The Fanjul family, sugarcane and real estate moguls in Florida, scored a $55.7 million construction loan for a 320-unit apartment complex in Royal Palm Beach.
FCI Residential, the Fanjuls’ development company, started building the project with 11 three-story buildings and two two-story townhouse buildings on the 25-acre site on the southeast corner of Acme Road and Tuttle Boulevard, according to records. The development site consists of six adjacent lots at 11230, 11260, 11265 and 11315 Channing Way, as well as 10345 and 10428 Acme Road.
PNC Bank is the lender.
The project is expected to be completed in the summer of 2026, according to records.
The project is part of the larger 200-acre Tuttle Royale mixed-use project. Land assembler-turned-developer Brian Tuttle assembled the site, consisting of 40 parcels, over a decade and entitled it for more than 1,600 residential units, a 1,500-student charter school and 700,000 square feet of commercial space. Tuttle is developing a portion of the master-planned project on his own, but has sold off other tracts.
Records show Coral Gables-based FCI paid at least $10 million for land at Tuttle Royale.
Others that have purchased development tracts at the project include the Pérez family’s Related Group, which completed a 392-unit rental complex on the site.
Tuttle, in partnership with San Antonio, Texas-based Lynd, started building a 401-unit apartment at Tuttle Royale last year, after the pair scored a $126 million construction loan for the project. Next, Tuttle plans a 400-unit rental complex, 100 single-family home rentals and a 400,000-square-foot Main Street retail portion.
The Fanjul family’s late patriarch, Alfonso Fanjul Sr., started a conglomerate of cane sugar refineries and mills in Cuba. After moving to the U.S. following the 1959 revolution in Cuba, he scooped up sugarcane land, mainly in Palm Beach County, and expanded the family’s Florida Crystals company. The West Palm Beach-based firm is led by Fanjul Sr.’s sons, Alfonso “Alfy” Fanjul Jr., José “Pepe” Fanjul and Andres Fanjul. FCI is led by Pepe Fanjul Jr.
In January, Florida Crystals expanded its land empire, paying $15.7 million for 1,626 acres east of U.S. Highway 27 in unincorporated Palm Beach County.
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