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Crews top off first of two buildings at Palm Beach Gardens office development

DiVosta Towers is topped off in Palm Beach Gardens. (Credit: Richard Graulich / The Palm Beach Post) Construction workers topped off an 11-story office building under construction in Palm Beach Gardens. It is one of two 11-story office buildings called DiVosta Towers at 3825 PGA Boulevard, which will have a combined total of 220,000 square feet. The topped-off office building is expected to open first, in early 2019, and the second building about six months later. Crews installed decorative, pyramid-shaped framework on top of the first building, which has four floors that future tenants have pre-leased. Rebel Cook, president of Rebel Cook Real Estate in Palm Beach Gardens, told the Palm Beach Post that DiVosta Towers will be the city’s first new office space in ...

Margaritaville cost Hollywood taxpayers $28M more than expected

The three-year-old Margaritaville Hollywood Beach Resort cost Hollywood taxpayers $28 million more than city leaders realized. Hollywood city commissioners thought the city made a $28 million loan to help finance the development of the 17-story, Jimmy Buffet-inspired resort. But the $28 million loan changed to a grant between the third draft and final draft of a 99-year agreement by the city to lease five city-owned acres where Margaritaville was built. City commissioners Traci Callari and Peter Hernandez said they were duped into thinking the city made a $28 million loan to help finance the development of the 349-room resort. Hernandez was the only city commissioner who voted against leasing city land for the development of Margaritaville. Three other commissioners – Kevin Biederman, Dick Blattner and ...

Avenir mixed-use project in Palm Beach Gardens boosts loan to $108M

A company tied Landstar Development Group boosted its construction loan to nearly $108.45 million for the first phase of Avenir, a nearly 4,800-acre mixed-use community in Palm Beach Gardens. Property records show Landstar affiliate Avenir Holdings LLC sold a portion of the development site to Avenir Development LLC, which is also controlled by Landstar, for $95 million. Avenir Holdings, the seller, is providing financing. In December, Avenir Holdings sold 2,287 acres to Avenir Development for $15 million, and provided the $13.5 million loan. The buyer and seller are controlled by Landstar’s David Serviansky, Rodolfo Stern, Eduardo Stern, Roberto Horwitz, Manuel Mato, Daniel Lopez and Virginia Cepero. Serviansky leads the selling entity, and Mato is president of the buyer’s LLC, according to corporate records. Rosa Schechter, ...

West Palm Beach may revive rezoning plan to encourage downtown office development

West Palm Beach may reconsider a business district that would encourage downtown office development through rezoning. Mayor Jeri Muoio directed city staff to revive planning for the Okeechobee Business District downtown, which the city commission rejected last year. The proposed district would have rezoned an area that now limits the height of buildings to five stories. But opponents saw the proposal as an attempt to promote one development within the district: One Flagler, a 25-story office building proposed by The Related Companies, led by Miami Dolphins owner Stephen Ross. Mayor Muoio told the city’s development services director, Rick Greene, to revive planning for the Okeechobee Business District to encourage downtown office development. The city’s Planning Board is scheduled to consider the district on May 15. ...

Marina Lofts in Fort Lauderdale may finally get built

The Marina Lofts, a major Fort Lauderdale residential development designed by acclaimed architect Bjarke Ingels, finally may be headed for a groundbreaking construction. The Fort Lauderdale City Commission approved the planned 856-unit residential complex, called Marina Lofts, in 2013 despite criticism of Ingels’ unusual design of the development, including two buildings that appear torn apart. Asi Cymbal, the developer, told Bisnow he expects to raise enough equity financing this year to start construction of Marina Lofts as a rental apartment property. “We’re talking to potential [joint venture] and equity partners and hope to make a major announcement by year’s end,” Cymbal told Bisnow in a phone interview. He told Bisnow his potential partners are “significant players in the multifamily and hospitality sector as well as ...