Tuesday, May 6, 2014

Billionaire Team Obtains City Approval for 1,059 Condos in Palm Beach County

Rendering of the six towers  (Credit: Arquitectonica)
Billionaire's Jorge Perez and the Huizenga Family teamed up and combined two waterfront parcels in Riviera Beach to build a massive condo development.  City commissioners approved 6 condo towers with 1,059 residential condos, a 15,000 square foot restaurant, 61,500 square feet of office space, 10,000 square feet of retail space, a beach club, boat docks and six mega-yacht slips.

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During the real estate boom, George Perez planned to build Icon Palm Beach on the site next to Rybovich Marina, but the market turned and the project never made it out of the ground.  Kevin Dickenson, a Palm Beach Realtor, said "combing Rybovich Marina and Icon Palm Beach was a brilliant move and the key to city approval."  The next step is for the state of Florida to approve the development and it will likely be several years before the project breaks ground.  This development is located approximately 1 mile south of Marina Grande.

 "The developers have confidence the market will continue to increase and recognize the pent up demand for new tower condos in Northern Palm Beach County", Dickenson said.  Related and Huizenga Holdings claim the development would have an economic impact of $153 million and create nearly 1,000 jobs.