$634M public-private partnership proposed in Dania Beach, buyer at luxury condo project in Pompano Beach sues developer: Daily digest

A daily roundup of South Florida real estate news, deals and more for August 23, 2019

August 23, 2019 04:00PM

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page at 9 a.m. and 4 p.m. ET. Please send any tips or deals to [email protected]

This page was last updated at 4 p.m.

Two developers want to build a $634 million project on mostly city land in Dania Beach. Armada Hoffler Properties and Capital Group’s proposal to build The Dania Beach City Center project, with residential, office, retail and hotel development, will be considered by the Dania Beach commission next week, according to South Florida Business Journal. The city issued a request for proposals in March to develop the property at 100 West Dania Beach Boulevard. [SFBJ

The former CEO of La Quinta Holdings is suing the development group of Sabbia Beach. Wayne Goldberg is alleging the developer falsely induced him to purchase a condo for $5.35 million. He is now seeking to close on the penthouse and recover compensation for the harm he and his family have suffered. The complaint alleges that Fernbrook Florida falsely represented that only seven units at the Pompano Beach condo project were still available at the condo development, driving up the sales price. [TRD]

Billionaire David Koch died at 79 on Friday. He was the 11th richest person in the world. In Palm Beach, the industrialist paid $10.5 million for an estate at 150 South Ocean Boulevard in 1998. The 13-bedroom, 20,378-square-foot mansion was built in 1920 on nearly 2 acres of land across the street from the ocean, according to property records. [TRD

Atlantic | Pacific Real Estate Group and Blue Arch Advisors closed a $140 million portion of a fund that invests in multifamily properties. The fund is looking to raise a total of $300 million, which will give it buying power of over $750 million. Investors in the fund include domestic and international institutional investors as well as high net worth individuals. [TRD

Development has been ramping up in Hialeah. Avra Jain is looking to bring back the glory days of Hialeah, starting with a major adaptive re-use commercial development on about 6 acres of land in east Hialeah, she said during a panel hosted by CREW Miami at Four Seasons Hotel Miami earlier this week. [TRD

Fort Lauderdale has a big water problem. The city will hold on fixing its water treatment plant after the lowest bid it received was $15 million higher than the city’s budget, according to the Sun Sentinel. The city commission still plans to use about $10 million in utility funds to pay for other city services, despite the city’s aging water and sewer systems, and crumbling pipes. [Sun Sentinel]

Developer Jeff Greene is back to building condos on a West Palm Beach site he’s building on. Greene bought the property at 550 Quadrille Boulevard in 2014, and planned to build 84 luxury condos at the mixed-use project. Then, he decided to replace the condos with rental apartments when he reconfigured his plan to include less office space. Now, he told the Palm Beach Post that there is “such a demand for smaller units that are super luxurious and have an enormous amount of amenities” that he’s leaning toward selling the 300-plus units as condos. [Palm Beach Post]

Robert Finvarb and Tony Cho closed on a $67 million loan for a mixed-use hotel near Brickell City Centre. The partnership secured the financing from City National Bank to build a 21-story, 264-key dual-branded hotel on the property. The project, designed by Arquitectonica, would also feature 25,000 square feet of retail space, structured parking and a rooftop terrace. [TRD]

Ex-members of Trump National Doral have been waiting to inch forward on the refund list at the Doral golf course and resort — and they may have to wait decades more. To move up on the list by one spot, four new members need to join the golf club, and the list is more than 265 people long, according to the Miami Herald. Few members have joined between December 2017 and January 2019. One member said that he moved up by two spots, which means only eight members had joined in that period of time. [TRD]

Compiled by Katherine Kallergis

Jeff Greene plans 38-story condo project near Currie Park in West Palm Beach

JefF Greene and West Palm Beach

Billionaire Jeff Greene plans to develop several high-rise condominium buildings in the Northwood area of West Palm Beach, where he owns 20 acres near waterfront Currie Park.

Greene would ask the city to approve the high-rise condos as tall as 38 stories in an area with a 13-story limit on building height.

The billionaire and former gubernatorial candidate would build as many as six condo buildings along Currie Park, now a haven for homeless people.

