The Real Deal Miami

Developer buys land in Delray Beach, plans elder home

Seller doubled his money after seven years
January 06, 2016 12:00PM

The land at 4840 West Atlantic Avenue in Delray Beach

The land at 4840 West Atlantic Avenue in Delray Beach

Providence One Partners recently paid $3.9 million for a chunk of land in Delray Beach, where it plans to build a new senior housing community — complete with a Tai Chi studio.

The deal, brokered by Avison Young, covers 4.1 acres of vacant turf at 4840 West Atlantic Avenue. It’s been owned for the last seven years by embattled Delray developer Anthony Pugliese, whose company also holds a 61-square-mile stretch of empty land at Florida’s Yeehaw Junction.

Pugliese first paid $1.8 million for the Delray land it sold to Providence, or roughly $439,024 per acre.

By contrast, Providence paid about $951,219 per acre after scoring site plan approvals from city commissioners in late 2015.

Dubbed Providence Living on Atlantic, the project will have 145 beds and a slew of amenities including an on-site restaurant, hair and nail salon, craft room, fitness center and Tai Chi studio. The three-story facility will also have a private theater and chapel, according to a press release. When completed, it will measure 133,600 square feet.

Providence One Partners has a handful of other apartments and assisted care facilities under development throughout Florida. The company was founded in 2008 by Tom Green and Michelle Pierce, two veteran developers. — Sean Stewart-Muniz