The Real Deal Miami

CarMax offers $16 million for land in west PB County

The auto retailer would buy 28.5 unincorporated acres from the Town of Palm Beach

November 12, 2016 03:00PM

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5976 Okeechobee Boulevard (Source: Palm Beach Daily News)

5976 Okeechobee Boulevard (Source: Palm Beach Daily News)

Automotive retailer CarMax offered the Town of Palm Beach $16 million for 28.5 unincorporated acres on Okeechobee Boulevard west of Florida’s Turnpike.

Palm Beach bought the 28.5-acre site for $10 in 1938, according to the town’s mayor, Gail Coniglio. Most of the site serves as a landfill. A Fraternal Order of Police lodge is located on the west side of the rectangular lot.

The $16 million offer by CarMax, the nation’s leading seller of used cars, led the town council of Palm Beach to order an appraisal for the land and to suspend efforts to sell a portion of it.

In August, the town council listed for sale a 5.9-acre section of the 28.5-acre site, located at 5976 Okeechobee Boulevard.

An appraisal put the value of the 5.9-acre section fronting Okeechobee Boulevard at $3.8 million, but no current appraisal of the entire 28.5 acres exists. [Palm Beach Daily News] — Mike Seemuth    

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