In Palm Beach County, premium commercial real estate is ordinarily in high demand. Specific industries are expected to experience growth in the near future, and developers are working to stay ahead of demand. In communities like Lake Worth, projects are on the horizon. Here are some of the latest developments with Lake Worth’s commercial real estate sector:
Resort Lifestyle Communities to Build in Lake Worth
It was recently reported that Lincoln, Nebraska-based Resort Lifestyle Communities secured a loan to develop a senior living facility near Lake Worth. The location will be at 9885 Palomino Drive and will be called the Palomino Gardens Retirement Community. The plan is for the property to have 128 residential units and be three stories tall. News of a 37.5 million dollar loan to build the all-inclusive senior living center has generated excitement about the upcoming project.
Apartment Complex Sells for $9.5 Million
In April 2020, it was reported that a 68-unit apartment complex located at 3440 Rudolph Road and 3431 Helena Drive sold for $9.5 million. The property, the Tropical Villas Apartments, is a complex that is situated on a 4.84-acre site and has two buildings, one with 28 units and the other with 40 units. The structures were originally built in 1977 and 1979 and were reported to have recently undergone a $1 million renovation. Tropical Villas sold at full occupancy. The Lake Worth area has seen increased commercial investment interest in multifamily and residential development projects. This is anticipated to be a growth market as neighboring tenants are seeing increased housing prices in communities like West Palm Beach and Ft. Lauderdale.
GL Homes Makes a $21.9 Million Bid
One of Palm Beach County’s largest homebuilders, GL Homes, has offered to pay the Lake Worth Drainage District $21.9 million. The bid is for development rights to 313 associated acres of unbuildable land along their canals. The land is in Palm Beach’s Agricultural Reserve (Ag Reserve). The Ag Reserve is 21,000 acres of protected property, which used to be farmland. Builders are required to leave 60 acres of untouched land for every 40 acres they develop. Local environmental groups complain that this restriction is inadequate. However, other groups believe that this arrangement strikes a good balance between preserving the environment and providing for community growth.
GL Homes was the only bidder and placed the minimum bid for rights to the assemblage. However, the builder will need county approval. If approved, it would be permitted to build an additional 313 homes in another part of the Ag Reserve. GL Homes has built most of the houses in the area and has been acquiring property in the Ag reserve for years. Also, the developer has 600 acres near Lyons Road and Clint Moore Road and has plans to build 1,000 more homes at that location.
At Rabideau Klein, we have extensive experience handling real estate matters in the Town of Palm Beach and Palm Beach County. David E. Klein Esq. and Guy Rabideau, Esq. are Florida Bar Board-Certified Real Estate Attorneys with the experience you need to evaluate your Palm Beach County real estate purchase. Contact Rabideau Klein today to discuss your real estate legal needs.