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

Miami /
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

arrow_forward_ios
Serena Williams with 7703 Bold Lad Road and 6431 River Pointe Way (Getty, Google Maps)
Serena Williams sells Palm Beach Gardens home after buying Yadier Molina’s Jupiter mansion
Serena Williams sells Palm Beach Gardens home after buying Yadier Molina’s Jupiter mansion
Robert Lapidus and David Levinson with 333 Central Gardens Circle, Palm Beach Gardens (Getty, Central Gardens)
L&L founders pay $47M for Palm Beach Gardens apartments
L&L founders pay $47M for Palm Beach Gardens apartments
Olen Properties's Igor Olenicoff and Northwestern's John Schlifske with 4045 Central Gardens Way, Palm Beach Gardens (Getty, Twitter)
Olen Properties pays $80M for Palm Beach Gardens apartments
Olen Properties pays $80M for Palm Beach Gardens apartments
The Palm Beach Gardens office towers
DiVosta family sells Palm Beach Gardens office towers for $80M
DiVosta family sells Palm Beach Gardens office towers for $80M
12251 Tillinghast Circle and Elin Nordegren (Credit: Google Maps and Gustavo Caballero/Getty Images)
Tiger Woods’ ex-wife buys Palm Beach Gardens home
Tiger Woods’ ex-wife buys Palm Beach Gardens home
Jack Niklaus and a rendering of the Panther National Clubhouse (Getty)
Jack Nicklaus to design golf course at Avenir in Palm Beach Gardens
Jack Nicklaus to design golf course at Avenir in Palm Beach Gardens
Waterway Café (Facebook)
Waterway Cafe in Palm Beach Gardens sells for $13M
Waterway Cafe in Palm Beach Gardens sells for $13M
Jeff Bezos and 700 Lincoln Road (Getty, Lincoln Road BID)
Amazon to open store on Lincoln Road
Amazon to open store on Lincoln Road
arrow_forward_ios

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

Loading...