The Real Deal Miami

West Palm Beach may buy ballet studio

February 24, 2009 02:18PM

The City of West Palm is considering buying the studio owned by
struggling company Ballet Florida at 500 Fern Street for $3.5 million.
The proposed sale has been presented to the City Commission, and the
sale could close within a week. The city would then lease the building
to the ballet, which nearly folded last year due to budget issues, for
$1 per year for five years. After that, the company should be able to
move to a new home, said Juan Escalante, the ballet’s president and
chief executive. The West Palm Beach Community Redevelopment Agency
would have to pay $2.5 million of the purchase price immediately.