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