Community development district buys part of Avenir project in Palm Beach Gardens

Avenir is approved for 3k single-family homes, 400k sf of commercial space, 1.94M sf of office space and more

May.May 24, 2018 02:30 PM

Avenir site map and Landstar Development Group’s Rosa Schechter (Credit: Avenir Community Development District and LinkedIn)

The Avenir Community Development District just paid $16 million for a portion of Avenir, a nearly 4,800-acre mixed-use community in Palm Beach Gardens.

Property records show an entity tied to the Avenir Community Development District bought 130 acres of land from a company tied to Landstar Development Group.

The Avenir Community Development District was established in January 2017 and is led by a five-member board consisting of Virginia Cepero, Roberto Horwitz, Randolfo Stern, Daniel Lopez and Eduardo Stern, according to its website. Representatives for the district were not immediately available to comment.

The 4,783-acre Avenir site, north of Northlake Boulevard and west of Bee Line Highway, was approved in 2016 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.

The project is part of a taxing district, meaning home buyers and businesses who move in will have to pay an annual fee of about $1,800 a year to cover the construction and management of infrastructure within the development.

Earlier this month, Landstar boosted its construction loan to nearly $109 million for the first phase of the project. It’s expected to take up to 10 years to complete.

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