Transit Village scores $114M subsidy from West Palm CRA

Mixed-use project could cost up to $350M

Jan.January 11, 2017 04:30 PM

Rendering of Transit Village. Inset: developer Mike Masanoff

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

Daily Digest Miami

Ben Carson talks Opportunity Zones, top developers riff on condos vs. rentals: Daily digest

Daily Digest Miami

Quiksilver signs a lease in Miami Beach, Delray Beach’s Atlantic Crossing announces first retail and office tenants: Daily digest

The Bristol and Thomas J. Healey

Financial mogul pays $6.5 million for unit at the Bristol in West Palm

2751 South Dixie Highway, Scott Sherman and Ben Mandell

Tricera reveals plans for redevelopment of Palm Beach Post building

Daily Digest Miami

The trade war could hurt the industrial real estate boom, Hurricane Dorian’s impact on Florida’s hotels: Daily digest

James Harpel and The Bristol in West Palm Beach

South Florida developer pays $8M for condo at the Bristol

A rendering of The Bristol

NJ car dealer buys Bristol unit for $11M

The Bristol

Channel Islands businessman buys unit at The Bristol in West Palm