The transit village project in West Palm Beach has shifted to “go” as the county selected a developer to work out a deal with.
On Tuesday, the Palm Beach County Commission approved Transit Village LLC, a company managed by Boca Raton businessman Michael Masanoff, as the developer for the 5.7-acre site known as “the wedge.” The two sides will now negotiate a contract to purchase and build on the county-owned site, along the CSX railroad tracks at Banyan Boulevard and Clearwater Drive.
The project calls for 600,000 to 950,000 square feet of office, educational and retail space, plus 200 to 400 hotel rooms, 15 to 25 market-rate housing units, and another 120 housing units for either students or the workforce. It would also include 290 on-site parking spaces to support the Tri-Rail and county bus terminals.
Overall, he said it’s a $500 million project that would create thousands of jobs and increase transit ridership.
The development approvals, which must also go through federal agencies, should take at least six months, he added. Other investors in the development company include Wells Fargo Bank, SunTrust Bank, Regions Bank, Northern Trust Bank, Fifth Third Bank, