Jeff Greene won’t build city-approved downtown development in West Palm

The billionaire says he won't build One West Palm largely because of a rezoning action that allows another developer to build a 25-story downtown office building

TRD MIAMI /
Aug.August 19, 2018 10:00 AM

JefF Greene and West Palm Beach

The Palm Beach Post reported that billionaire and gubernatorial candidate Jeff Greene has decided not to build One West Palm, a mixed-use complex in downtown West Palm Beach that would have apartments, hotel rooms and offices.

Greene got Federal Aviation Administration approval in spring and city approval more than two years for the two-tower, 30-story project at 550 Quadrille Boulevard.

But Greene told the Post he won’t build One West Palm largely because the city government recently removed a five-story limit on building height in a downtown area where New York-based Related Companies has planned to build a 25-story office building.

Greene told the newspaper that the up-zoning action has created an “uncertain zoning climate” in West Palm Beach that will discourage major real estate developments in the city.

Related Companies is preparing to start construction of an office building with about 297,000 square feet of space at a downtown site in West Palm Beach, on Rosemary Avenue between Fern and Evernia streets. “Initial site work is expected to start in September, and occupancy is projected by the end of 2020,” Related spokeswoman Thiago Viana told TRD in an email exchange.

Greene also said he has no plans to resurrect his plan to develop 348 micro-apartments at 550 Banyan Boulevard in West Palm Beach.

The Real Deal reported in November that he stopped pursuing the apartment project after concluding the project was infeasible.

A major obstacle is an apartment-building boom that is “putting stress on the market,” Greene told the Post.

Asked about the overall prospects of his extensive investment in real estate in downtown West Palm Beach, Greene told the newspaper that “it’s not going that great.”

The same could be said about Greene’s prospects as a Democratic candidate for governor.

Polls indicate he will finish second, third or fourth in the Democratic gubernatorial primary vote on Aug. 28. [Palm Beach Post] – Mike Seemuth


Related Articles

arrow_forward_ios
Jeff Greene and 1601 North Congress Avenue (Google Maps)

Jeff Greene buys hotel in Boynton Beach for $19M

Jeff Greene buys hotel in Boynton Beach for $19M
Jeff Greene and a rendering of 550 North Quadrille Boulevard (Credit: Arquitectonica International via Facebook)

Billionaire Jeff Greene battles with WPB mayor over unfinished office building

Billionaire Jeff Greene battles with WPB mayor over unfinished office building
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

Nuveen pays $103M for West Palm luxury apartments
One West Palm rendering and Jeff Greene

Construction worker injured at Jeff Greene’s project in West Palm

Construction worker injured at Jeff Greene’s project in West Palm
Edmund Ansin and the property (Credit: Google Maps)

Billionaire TV family sells Miramar property to Florida Crystals

Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential

Florida Crystals sells Margate rentals for $60M

Florida Crystals sells Margate rentals for $60M
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

TIAA sells Weston warehouse for $33M
arrow_forward_ios

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

Loading...