Billionaire Jeff Greene pays $6.5M for Hutchinson Island site approved for condos

He submitted the winning auction bid for about 12 acres of vacant oceanfront land approved for the development of as many as 106 condos

Jeff Greene
Jeff Greene

Palm Beach billionaire Jeff Greene bought development-ready oceanfront land in Hutchison Island at auction for $6.5 million.

Lamar Fisher, CEO of Pompano Beach-based Fisher Auction Company, which conducted the auction, told The Real Deal that Greene bought the land through a company called 1370 S. Ocean, LLC.

The vacant land, which spans about 12 acres and has 1,500 feet of frontage on the ocean, is approved for a mid-rise development with as many as 106 condominium units, according to Fisher Auction.

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The approved development, called Marisol, would include five stories with three- and four-story heights and a central amenity deck.

Each condo unit would have an unobstructed view of the ocean, and most of the units would have clear views of the Indian River Lagoon to the west.

Hutchinson Island is two barrier islands off the coast of Martin, St. Lucie, and Indian River counties. – Mike Seemuth