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, a principal with Coral Gables-based Landstar, said infrastructure development is underway. She said the entire development could take up to 10 years to build.
The 4,783-acre site, north of Northlake Boulevard and west of Bee Line Highway, was approved for 3,000 single-family homes, 250 multifamily units, 400,000 square feet of commercial space, 200,000 square feet of medical office space, 1.94 million square feet of office space, a 300-key hotel, green space and more, according to the city of Palm Beach Gardens.
Avenir is one of a few large-scale, mixed-use developments underway in rural Palm Beach County that call for more than 15,000 new homes in the area, including Westlake, Arden and Iota Carol.
For more details from The Real Deal Miami, visit https://therealdeal.com/miami/2018/05/07/avenir-mixed-use-project-in-palm-beach-gardens-boosts-loan-to-108m/
