Avenir mixed-use project in Palm Beach Gardens boosts loan to $108M

Site is zoned for 3k homes, 400k sf of commercial space and more

May.May 07, 2018 03:30 PM

Rendering of Avenir and Rosa Schechter

A company tied Landstar Development Group boosted its construction loan to nearly $108.45 million for the first phase of Avenir, a nearly 4,800-acre mixed-use community in Palm Beach Gardens.

Property records show Landstar affiliate Avenir Holdings LLC sold a portion of the development site to Avenir Development LLC, which is also controlled by Landstar, for $95 million. Avenir Holdings, the seller, is providing financing.

In December, Avenir Holdings sold 2,287 acres to Avenir Development for $15 million, and provided the $13.5 million loan.

The buyer and seller are controlled by Landstar’s David Serviansky, Rodolfo Stern, Eduardo Stern, Roberto Horwitz, Manuel Mato, Daniel Lopez and Virginia Cepero. Serviansky leads the selling entity, and Mato is president of the buyer’s LLC, according to corporate records.

Rosa Schechter, a principal with Coral Gables-based Landstar, said infrastructure development is underway. She said the entire development could take up to 10 years to build.

The 4,783-acre site, north of Northlake Boulevard and west of Bee Line Highway, was approved for 3,000 single-family homes, 250 multifamily units, 400,000 square feet of commercial space, 200,000 square feet of medical office space, 1.94 million square feet of office space, a 300-key hotel, green space and more, according to the city of Palm Beach Gardens.

Avenir is one of a few large-scale, mixed-use developments underway in rural Palm Beach County that call for more than 15,000 new homes in the area, including Westlake, Arden and Iota Carol.

Related Articles

The health conscious grocer Earth Fare will close its stores

Earth Fare will close South Florida stores

Louis Oosthuizen and 12230 Tillinghast Circle (Credit: Getty Images and Realtor)

Pro golfer Louis Oosthuizen sells Palm Beach Gardens home

Anchor Health Properties CEO Ben Ochs and 3401 PGA Boulevard (Credit: Google Maps)

Anchor Health pays $24M for medical office building

The property at 3101 PGA Boulevard (Credit: Google Maps)

Sears sues landlord and city over blocked sublease at Palm Beach Gardens mall

Ken Endelson and a rendering of Avenir

Kenco buys 40 lots in Avenir

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Greg Silvers CEO of EPR Properties and Franklin Academy at 5651 Hood Road

Missouri investor sells Palm Beach Gardens charter school

Peter Ricker and 900 Village Square Crossing

MB Real Estate scores Palm Beach Gardens office building