterway. Brad Capas, president of CapasGroup and Mark Pateman, director of Cushman & Wakefield, marketed the property.
Historically, the area has had a four-story height restriction imposed by the City’s CMUD zoning. But now the Community Redevelopment Agency and city officials will permit up to 15 stories.
The sale price equates to approximately $967,000 per acre, or $22 per square foot. – Christopher Cameron