Transit Village scores $114M subsidy from West Palm CRA

Miami /
Jan.January 11, 2017 04:30 PM

The developer of a mixed-use, transit-oriented project near the Tri-Rail station in West Palm Beach received the green light for a $114 million subsidy package earlier this week.

The West Palm Beach Community Redevelopment Agency gave Transit Village LLC permission to collect up to the full amount via tax increment financing generated over the next 29 years, according to the South Florida Business Journal. The CRA could receive about $33 million in taxes during that period, the developer estimates.

Transit Village LLC, led by Mike Masanoff, has been trying to develop Transit Village for years. In all, the 1.1 million-square-foot development includes approvals for 308,000 square feet of Class A office space, a 300-room hotel, 33,000 square feet of retail, 408 apartments and 12 live/work townhouses. It would connect to the Tri-Rail, Amtrak, buses, trolley and ground transportation, according to the South Florida Business Journal.

The subsidy package would allow the project, at 203 South Tamarind Avenue, to finalize its financing, secure building permits and break ground in the third quarter of this year. The project cost is between $300 million and $350 million.

Masanoff gave up his law license and shut down his law practice in 2014 after he admitted that he worked both sides of the real estate deal related to the Transit Village land purchase. [SFBJ] – Katherine Kallergis


Related Articles

arrow_forward_ios
Charles Cohen and 2000 S Dixie Hwy, West Palm Beach (Getty, Google Maps)

Charles Cohen’s Carefree Theater redevelopment advances

Charles Cohen’s Carefree Theater redevelopment advances
Tony Robbins and 2951 Electronics Way, West Palm Beach (Getty, Google Maps)

Tony Robbins buys West Palm Beach warehouse for production studio

Tony Robbins buys West Palm Beach warehouse for production studio
Pebb’s Ian Weiner and 5544 Okeechobee Boulevard, West Palm Beach (Pebb Enterprises)

Pebb sells West Palm Tesla dealership for $13M

Pebb sells West Palm Tesla dealership for $13M
From left: Steve Bisciotti, Jim Davis with  Jim and John Arrigo, with 5901 Madison Avenue, Tamarac and 2250 North State Road 7, Margate (Getty, Arrigo Auto Group, Google Maps)

Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $91M

Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $91M
Kasperi Kapanen and 2603 Embassy Drive (Credit: Jeff Zelevansky/Getty Images)

Pittsburgh Penguins’ Kasperi Kapanen scores West Palm Beach home

Pittsburgh Penguins’ Kasperi Kapanen scores West Palm Beach home
827 South SR 7, Fort Lauderdale & 1200 South Congress Ave, West Palm Beach (Credit: Google Maps)

Off Lease Only sells two South Florida locations for $50M

Off Lease Only sells two South Florida locations for $50M
The Bristol (iStock)

Insurance exec sells Bristol condo in West Palm for $8M

Insurance exec sells Bristol condo in West Palm for $8M
750 Malibu Bay Drive, West Palm Beach, Jeremy Bronfman, and Matthew Rieger of HTG

Seagram scion pays $38M for West Palm affordable housing

Seagram scion pays $38M for West Palm affordable housing
arrow_forward_ios

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

Loading...