Palm Beach County approves 2M sf industrial project on Moroso racetrack
Threat of litigation prompted commissioners to vote against development last year
A controversial 2.1 million-square-foot industrial project in north Palm Beach County got the green light this week.
Under the threat of costly litigation from the developer, county commissioners voted in favor of New York-based Sixth Street Specialty Lending’s proposed industrial campus on 186.4 acres at the Moroso racetrack at 17047 Bee Line Highway, the South Florida Business Journal reported.
The decision marked a turnaround from commissioners’ denial of the project last year, which prompted Sixth Street to file a notice that it intended to sue under the Bert J. Harris Jr. Private Property Rights Protection Act. In Florida, the act protects property owners from government decisions that limit the redevelopment and use of the land.
Sixth Street also took the case to public arbitration, with a state magistrate siding with the firm earlier this year and recommending the county approve the project.
South Florida racetracks are quickly becoming development sites. The former Calder track in Miami Gardens is poised to become an industrial complex with movie studios. Last year, Blackstone subsidiary Link Logistics paid $291 million for the 115.7-acre site at 21001 Northwest 27th Avenue, with plans for a 2.3 million-square-foot project estimated to cost $700 million.
Also, an unused portion of the historic Hialeah Park Racing & Casino will be redeveloped as apartments. Last year, Prestige Companies paid $13.7 million for a 13-acre lot on the 200-acre track with plans to build 343 apartments and a K-12 charter school.
– Lidia Dinkova