Landstar sells a chunk of its Avenir mixed-use project in Palm Beach Gardens
Construction is expected to begin early 2018
Coral Gables-based Landstar Development Group just moved forward with its massive Avenir mixed-use project in Palm Beach Gardens.
Property records show Avenir Holdings LLC, a company managed by Landstar’s David Serviansky, sold a 2,287-acre portion of the planned development site for $15 million to Avenir Development LLC, led by Manuel M. Mato.
The trade includes 2,095 acres of the northern section of the development at 12200 Northlake Boulevard, close to the Beeline Highway. It also includes 83 acres of the town center and a 51-acre parcel for office space, according to the South Florida Business Journal.
Rosa Schechter, a principal at Landstar, told the publication that the buyer and seller are managed by the same executives. Schechter added that the newly acquired land will be the site of the first phase of Avenir, Palm Beach Garden’s largest proposed development to date. It’s planned on 4,763 acres north of Northlake Boulevard and south of Beeline Highway,
The entire project will include single-family homes, affordable and workforce housing, nearly 2 million square feet of office space, including some medical office space, retail, hotels, community agriculture, an elementary school, and city park.
Records show Mato’s company financed the deal with a $13.5 million loan from the seller. Construction is expected to begin early 2018, according to the publication. [SFBJ] – Amanda Rabines