Billionaire developer Jeff Greene is under contract to sell a waterfront site in downtown West Palm Beach to David Martin’s Terra and partners, including BH Group, for more than $90 million, according to an April 9 report from The Real Deal.
The sale involves a 1.6-acre assemblage at 2023 Flagler Drive, located at the intersection of Flagler, Piccadilly Street and Broward Avenue. The property sits across from Currie Park, which is currently undergoing a $35 million renovation. The planned transaction reflects continued strong interest in luxury residential development along the West Palm Beach waterfront.
Greene confirmed that the sale price exceeds $90 million and described his property as “the best site left anywhere in Palm Beach County.” Developers are expected to build a luxury condominium tower on the land, as zoning allows for construction up to 350 feet tall. While details of the deal were previously reported by another outlet, this marks the first confirmation of both the sale price and Aventura-based BH Group’s involvement. BH is led by Isaac and Liat Toledano; additional partners may also be involved in the project.
Records show that Greene’s LLC acquired the land for $1.5 million in 2014. The parcel neighbors another development site owned by BH Group and Miami-based Related Group; that joint venture purchased its property for $34 million earlier this year with plans for Rosewood Residences on that site.
West Palm Beach currently has more than 2,000 condominium units planned or under construction by major developers such as Fort Partners, Related Group and Terra. Among these projects is Terra’s Mr. C Residences West Palm Beach—a 27-story building with condos and hotel rooms—which recently secured significant financing and has reached over 85 percent presales. Meanwhile, Related Group and BH Group have begun work on Ritz-Carlton Residences at nearby North Flagler Drive after obtaining a $200 million loan; that project is reportedly already about 80 percent presold.
Other notable activity includes billionaire Steve Ross planning four condo projects in West Palm Beach alongside various partners.
