The Real Deal Miami

A.G. Holley State Hospital deal stuck in limbo

The $15 million sale still hasn't closed
July 28, 2014 05:15PM

A.G. Holley State Hospital

A.G. Holley State Hospital

A 70-acre site on Lantana Road has long been considered “prime” because of its size and proximity to I-95.

But an existing structure on the property is holding back development plans, according to the Palm Beach Post.

The state agreed to sell the A.G. Holley State Hospital on the site for $15 million to Boca Raton-based Southeast Legacy Investments, but the sale still hasn’t closed.

“It’s an exciting time, but still, it’s not exciting until the property is closed. We have had, in the last three or four years maybe, false starts regarding when it was going to close, what developers were going to be invited, the bidding process. The building has been there since 1950; it’s not going to happen overnight,” Lantana Mayor David Stewart said. “Is it the time to get excited now? No.”

Once the deal does finally close the site could become apartments, houses, office space, restaurants or even a hotel.

“The property owner is looking at all of the options that are available at this time,” Urban Design Kilday Studios Principal Ken Tuma, who is working with Southeast Legacy owner Ken Endelson, said. “At that point in time it was our best guess at what the proposal would be.” [Palm Beach Post]Christopher Cameron