Jeff Greene Plans Live Local Act Project in West Palm Beach

Billionaire developer Jeff Greene’s next real estate play in West Palm Beach is his first Live Local Act project and would be one of the tallest buildings in Florida constructed with a pre-fabricated mass timber system.

Green proposed a 25-story apartment tower with 366 apartments at 120 South Dixie Highway and 321, 324, 325 and 333 Datura Street, the South Florida Business Journal reported.

The developer is also choosing to preserve two of the historic facades of the 111-year-old former fire station that sits on the site.

Historic facade of former fire station that sits on the site

Workforce housing would comprise 148 units, or 40 percent of the building. The project would include 75 studios, 199 one-bedroom apartments, 72 two-bedroom units and 20 three-bedroom units.

“We’re not segregating the different unit types,” Greene told The Real Deal. “The workforce housing units and the market rate units are going to be mixed throughout the building. They will only use one amenity. They will all use one lobby, one entrance.”

Greene said the city’s feedback during a May 14 pre-application meeting was generally positive and that officials did not identify any major obstacles for the project.

He acknowledged that some cities are uneasy with the Live Local Act overriding portions of local zoning rules, but he said demand for workforce housing in West Palm Beach is clear.

“My parents moved to West Palm Beach in 1970. I’ve been here a long time,” Greene said. “It’s now become a city where you can’t be a working class person or make a lower wage and live in the city. I’m thrilled to be part of the solution of providing housing for people who really would love to live here.”

When it comes to financing the project, Greene said he is not concerned about raising capital, noting he has a fair amount of liquidity.

He pointed to his ongoing One West Palm project, which he said is being developed without investors or lenders.

Greene added that once One West Palm is completed in the next few months, he expects to refinance the project and use proceeds toward future development opportunities.

The developer tapped Nexus Systems and Carlo Ratti Associati for a prefabricated mass timber system designed to reduce construction costs and speed up development timelines. The West Palm Beach proposal would be the tallest of its kind in Florida.

The city already approved a mass timber expansion at Greene’s adjacent nonprofit private school, the Greene School, Myk Murashko of Nexus Systems said.

Greene’s fortune is pegged at $9 billion, according to Forbes, making him one of the wealthiest residents in Palm Beach County.

He has a long history in the region, with deals this year including the sale of a waterfront site in downtown West Palm Beach to David Martin’s Terra and partners, including BH Group, for more than $90 million.

That 1.6-acre assemblage, at 2023 Flagler Drive, is a triangle-shaped property at the intersection of Flagler Drive, Piccadilly Street and Broward Avenue, across from the waterfront Currie Park, which is undergoing a $35 million renovation.

Greene and his wife, Mei Sze Greene, are also donating 1.3 acres of land valued at $80 million to Vanderbilt University’s downtown West Palm Beach campus.

But Greene’s relationship with the city has also been contentious.

Last year, he sued West Palm Beach, alleging city officials improperly stalled approvals for his planned luxury condominium project.

Greene said he believes Mayor Keith James delayed the Herzog & de Meuron-designed condos planned for the 4.5-acre site at 2175 and 2251 North Flagler Drive in retaliation for his opposition to a city land deal involving billionaire Steve Ross.

The developer will pay $5 million if he does not complete his long-delayed One West Palm project by the end of next year — although he expressed no worries about the timeline.

“I’ve built over 100 buildings, there’s always trouble,” Greene previously told TRD.