Taller condos would allow for more green space at ground level, said Jason Frantzen, a senior partner of Herzog & de Meuron, a Switzerland-based architecture firm that Greene hired to design his condo project.

Herzog & de Meuron is a renowned firm that designed the Bird’s Nest stadium for the 2008 Summer Olympic Games in Beijing and the Pérez Art Museum Miami.

At 38 stories, the condo project Greene is planning would be about eight stories taller than any other structure in West Palm Beach, including One West Palm, his mixed-use development downtown under construction at 550 Quadrille Boulevard.

Residents of the Northwood area of West Palm Beach lauded Greene’s condo development plan after he and Frantzen discussed it during a recent community meeting at Northwood’s Center for Creative Education. [Palm Beach Post]Mike Seemuth

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Behind Jeff Greene’s towering plan to reinvent West Palm Beach

Jeff Greene
From the April magazine: The big short is getting a lot taller. Billionaire real estate mogul Jeff Greene made hundreds of millions of dollars betting against subprime mortgage-backed securities before the last financial crisis hit. He now owns more than 75 acres of prime land in West Palm Beach — a city poised for major growth — with plans to build several new high-rises there.
“People talk about disruption in various industries, like what Amazon is doing in retail,” the 61-year-old investor and developer told The Real Deal from his desk in a former post office on North County Road. “I think it’s very easy to disrupt West Palm Beach.”
Greene is now working to bring thousands of residential units, a hotel, a 30-story office building, a raft of retail space and even a new school to the South Florida city with more than 100,000 residents and plenty of affluence in and around it. [More]

Source: The Real Deal Miami

Jeff Greene on WPB: “We’re on the runway about to take off”

One West Palm and Jeff Greene
Jeff Greene, the billionaire real estate investor who has spent $300 million buying properties in West Palm Beach, remains quite bullish on the city’s real estate prospects, just as you’d expect.
“We’re on the runway about to take off,” he said at an Urban Land Institute conference in West Palm Beach on Thursday.
Of the many plans he has in the works, Greene says his One West Palm project at 550 North Quadrille Boulevard represents the top priority. The planned $250 million development, designed by Arquitectonica of Miami, would take up an entire block and include two 30-floor towers that look like stacked blocks.
The ground floors will contain shops, restaurants and corner parks, as well as a daycare center and a fitness center with indoor and outdoor tennis courts. One tower will include 340,000 square feet of Class A office space, and the other will include a five-star hotel with 209 guest suites and 84 luxury condo or rental units above that.
The city approved the plan in January and Greene hopes to break ground in summer or fall. He said he will finance the development with his own equity and a bank loan and that he’s not taking on any partners in the deal. “I’m in a lucky position that I don’t need to pre-lease,” Greene said. “I’m not subject to the credit markets’ volatility.”
Greene’s second priority is a grocery store that he sees as the lynchpin of more than 5 acres of property he owns in the Northwood neighborhood, which is north of downtown, close to the Intracoastal Waterway. Greene said he can’t reveal the name of the company he’s negotiating with, but in the past he reportedly spoke to Publix about it.
“Hopefully the grocery store will lead to the integration of the neighborhood,” Greene said. “We could have a couple thousand apartments and condos, retailers. Someone even suggested an independent/assisted living facility. There are all kinds of possibilities.” Coordination will be important in the area, he said. “Maybe we’ll want to have one fantastic gym instead of seven separate ones.”  
Greene said he’s not worried about his projects creating a bubble in West Palm’s property market. “I’m going one step at a time,” he said. “I’m not competing with myself. I’m not putting up five high-end condo buildings at once.” In fact, he has submitted to city officials a plan for a 12-story, 400-unit micro-apartment building at 550 Banyan Boulevard.
As for West Palm’s biggest challenges, Greene noted the city doesn’t have a traditional economy. “It’s driven by tourism and retirees,” he said. “It’s all about people. How do you get job creators?” He said projects such as the renovation of the Norton Museum of Art and the construction of a new spring training baseball stadium for the Astros and Nationals have the ball rolling. “Make the city better, and more people will come.”

Source: The Real Deal Miami