The Real Deal Miami

Failed Mizner Lakes project site on the market for third off purchase price

January 13, 2010 10:40AM

A West Palm Beach development site that went into foreclosure is now back on the block for less than a third of its 2006 purchase price of $34.8 million. The 21.49-acre real estate owned waterfront property on Hank Aaron Drive, around the corner from the foreclosed Palm Beach Mall, is listed at $10,992,000, or $16,000 per buildable unit. The seller, a Minnesota-based financial institution, originally planned to build Mizner Lakes, a 677-unit residential and retail complex, with 20,900 square feet of retail space, according to Evan Kristol of Marcus & Millichap in Fort Lauderdale, who is representing the seller along with Still Hunter, also of Marcus & Millichap. “Due to the downturn in the market, the development never broke ground,” Hunter said. “There is an approved development order in place with the City of West Palm Beach. Retail use is no longer permitted in this underlying zoning district,” he added. TRD