Landstar sells a chunk of its Avenir mixed-use project in Palm Beach Gardens

Construction is expected to begin early 2018

Miami /
Dec.December 05, 2017 08:45 AM

Avenir Rendering and Rosa Schechter (Credit: Landstar Development and LinkedIn)

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


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
Charl A. Schwartzel and 12247 Tillinghast Circle, Palm Beach Gardens
Pro golfer Charl Schwartzel sells Palm Beach Gardens mansion for $9M
Pro golfer Charl Schwartzel sells Palm Beach Gardens mansion for $9M
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Avenir Development's Rosa Schechter and the Avenir project in Palm Beach Gardens
Avenir developer in Palm Beach Gardens pays $69M for more acreage
Avenir developer in Palm Beach Gardens pays $69M for more acreage
arrow_forward_ios

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

Loading...