Former Office Depot HQ in Delray Beach sells for $33M to make way for mixed-use project

Joint venture partners' plans include about 600 apartments, 150 townhomes and 100k sf of retail and restaurant space

Miami /
Jan.January 03, 2019 01:30 PM

Arnaud Karsenti and Inigo Ardid

A joint venture led by 13th Floor Investments, Key International and CDS International just bought the former Office Depot headquarters in Delray Beach for $33 million, with plans to redevelop the property into one of the biggest projects in the city’s history.

New York-based TransAmerica Life sold the 43-acre site at 2100, 2300 and 2350 South Congress Avenue and 2200 Old Germantown Road. Avison Young’s Keith O’Donnell represented the seller in the deal.

The developers plan to build about 600 apartments and about 150 for-sale townhomes along with 100,000 square feet of retail and restaurant space, said Arnaud Karsenti, managing principal of 13th Floor Investments. Apartment rents will average about $2 per square foot, or about $2,000 a month for a 1,000-square-foot apartment.

Key International and 13th Floor will be handling the residential component of the development, while Boca Raton-based CDS International will be in charge of the commercial space, according to Karsenti. CDS already owns the Arbors office building nearby on a 7-acre property that will be incorporated into the project, he said.

The as-yet-unnamed development is expected to break ground later this year, Karsenti said. First, however, the developers will need to demolish three existing buildings on the site that have been vacant for a number of years. Karsenti expects the project could be finished about three years from the time it breaks ground.

The center point of the development will be a park, which will attract people who have dogs, children or just want some green space, Karsenti said. The project was designed by RLC Architects. The plans were recently confirmed by the Delray Beach City Commission.

Delray Beach has experienced a rush of interest from developers who are attracted to the Palm Beach County city because of its walkable downtown and its proximity to the ocean. Among them, six bidders are trying to transform downtown’s West Atlantic Avenue’s 600 to 800 block into a bustling mixed-use project and National Realty Investment Advisors plans Ocean Delray, a 19-unit boutique condo development.


Related Articles

arrow_forward_ios
Mixed-use Delray Beach development on former Office Depot HQ site advances

Mixed-use Delray Beach development on former Office Depot HQ site advances

Mixed-use Delray Beach development on former Office Depot HQ site advances
Kevin Neal, Trinsic Residential’s managing director for South Florida, and a rendering of the project

Trinsic set to build 292-unit apartment complex in Delray Beach

Trinsic set to build 292-unit apartment complex in Delray Beach
Stuart Miller & Mike Nunziata, with a rendering of Avalon Trials (Credit: Lennar Homes)

Lennar spends $28M for lots on former golf course in Delray Beach

Lennar spends $28M for lots on former golf course in Delray Beach
16021 Quiet Vista Circle, Delray Beach (Realtor)

Estate of late developer sells mansion near Delray Beach for discounted $6M

Estate of late developer sells mansion near Delray Beach for discounted $6M
Mark Pulte & 701 South Ocean Boulevard, Delray Beach (Credit: Google Maps)

Mark Pulte’s homebuilding firm buys Delray Beach oceanfront lot for $11M

Mark Pulte’s homebuilding firm buys Delray Beach oceanfront lot for $11M
1275 North Ocean Boulevard, Flex Seal founder Phil Swift (Credit: Daniel Petroni Photography/Douglas Elliman)

Flex Seal founder seals the deal for Gulf Stream mansion

Flex Seal founder seals the deal for Gulf Stream mansion
Lee Kennedy, Bob Bartosiewicz, and 963 Evergreen Drive (Credit: Google Maps)

Seeing dollar signs: Former finance head sells waterfront Delray Beach mansion

Seeing dollar signs: Former finance head sells waterfront Delray Beach mansion
Max Weinberg and Delray Beach (Credit: Sergione Infuso/Corbis via Getty Images)

Born to serve: Springsteen drummer Max Weinberg joins Delray planning and zoning board

Born to serve: Springsteen drummer Max Weinberg joins Delray planning and zoning board
arrow_forward_ios

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

Loading...