Deco Green Mixed-Use Rental Development Approved In Lake Worth Beach

Office America Group, a boutique real estate development firm based in South Florida, has obtained site plan approval for Deco Green, an approximately 125,000 SF mixed-use community featuring four buildings with 127 residential units, approximately 8,000 SF of retail and office space, and 20,000 SF of green space located at 1715 N Dixie Hwy in Lake Worth Beach. The city commission voted in favor of the project at its second hearing on Aug. 17th. Groundbreaking is estimated for Q2 2022.

“We thank the City of Lake Worth Beach and the community for their support,” stated Ricardo Hernandez, founder and CEO, Office America Group. “Deco Green will offer a variety of rental opportunities at an attainable price point and is the first new development to offer three-bedroom units in Lake Worth Beach.” Hernandez added, “Our team has designed a project that we believe will invigorate the area and deliver a real connection and destination for the community. With art, culture, entertainment and a green space, we are confident that Deco Green will serve as a sought-after rental option for young professionals and young families.”

Designed by Martin Architectural Group, Deco Green features a mix of Art-Deco and Bauhaus style design. Future residents will have the option to select from a variety of well-designed units containing sleek, modern kitchens, walk-in closets and private balconies overlooking a courtyard. Facing Dixie Highway, the buildings will be adorned with two murals by internationally recognized artist, Leonardo Moleiro.

As a community-oriented development awarded by the Lake Worth Beach CRA through a request for proposals (RFP), Deco Green will include a vast collection of social components including “The Courtyard,” featuring 20,000 square feet of central green space with thoughtful landscaping designed by Landscape Architect Andres Montero, a children’s playground, dog park, office, retail and more.

“The courtyard is intended to be a gathering place for picnics, yoga classes, art festivals and more for residents and the surrounding community to enjoy,” stated Montero.

Situated on 2.3 acres on the west side of North Dixie Highway between the 17th and 18th Avenues, the property is conveniently located two minutes from downtown Lake Worth with a plethora of dining, cultural and entertainment options, including a historic theater and a museum, live music clubs, coffee houses, art galleries, antique malls, retail stores and a variety of restaurants. The project is one mile from the beach and Lake Worth Golf Club, eight minutes from West Palm Beach, 10 minutes from Boynton Beach, and 15 minutes from Delray Beach.

Icon of Palm Beach Shores Locks Down $25.16 Million Construction Loan

Icon Realty Capital, led by Anthony Shafer, has locked down a $25.16 million construction loan for Icon of Palm Beach Shores, an approved condo building coming to the north side of the Palm Beach inlet. The financing was arranged by the Washington-based Construction Loan Services II. Icon of Palm Beach Shores is located at 150-206 Inlet Way. Icon Realty Capital acquired the property in May 2021 for $6.27 million and plans to demolish the 70-year-old residential buildings which currently sits on the site.

Icon of Palm Beach Shores will feature 15 condo units which are expected to start at $2 million. Units feature direct water views from the living areas, modern design, high-end finishes and expansive balconies. Icon of Palm Beach Shores will be listed and marketed by Lauren Matthews of Douglas Elliman and Greg Forest of Sotheby’s International Realty.

For more information about Icon of Palm Beach Shores, private showings or purchasing/ leasing information please fill out the form below:

The Residences at Uptown Boca Trades For $230 Million In Florida's Largest Multifamily Deal In 2021

The developers of Uptown Boca, Boca Raton’s first new retail and Class-A multifamily project to open in West Boca Raton in over 20 years, have sold The Residences at Uptown Boca to the Atlanta-based multifamily real estate investment, development and management company, Cortland for $230 million. The project was developed by Giles Capital Group, Rosemurgy Properties and Schmier Property Group, in partnership with Wheelock Street Capital. This transaction marks Florida’s largest multifamily deal in 2021 and the highest price per square foot for a garden-style product in Florida, to date. Cushman & Wakefield’s South Florida Multifamily Institutional Properties Group, led by Robert Given, Zach Sackley, Troy Ballard and Neal Victor, brokered the transaction.

“As lifelong Boca Raton residents and local developers, it has been truly special to create such a unique project for our local community. Our team devoted countless hours and meticulous attention to detail in developing what we consider to be one of South Florida’s premier mixed-use communities,” said Alex Rosemurgy, CEO of Rosemurgy Properties. “The Residences at Uptown Boca provides an unparalleled living experience that includes best-in-class amenities and a carefully curated restaurant and retail component just steps from our residents’ front door. Our lease-up success represents the distinct quality of the project in the South Florida market.”

The Residences at Uptown Boca, which opened in 2020, is a seven-building multifamily development managed by Park Partners Residential. Offering 456 Class-A luxury rental apartments, the development features one, two, three and four-bedroom units ranging in size from 718 SF to 1,737 SF. Just steps from The Residences, Uptown Boca’s retail component provides 179,000 SF of shops and fifteen different dining retailers. The developers of the project will remain the owners of the retail component of Uptown Boca.

