Deadline looms for West Palm Beach project

Developer Michael McCloskey has yet to hear back from mayor

TRD MIAMI /
Jan.January 15, 2015 04:15 PM

The clock is ticking on a West Palm Beach project.

Developer Michael McCloskey reportedly has two weeks left to reach an agreement with Mayor Jeri Muoio on his proposed office and medical complex on the city-owned downtown “tent site,” a vacant 2.4-acre plot at Okeechobee Boulevard and Dixie Highway.

West Palm Beach will offer up to $8.5 million in incentives only if the money goes directly to McCloskey’s tenants, Muoio said, according to the Palm Beach Post.

“This is a $200 million project. If it’s more palatable to the city that it goes toward tenant improvements, I’m amenable to that,” McCloskey told the Post, adding he had budgeted $20 million for tenant improvements.

The developer proposed buying the property for $13.5 million. His plans include a West Palm Beach Health and Wellness Campus, including two office towers.

“Right now I’m not sure it’s viable,” Muoio the mayor told the Palm Beach Post. “I don’t like this deal at all …We’re going to go back to him and say, ‘that’s not acceptable.’  If the deal dies, “we will put a ‘for sale’ sign on the site, and get a competitive bid for people.” [Palm Beach Post]Kristina Puga


Related Articles

arrow_forward_ios
Rendering of the project

Time Equities plans apartments, retail on former office site in West Palm

Howard Lorber and Barry Zubrow with unit 1601 at The Bristol (Credit: Getty Images)

Howard Lorber flips condo at the Bristol to investment banker Barry Zubrow

From left: 3716 Embassy Drive in West Palm Beach and 80 Nottingham Place in Boynton Beach

South Florida properties involved in $85M debt relief scheme head to auction

603 Village Boulevard (Credit: Google Maps)

AmTrust Bank building in West Palm sells for $8M

Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

One West Palm rendering and Jeff Greene

Construction worker injured at Jeff Greene’s project in West Palm

Al Adelson and the Bristol

High on his own supply: The Bristol developer buys a unit at his condo tower

Jason Hochman, Greg Miller, Scott O'Donnell, Michael Ciadella and 901 Northpoint Parkway 

West Palm office parks sells for $12M in tight market

arrow_forward_ios
Loading...