Tuttle Land Development scores loan for 200-acre project
The project will have 1,100 rental apartments and 500K sf of mixed-use space, including offices, charter school
Tuttle Land Development scored an $18 million loan for its planned mixed-use project in Royal Palm Beach known as Tuttle Royale.
Tuttle Land Development, led by Brian Tuttle, secured the loan to refinance 39 acres of Tuttle Royale, a 200-acre, mixed-use community at the intersection of Southern Boulevard and State Road 441, according to a press release. A nonbank mortgage lender based in Canada provided the loan.
Howard Taft and Charles Penan of Miami-based Aztec Group arranged the financing for Tuttle Land Development.
The project will have 1,100 rental apartments and 500,000 square feet of mixed-use development including medical offices, a 1,500-student charter school and a park. It will also feature a 400,000-square-foot lifestyle and activity center. It will have restaurants, a 100-key high-end hotel, a preschool, a bank, and an upscale grocery store, according to the release.
Tuttle began assembling the land from more than 100 owners in 2013. The project is often referred to as the CityPlace of western Palm Beach County.
Tuttle previously said that Toll Brothers is under contract to build the homes, according to the Palm Beach Post. He originally sought to build townhomes on the property, but after some objections from the nearby neighborhood, he changed plans to single-family homes.