The Real Deal Miami

Billionaire Jeff Greene buys land for 200 rentals

He paid $407,754 per acre for multifamily-zoned land in the West Palm Beach area
January 07, 2017 01:05PM

Billionaire Jeff Greene

Billionaire investor Jeff Greene bought land zoned for multifamily development in the West Palm Beach area for $3.05 million.

Greene, a Palm Beach resident, plans to put about 200 apartments on the site at 1422, 1600 and 1614 North Congress Avenue, which covers 7.48 acres.

The billionaire also told the South Florida Business Journal he acquired the land as part of a 1031 tax exchange to defer proceeds from a California property sale.

Congress Properties L.P. and Alcad Real Estate Corp., both managed by Deborah Beriro, sold the land in the Westgate neighborhood between Okeechobee Boulevard and Belvedere Road  in unincorporated Palm Beach County. The sale price equated to $407,754 per acre.

Greene told the South Florida Business Journal the Westgate neighborhood has a poor image because of crime and the presence of a strip club, but an appealing location just outside of downtown West Palm Beach and Palm Beach International Airport, and near an Interstate 95 exit.

He told the business newspaper that for affordably priced rental housing, the property “will be very successful.”

In another recent deal, Greene paid $1.19 million to JPJ Holdings managed by Jason HF Lovelady, for the 1.4-acre industrial site near Flamingo Drive and Biscayne Drive in West Palm Beach, also as part of a 1031 tax exchange.

That property is behind the Greene School, which Greene opened in 2016. He is unsure what he will do with the 1.4-acre site but certain it was an attractively priced property in the reviving South Dixie Highway corridor.

Elsewhere in West Palm Beach, Greene is advancing the mixed-use One West Palm development and preparing to ask the city’s Downtown Action Committee to approve a reduction in the proposed amount of office space to 200,000 square feet from 370,000 square feet and an increase in the number of apartments to 300 from 130. [South Florida Business Journal]Mike Seemuth