Archstone will pay $20.13 million to acquire a foreclosed downtown Boca Raton parcel originally assembled by Greg Talbott for an ambitious mixed-use project called Palmetto Promenade.
The 5.8-acre property, at 300-450 Palmetto Park Road, was put up for sale by the lender, according to CBRE Group brokers Robert Given and Richard Tarquinio who represented the bank that possessed the property. Previous reports pegged Fifth Third Bank as the lender that took control of the site after Greg Talbott defaulted on a $29 million mortgage.
Tarquino said the development is slated for 389 units and 26 townhouses, but that the purchasers “need to determine what they could build on the site and how ling it would take to obtain the needed approvals.”
Given said it is the most significant development opportunity in the city since 1991, when Mizner Park was erected. Nearby new developments, he noted “have experienced quick absorption rates.” He said current conditions “make this a compellling development opportunity.” — Adam Fusfeld