Delray Beach CRA green lights $100M mixed-use project

Aventura-based BH3 won the bid for AltaWest in January

Miami /
Apr.April 11, 2019 01:30 PM

Dan Lebensohn and Greg Freedman

The Delray Beach Community Redevelopment Agency approved plans for AltaWest, a $100 million mixed-use project on West Atlantic Avenue.

The CRA board OK’d the sale agreement with BH3 Management for 7.4 acres at 600 to 800 West Atlantic Avenue. The developer has 30 days from the date of obtaining a construction permit to close on the land, according to the South Florida Business Journal.

Rendering of AltaWest

Aventura-based BH3, led by Dan Lebensohn and Greg Freedman, was the winning bidder of six groups for the public-private partnership project. The development will include 43,000 square feet of ground floor retail, 21,600 square feet of professional office space, a 33,000-square-foot grocery store, 165 residential units totaling 272,242 square feet, 744 parking spaces, about 45,000 square feet of public space called “Frog Alley” and up to 30 workforce housing units, the latter of which includes 18 affordable housing units being built on an adjacent site.

The site is in an Opportunity Zone, which means the developer can qualify for a major federal tax incentive for developing the project. The federal program allows developers and property owners to defer and possibly forgo paying some of their capital gains taxes, or taxes resulting from the sale of certain assets.

While BH3 was the only bidder to not offer money in exchange for the land, the company said it plans to spend the most on development.

BH3 has to put $250,000 into escrow. The city commission still needs to grant the project final site plan approval. [SFBJ]Katherine Kallergis


Related Articles

arrow_forward_ios
River Oaks founder and Chairman Gerald Rubin and Shop Delray at 8918 Atlantic Avenue in Delray Beach (River Oaks Properties El Paso)
River Oaks picks up Delray Beach shopping center for $26M
River Oaks picks up Delray Beach shopping center for $26M
Kaufman's Michael Kaufman with 3185 South Congress Avenue (Kaufman, Google Maps)
Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate
Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate
Google Street View of the properties at 551 Southeast Eighth Street and 551 Southeast Fifth Avenue in Delray Beach with CDS International Holdings founder Carl DeSantis (Google Maps, CDS Holdings)
Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Lease roundup: BH3’s Fabrick project in Fort Lauderdale’s Progresso Village fully leased
Lease roundup: BH3’s Fabrick project in Fort Lauderdale’s Progresso Village fully leased
Lease roundup: BH3’s Fabrick project in Fort Lauderdale’s Progresso Village fully leased
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
NRIA CEO Rey Grabato and U.S. Construction John Farina with 1901 South Ocean Boulevard (LinkedIn)
Developers complete Ocean Delray condo project with estimated $126M sellout
Developers complete Ocean Delray condo project with estimated $126M sellout
arrow_forward_ios

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

Loading...