The Barnes & Nobles CityPlace
The retail at West Palm Beach’s CityPlace is moving further away from the shopping mecca the Related Companies envisioned when they developed the complex and is shifting towards an entertainment-driven center (note: correction appended).
According to the Palm Beach Post, seafood restaurant McCormick & Schmick is still unwilling to commit to its location in CityPlace facing Okeechobee Boulevard. [more]
From left: Shannon Larocque, assistant county administrator, and a sketch of the Palm Beach County convention center hotel
Now that it has settled the foreclosure lawsuit at nearby CityPlace, Related Companies will turn its attention to the long-planned Palm Beach County convention center hotel, the Palm Beach Post reported.
The county selected Related to develop a 400-room Hilton hotel in early 2010 and vowed to contribute $27 million to the $100 million project. [more]
Related Chairman Stephen Ross and CityPlace
Investors in the mortgage tied to Related Companies’ struggling CityPlace complex, which topped Trepp’s list of delinquent loans in December, were delivered bad news when Chairman Stephen Ross modified the loan last month, according to a Trepp analysis cited by the South Florida Business Journal.
Under the modification, the loan’s maturity date was pushed back to 2018 and split into two groups. [more]
Miami Dolphins owner Stephen Ross has negotiated a loan modification on the CityPlace mixed-use development in West Palm Beach, following a foreclosure by Miami Beach-based special servicer LNR Partners, according to the South Florida Business Journal. While complete terms were not disclosed, the deal likely lowers the monthly payments on the loan. CityPlace is the largest delinquent commercial loan in South Florida. [SFBJ]
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Though sales at CityPlace South Tower in West Palm Beach have remained slow since a partnership led by Gulfstream Capital Partners acquired 305 unsold units last November, the bulk purchaser is getting big returns on the condominiums it has successfully sold.
According to Condo Vultures, Gulfstream paid $64 million for the units, or about $181 per square foot, and has sold 32 of them at an average of about $275 per square foot through the end of the third quarter. [more]
The $150 million loan on CityPlace in West Palm Beach is the largest delinquent commercial property loan in South Florida, according to data released today by analytics firm Trepp covering the period through September. CityPlace topped the list for the second month in a row after Miami Beach-based LNR filed a foreclosure action on the massive development. Earlier this month, it was reported that payments on the loan actually stopped in April. The foreclosure action means Related Companies Chairman Stephen Ross, who controls the company, could lose the property. See the full list after the jump. [more]
CityPlaceThe foreclosure on CityPlace, the Related Companies’ mixed-use mall at 460 South Rosemary Avenue in West Palm Beach, has had broad implications, both on the development’s current tenants and South Florida real estate as a whole.
According to the Palm Beach Post, the lawsuit put a freeze on lease negotiations, so current tenants are operating under a shadow of doubt and current vacancies are not landing tenants because of the center’s foggy future.
Special servicer LNR Partners sued an affiliate of the Related Companies Sept. 1 as it stopped making payments on a $150 loan in April. Comments
The loan on West Palm Beach’s CityPlace, which was recently named in a foreclosure suit, is the largest delinquent CMBS loan in
South Florida through August, at $150 million, according to data from
analytics firm Trepp (see data set after the jump). Miami Beach’s Shore
Club hotel which is located at 1901 Collins Avenue, is ranked
second, with a $107.5 million loan that is already
in foreclosure. The top 10 delinquent loans in the tri-county area
for the month of August were worth just under $660 million, with those 10
properties located in either Miami-Dade or Palm Beach counties. [more]
A company controlled by Miami Dolphins owner and Related Companies chairman Stephen Ross may lose the CityPlace mixed-use center in West Palm Beach to a foreclosure lawsuit, the South Florida Business Journal reported.
An entity representing a commercial mortgage-backed securities fund managed by Miami Beach-based LNR Partners, filed suit yesterday against CityPlace Retail LLC, which owns the 756,471-square-foot property at 460 South Rosemary Avenue, and of which Related is the main shareholder.
Trepp reported in July that the lender had begun positioning CityPlace for foreclosure. Data sent to Trepp from LNR Partners, the special servicer of the $150 million mortgage, indicates that payments stopped in April, the Journal reported. [SFBJ]
A foreclosure action is being prepared against CityPlace, a 756,471-square-foot mixed-use center in West Palm Beach owned by New York-based developer the Related Companies, according to a report by Trepp. Data sent to Trepp from LNR Partners, the special servicer of the $150 million mortgage, indicates that payments stopped in April, the South Florida Business Journal reported.
LNR may have CityPlace on a dual track for foreclosure and modification, Trepp analyst Spencer Hollerith said, meaning that it’s preparing to foreclose on the property while still continuing its discussions with CityPlace.
“I can’t say that foreclosure is imminent,” he said. [more]
