The Real Deal Miami

Two properties in West Palm under contract for $31M

Both are vacant parcels on Intracoastal Warterway
The vacant lots on North Flagler Drive in West Palm Beach and BBX Capital Corp. CEO Alan levan

The vacant lots on North Flagler Drive in West Palm Beach and BBX Capital Corp. CEO Alan levan

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