500 Ocean developer signs deal for land, $51M in financing

Miami /
May.May 28, 2015 01:30 PM

The LeCesse Development Corp., a multifamily builder based out of Altamonte Springs, just picked up a chunk of vacant land it was eyeing to build a 4.7-acre mixed-use development in downtown Boynton Beach.

The developer also took out $51 million in financing from SunTrust for the property at 101 South Federal Highway, according to Broward County records.

LeCesse had proposed plans to city officials last year for 500 Ocean, a massive mixed-use development that aimed to breathe life into the downtown area, the Palm Beach Post previously reported.

The city commission approved site plans last year, and the Community Redevelopment Agency approved a $4.4 million incentive package to be dispersed over the next decade.

The project will include 341 rental units, offices, retail space and restaurants. Most of the rentals, which average 972 square feet, will be housed in a six-story building. The office and retail space will be located in a separate building, along with a seven-story parking garage with up to 700 spaces.

The Palm Beach Post reported in April that a groundbreaking would happen in May, but it is unclear when construction will begin on the project.

The site itself has a history of failed developments. It was the former home of The Arches, a planned $105 million mixed-use project that fell through after spending years in limbo. The developer, Boynton Ventures I, first purchased the 4.7-acre plot in 2004 for $650,000, according to Broward County property records. The property ended up in foreclosure in 2011 after PNC Bank won a $20 million foreclosure judgment, after which it picked up the lot for only $6,600.

Now, in a deed filed Thursday, an affiliate of LeCesse paid $4.7 million for the property.


Related Articles

arrow_forward_ios
Cobblestone Commons at 8767 Boynton Beach Boulevard (Google Maps)
Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M
Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M
Dermot Company's Stephen Benjamin with Seabourn Cove at 3501 North Federal Highway (Linkedin, Google Maps, Seabourn Cove)
Dermot Co. pays $143M for Boynton Beach apartments
Dermot Co. pays $143M for Boynton Beach apartments
Elliott Mandelbaum with 7900 Venture Center Way in Boynton Beach and 600 Business Park Way in Royal Palm Beach (Linkedin, Google Maps)
Eagle Arc buys South Florida nursing facilities for $36M
Eagle Arc buys South Florida nursing facilities for $36M
Bill Morris of Southcoast, and a rendering of the project (Credit: RLC Architects)
Developers propose multifamily mixed-use project in Boynton Beach
Developers propose multifamily mixed-use project in Boynton Beach
Jeff Greene and 1601 North Congress Avenue (Google Maps)
Jeff Greene buys hotel in Boynton Beach for $19M
Jeff Greene buys hotel in Boynton Beach for $19M
6405 West Boynton Beach Boulevard rendering, Pebb Enterprises President and CEO Ian Weiner
Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan
Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan
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
South Florida properties involved in $85M debt relief scheme head to auction
The health conscious grocer Earth Fare will close its stores
Earth Fare will close South Florida stores
Earth Fare will close South Florida stores
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...