Don King may be closer to selling former fronton

Miami /
Dec.December 05, 2015 10:30 AM

Boxing promoter Don King may be closer to selling a former jai alai fronton in a town just north of West Palm Beach.

King, who has owned the 53-acre property in Mangonia Park since 1999, told the Palm Beach Post in October that he would not sell to a buyer who would convert the former fronton to a distribution center.

Victor Palacios, a West Palm Beach entrepreneur,  wants to turn the property into a mixed-use development with vocational and charter schools together with a sports facility, retail stores, restaurants and a hotel.

Palacios recently told town officials in Mangonia Park that King “is supporting the project 100 percent,” according to the Palm Beach Post. But Palacios said he hasn’t yet reached a deal with King to buy the former fronton, which the county has appraised at $7 million.

West Palm Beach developer Michael McCloskey made an unsuccessful attempt to acquire the former fronton from King and convert it to a distribution center. The property has been vacant since 1994.

Palacios would break ground in a year for his mixed-use redevelopment of the former fronton and complete the $127 million first phase in three years, and all five phases within seven years.

The Palm Beach Post reported that Magnonia Park Mayor William Albury told Palacios, “This is by far the best presentation and the best proposal we’ve ever heard. In terms of a partnership, you’ve got it.” [Palm Beach Post ] — Mike Seemuth


Related Articles

arrow_forward_ios
Savanna's Chris Schlank with rendering of Olara
Savanna launches condo sales at Olara in West Palm
Savanna launches condo sales at Olara in West Palm
A photo illustration of the 2468 Greengate Circle in West Palm Beach (top) and Suntree apartments at 4750 Cresthaven Boulevard in Palm Beach County (bottom) (Getty, Google Maps)
JV drops $40M for portfolio of aging Palm Beach County rentals
JV drops $40M for portfolio of aging Palm Beach County rentals
Related Companies' Stephen Ross with 515 Fern
Steve Ross scores approval for 515 Fern in downtown West Palm
Steve Ross scores approval for 515 Fern in downtown West Palm
Leandro Pereira, Bill Wenner and Michael Betancourt (Getty)
Movers & Shakers: NAI/Merin hires Matthew Brown as COO
Movers & Shakers: NAI/Merin hires Matthew Brown as COO
Domenic Gatto and the Banyan Cay Resort & Golf Club at 2020 Banyan Way (LinkedIn, Hyatt)
Banyan Cay Resort & Golf Club is headed toward foreclosure sale
Banyan Cay Resort & Golf Club is headed toward foreclosure sale
CS Ventures' Spencer Schlage and Rosemark's Charles Rosenberg with 500 South Australian Avenue (LinkedIn, Rosemark, Google Maps)
CS Ventures pays $36M for West Palm office building
CS Ventures pays $36M for West Palm office building
Wanxiang America Real Estate's Larry Krueger and 1100 South Flagler Drive (Wanxiang America, Douglas Elliman)
Wanxiang’s real estate arm sells Bristol condo in West Palm for $12M
Wanxiang’s real estate arm sells Bristol condo in West Palm for $12M
Related Companies' Stephen Ross and Related Group's Jorge Pérez (Getty; Illustration by Kevin Rebong for The Real Deal)
End of a Related era: Steve Ross confirms split with Jorge Pérez as firms expand in South Florida
End of a Related era: Steve Ross confirms split with Jorge Pérez as firms expand in South Florida
arrow_forward_ios

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

Loading...