"We have experienced incredible leasing performance as demand for high quality apartments in south Florida has never been higher. Our leasing team did a phenomenal job in getting the property leased up in record time, and as a result the Uptown Boca ownership team determined that this is the right time to sell," said Rick Giles, president of Giles Capital Group. "We have made every effort to create great experiences for our residential and retail customers, and we wish continued success to the new owners of this unique development."

Located at 9560 Glades Road on the corner of Glades Road and 95th Avenue South, just east of US441/SR7, Uptown Boca is a 38-acre project bringing a curated “shop, dine, live” experience to the area. The development provides residents with walkability to dining, entertainment and living options all within one vibrant local destination.

“The sale of The Residences of Uptown Boca culminates years of planning and execution by our partners Giles Capital, Rosemurgy Properties and Schmier Property Group. We are extremely proud of the community they have developed and the results for our investors,” said Hunter Jones, Principal for Wheelock Street Capital.

The Residences at Uptown Boca offers a number of amenities including a 24-hour fitness center with TRX and an indoor/outdoor CrossFit area, a yoga, spin and stretching room, a 24-hour business center that includes 3 private conference rooms, and 24-hour package pick-up lockers and cold storage. The project also includes a resident theater and entertaining lounge, a kids’ gaming and activity area, rideshare pick-up lounge, 3 dog parks, as well as a soccer field and customized 9,570 SF playground.

For more information about commercial sales or leasing in South Florida please fill out the form below:

Brightline Reveals New Renderings of Recently Approved Boca Raton Brightline Station

Brightline continues to cement their expansion connecting South Florida by rail after Boca Raton’s Planning and Zoning Board approved the proposed design for the Boca Raton Brightline Station. Brightline revealed new renderings of the station where preliminary work on the site is already underway. Construction on a community garden and temporary parking lot which will enable construction of the station are expected to be completed by August 2021. The project will have to go through a final vote by the Boca Raton City Council in August and a request for proposals will be issued to contractors for the station in the near future.

The Federal Railroad Administration is planning to award $16.5 million towards construction of the project. On July 7, 2021 a pre-award approval was issued to Brightline to begin to purchase materials for the project.

Distressed Office Building In Lake Worth Auctioned On Ten-X For $5.5 Million

A distressed office building in Lake Worth, FL has successfully been auctioned on the Ten-X online auction platform as the sale reflects the low inventory yet high demand for distressed and medical office assets. JFK Medical Building, located at 4801 South Congress Ave. in Lake Worth, closed for $5.55 million in the online auction.

JFK Medical Building is a four-story, multi-tenant medical office building totaling 35,078 rentable square feet. The property is located at 4801 South Congress Ave in Lake Worth, situated in one of the two primary office nodes of Palm Beach County’s Palm Springs/Lake Worth submarkets.

Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami office; Vice President Brian de la Fé; and Associate Berkley Bloodworth completed the sale of the foreclosure property on behalf of the owner, JPMCC 2006-LDP7 OFFICE 4801, LLC. BD 4801, LLC was the buyer.

“As REO [real estate owned] distressed asset inventory remains low, the 30-percent-occupied JFK Medical Building represented a significant investment opportunity at a considerable discount to replacement cost,” said Crotty. “The asset’s recent renovations, coupled with it’s proximity to the JFK Medical Center, will provide the buyer with tremendous upside from lease-up opportunities.”

Located within a half-mile of the main campus of the JFK Medical Center, a 486-bed medical and surgical facility, and HCA East Florida-affiliated hospital, JFK Medical Building boasts excellent frontage, access, and visibility on Congress Avenue, and is just one mile west of Interstate 95. Over the past two years, ownership invested over $500,000 in major capital expenditure work including, new elevator cabs, a new common-area HVAC system, new flooring in the lobby, a resealed parking lot, new exterior landscaping, refaced monument signage, and a partial ceiling tile replacement.

Leasing activity has been strong in Palm Beach County to date in 2021, with strong in-migration coming from the Northeast contributing to the market’s economic growth. As a result, average base rents the county continue to climb and are among the highest in the country, according to Avison Young.

For more information about commercial sales or leasing in the Palm Beaches, private showings or availability/ pricing information please fill out the form below:

Forest Development Launches Sales At RDA Architects-Designed Nautilus 220 In Lake Park

Forest Development has launched sales at Nautilus 220 in Lake Park in North Palm Beach County. The waterfront project is alongside Lake Park Harbour Marina with 100 slips for boats up to 100', as well as easy inlet access for a variety of water sport recreation. Nautilus 220 offers 330 condominium residences in two 24-story towers designed by RDA Architects with interior design by Steven G and landscaping by Insite Studio.

Units will range from 1,500 to 3,400 square feet and feature panoramic views of the Lake Park Harbor Marina, Intracoastal Waterway, and Atlantic Ocean. The penthouses will have rooftop terraces of over 2,000 square feet, with plunge pools and summer kitchens.

Amenities include a private dining room, resort style pool, a rooftop lap pool, fitness center, yoga deck, summer kitchen, fire pit, life-size chess board, bowling alley, billiard room, club room, soundproof music studio, golf simulator, 12 guest suites, access to a private beach club access on Singer Island with beach chair, food and beverage services.

