In the heart of Jupiter, Florida, lies a thoroughfare that has not only withstood the test of time but has also emerged as a pivotal destination for savvy investors in the realm of commercial real estate. Indiantown Road, with its storied past and bustling present, presents an unparalleled opportunity for those seeking to capitalize on its rich history, strategic location, and burgeoning commercial potential. Join us as we delve into the commercial real estate prospects along this iconic avenue.

Historical Foundation: A Pillar of Progress

Indiantown Road's historical significance not only lends character but also substantial value to the properties lining its path. As an avenue that dates back to indigenous trails and colonial trading…

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An affiliate of New York-based Related Cos., led by billionaire and Miami Dolphins owner Stephen M. Ross, paid $194.57 million for a waterfront condo development site in downtown West Palm Beach.

Flagler Towers Project Dev LLC, a partnership between Palm Beach-based luxury developer Frisbie Group and Houston-based real estate giant Hines, sold the 3.4-acre site at 1355 S. Flagler Drive to SFH Owner LLC, an affiliate of the Related Cos. The deal included $159.57 million of seller financing.

The developer purchased the property from Palm Beach Atlantic University for $41.5 million in July 2022. It currently has student housing, which will be demolished as PBAU already opened new dorms.

Frisbie and Hines launched sales in May for South Flagler…

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Index Investment Group has proposed nearly 600 apartments in West Palm Beach, which would require demolishing an IHOP restaurant and building in an office building’s parking lot.

The developer, which has offices locally and in Sweden, filed a rezoning plan with the city for the 7.85-acre site at 1501 and 1505 Belvedere Road. It’s just northeast of Palm Beach International Airport.

Currently, the property has a 65,760-square-foot office building that District Pointe LLC, a joint venture between Index Investment Group and local contractor Verdex Construction, purchased for $13.4 million in 2021. They are repurposing it from being a South Florida main office for Cemex USA to being a multi-tenant office building. The other parcel has the 135-room…

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Image: Capstone Realty Group - 1551 Forum Place

 

Capstone Realty Group could demolish a West Beach office building in order to build apartments featuring workforce housing.

The local developer, through affiliate 1551 Forum Place LLC, filed plans with the city to redevelop the 3.74-acre site at 1551 Forum Place, just north of Palm Beach Lakes Boulevard. It currently has a 39,124-square-foot office building that was constructed in 1980.

The developer acquired the property for $6.95 million in 2022. It fronts part of Lake Mangonia.

“The Palm Beach Lakes neighborhood has improved significantly in the past 10 years with the new Palm Beach Outlets, restaurants, Whole Foods, and Hilton Garden Inn,” said Mitchell Adelstein, managing partner of…

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Flagler Station Rendering

Officials in West Palm Beach announced Monday the completion of the first new affordable downtown apartments in the last 30 years.

The $33 million project, called Flagler Station, is located at 991 Banyan Blvd., a block away from the Florida TriRail/Amtrak station.

The apartments are reserved for residents earning no more than 30%, 60%, 70% or 80% of the area's median income. The rents for the 94 apartments range from $393 to $1,689.

Flagler Station is an eight-story, high-rise property with a mix of one-, two- and three-bedroom apartments. Community amenities include a 3,200-square-foot, double-high multi-purpose clubroom, a computer/business center, a rooftop pool, a state-of-the-art fitness center and on-site…

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West Palm Beach has temporarily closed the 300 block of Clematis Street to street traffic as Roxy's Pub has a rooftop pool installed.

The city approved the street closure permit. That section is scheduled to re-open on Sept. 29.

"The road closure is taking place during the summer to minimize disruption during the peak season," the city said in a statement. "The city of West Palm Beach has mandated that Clematis be reopened in time for the GreenMarket in October."

While street traffic on that section of Clematis will be closed, pedestrian traffic will be permitted.

"It is best practice, as well as a customary procedure, to close a street and/or sidewalk for construction when crane operations or other obstructions are required," the city…

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Multifamily giant Greystar acquired the Gardens East apartments in Palm Beach Gardens for $92.16 million – marking its second South Florida deal with the same seller within a few days.

Magazine Gardens East, care of PGIM Real Estate in Newark, New Jersey, sold the 448 apartments at 10000 Alternate A1A to GS Palm Beach Owner LLC, an affiliate of Charleston, South Carolina-based Greystar. Berkeley Point Capital, doing business as Newmark, awarded a $72.71 million mortgage to the buyer. Property data firm Vizzda confirmed the parties involved.

The price worked out to $205,714 per unit. The last time the property traded with a regular deed was in 2000 for $32.5 million, but it changed hands several times since through LLC transfers at…

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Steakhouse owner Ralph Lewis has led a dramatic expansion of his family’s Okeechobee-branded restaurants in the past five years. As his iconic Okeechobee Steakhouse turns 76 in West Palm Beach, Lewis continues to fire up new food concepts elsewhere in the county.

Most recently, Lewis expanded his Okeechobee Prime Barbecue operation to unique settings, staging weekend pop-up events at a popular Jupiter Farms farmhouse café and a waterside tiki hut in Riviera Beach. 

Now, Okeechobee’s weekend barbecue is a permanent, week-long feature at the folksy Taylor Farmhouse in Jupiter Farms. On Monday, July 24, Lewis and his Okeechobee team took over food and service operations at the restaurant and music venue, popular for its sprawling backyard, bonfire-lit…

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Photo Courtesy of Frisbie Group

Billionaire Ken Griffin bought an office building on Worth Avenue for $83 million, marking the hedge funder’s latest move to home in on Palm Beach, after a near takeover of Miami’s Brickell. 

An entity tied to Griffin’s Citadel bought the nearly 50,000-square-foot office building at 125 Worth Avenue from an affiliate of Frisbie Group and Dreyfuss Management, according to records and real estate database Vizzda. 

Completed in 1974, the three-story building sits on 0.8 acres, Vizzda records show. Palm Beach-based Frisbie Group paid $30.7 million for the building in 2017. Bethesda, Maryland-based Dreyfuss owned a stake in the property, state corporate records show. 

Griffin, who moved his Citadel and Citadel…

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Everything from property rights to an ancient Native American mound and the future of one of the last remaining waterfront parcels in Jupiter is at stake as the town council prepares to hear a developer’s appeal later this month.

Charles Modica, a longtime Hobe Sound resident and developer, bought the Suni Sands mobile-home park near the Jupiter Inlet for $17 million in 2013, with a goal of building a mixed-use development with condominiums, a restaurant and a hotel.

The last Suni Sands residents were evicted in 2016. But plans to develop the property that some experts consider one of the most historically and archaeologically significant sites in South Florida have yet to be approved. The developers have been turned down while seeking a first…

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