Two properties in West Palm under contract for $31M

Miami /
Apr.April 22, 2015 12:00 PM

Two properties fronting North Flagler Drive in West Palm Beach are reportedly under contract for a combined $31 million.

The two parcels, which sit about half a city block from each other, are being sold by investment and management firm BBX Capital Corp., according to a press release.

The firm said it has signed contracts to sell the land to a third-party developer, though it declined to name the buyer because the contracts are “highly contingent,” meaning the deals could fall through.

The first lot, at 2121 North Flagler Drive, is a vacant 4.5-acre parcel that is owned by a joint-venture that BBX has stakes in. The contract is for $20 million.

The second property, at 2501 North Flagler Drive, is a 2.7-acre parcel with a parking lot that is owned by BBX directly. The contract is for $11 million.

BBX is headed by Alan Levan, who also led the corporation when it was BankAtlantic. Levan and BBX lost a civil lawsuit by the Securities and Exchange Commission in December over alleged accounting and securities fraud.  — Sean Stewart-Muniz


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