The Real Deal Miami

Jeff Greene drops $24M to acquire entire block in West Palm

Sellers wanted $32 million for land

November 20, 2015 01:15PM

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The development site at 419 Lakeview Avenue and Jeff Greene

The development site at 419 Lakeview Avenue and Jeff Greene

Palm Beach billionaire Jeff Greene just paid $24 million in cash for an entire block of land in West Palm Beach that already has approvals for a massive development.

The deal includes 3.12 acres of vacant land at 419 Lakeview Avenue, which is located in West Palm’s central business district. It was first listed for sale last year without a formal price, though there was speculation that its owners were hoping to bag $38 million. After a potential buyer fell through, according to the Palm Beach Post, the property with relisted with an official price: $32 million.

An aerial view of the site at 419 Lake Avenue

An aerial view of the site at 419 Lake Avenue

Approvals are in place for almost 1.1 million square feet of mixed-use space. The site was branded as Lakeview Centre by its previous owners, Cyma Finance. Prior to the recession, the land was being eyed for a condo development named Opera Place. The property’s developer lost a foreclosure judgement initiated by Cyma, the lender, and the land was seized as a result, according to Palm Beach County property records.

A mock rendering of what could be built on the site

A proposed rendering of what could be built on the site

Greene, a noted real estate investor, is in the midst of developing a twin office tower project in the city called One West Palm. He told The Real Deal in a previous interview that his development efforts are mostly focused in West Palm Beach. For this most recent purchase, Greene paid roughly $177 per square foot of land.

The sale was brokered by CapasGroup Realty Advisors and Cushman & Wakefield, both of which represented the seller, according to a news release.

“This is the most significant land transaction to occur in downtown West Palm Beach in many years. The prominent location and intense, mixed-use entitlements of the Lakeview Centre site position it to be developed as the centerpiece of the CBD,” Brad Capas, president of CapasGroup, said in the release. — Sean Stewart-Muniz

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