Pricing at Nautilus 220 starts in the $700,000’s and ranges up to over $3 million with sales and marketing being overseen by Compass. A floating sales gallery is expected to open in the Lake Park Harbour Marina in May. Groundbreaking is planned for Fall 2021 with an expected completion in late 2023.

For more information about Nautilus 220, private showings or purchasing/ leasing information please fill out the form below:

CA Ventures Acquires Student Housing Complex In Boca Raton For $80 Million

The Chicago-based CA Ventures has acquired The University Park student housing complex in Boca Raton for $80 million, roughly $503,000 per unit. The deal was financed with a $52.35 million Fannie Mae mortgage by Grandbridge Real Estate Capital. The seller was the New York-based Investcorp International who acquired the property in $70 million in 2016.

The University Park is located at 135 NW 20th St., near Florida Atlantic University, and was developed in 2015. The multifamily building sits on 10.7 acres and features 159 apartment units with 228,097 square feet of total development. Amenities include a resort-style pool, fitness center with boxing area, yoga studio, barbecue area, study rooms, 24/7 market, gaming area with pool table, a cell phone booster tower and free roommate matching.

Related Companies To Acquire The Phillips Point Office Complex In West Palm Beach

The New York-based Related Companies, led by Stephen Ross, is under contract to acquire the Phillips Point office complex in West Palm Beach for roughly $282 million. The seller, AEW Capital Management, acquired the property for $245 million in 2015. Related Companies will oversee asset management and leasing.

Phillips Point is located at 777 South Flagler Drive, at the foot of the Royal Palm Bridge, and was developed in 1985. The twin-tower Class A office complex has a tenant list that includes top financial firms Goldman Sachs and Morgan Stanley as well as law firms Greenberg Traurig, Gunster and Akerman. The transaction comes at a time when a number of financial firms are moving from high tax northern states to Florida.

Stephen Ross and Related Companies are no stranger to West Palm Beach, having developed Rosemary Square, previously called CityPlace, a mixed-use project with dining, shopping and residential components. Related Companies is also planning to break ground on One Flagler, a 270,000 square foot, 25-story office tower in on Flagler Drive and OkeeChobee Blvd. in West Palm Beach. Stephen Ross also owns the Miami Dolphins.

Worth Avenue Tiffany & Co. Building Sells For $26.4 Million

A joint venture led by an entity tied to Fortress Investment Group has sold 259 Worth Avenue in Palm Beach, anchored by luxury jeweler Tiffany & Co., for $26.4 million to Motcomb Estates, a London-based real estate investment firm. The selling price breaks down to $1,612 PSF. The selling joint venture acquired the property for $20 million in 2018 and is made up of the New York-based Fortress Investment Group, Kean Development Co. and Hyde Retail Partners.

The joint venture gained approvals to build a 5-bedroom, 13,000 +/- square foot penthouse atop the property which would a private rooftop with infinity edge swimming pool, dining area and fire pit, as well as easy access to fine dining, world class fashion and art, and is a short stroll away from the beach. Kean Development Company was leading the renovation and Douglas Elliman listed the pre-construction penthouse for $17.5 million.

259 Worth Avenue was first developed in 1950. The retail building spans 16,374 square feet and is located on a .22-acre site on Worth Avenue, an upscale shopping and dining destrict spanning four blocks in Palm Beach.

Avison Young Secures Office Lease At Boca Raton’s North 40 To Relocate Meisner Electric Headquarters

Avison Young has secured a new long-term lease for 15,172 sq.ft. at North 40 in the Park at Broken Sound in Boca Raton, a two-building office complex. Meisner Electric, Inc. the tenant will relocate its corporate headquarters from Delray Beach to the space at 901 Yamato Road to accommodate future growth. During the lease transaction Avison Young Principals Keith O’Donnell and Gary A. Gottlieb represented the landlord, PG Mainstreet North Forty, LLC, a joint venture between Mainstreet Capital Partners, Inc., and Partners Group. Meisner Electric also has offices in Miramar and Sarasota with a strategy to expand in other Florida markets in the future.  

“North 40 offers the opportunity for us to upgrade our corporate headquarter facilities to an ideally-located, high-quality space,” said Todd Gurne, President and COO of Meisner Electric. “After 43 years in Delray Beach, and now relocating to Boca Raton, we look forward to our continued growth as part of Palm Beach County’s business community.”

Boca Raton is one of the largest and more desirable office markets in Florida’s Palm Beach Country. According to Avison Young research, leasing activity was up countywide by a little less than 40% at the close of the third quarter following a tough second quarter with the country on a pandemic lockdown. COVID friendly office space is also now in high demand. 

“Along with its convenient location, North 40 is known for its efficient floor plate design, large air-conditioned atrium lobby allowing for social distancing, and on-site conference center, which were particularly attractive to Meisner Electric,” said Gary A. Gottlieb. “The tenant sought to consolidate its current multi-building corporate offices into one space that could accommodate future growth, and North 40 delivered.” 

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