A joint venture between Globe Invest, Related Group and BH Group are planning to develop Transit Village, a transit-oriented mixed-use project spanning 10 acres in downtown West Palm Beach.
Keith O’Donnell, John Crotty, Gary Gottlieb, Michael Fay, David Duckworth and Brian de la Fé of Avison Young represented the project’s principal, Mike Masanoff, during the development planning process. The amount and terms of the investment were not disclosed. Related Group will serve as the project’s developer.
Transit Village is projected to cost over $500 million to develop. The site is approved for approximately 1.5 million square feet of flexible zoning uses. The city granted approval for $25 million in tax increment and grants.
Located at 150 Clearwater Drive and 203 S. Tamarind Ave., Transit Village will be situated close to Interstate 95 and less than three miles from the Palm Beach International Airport. Additionally, the project is directly connected to the Tri-Rail and Amtrak Station, providing direct transit access to Palm Beach International, Fort Lauderdale-Hollywood International and Miami International Airports.
Related Group said it wants to create a mixed-use urban property with office, retail and workforce to luxury multifamily offerings.
Michael Karsch of Lorium Law provided legal counsel for the joint venture. Ronald Fieldstone of Saul Ewing Arnstein & Lehr LLP represented Globe Invest, which is the investment arm and holding company of the entrepreneur Teddy Sagi. The billionaire investor’s background includes investing in software developments and applications, technology companies, financial services firms and real estate.
Source: RE Business
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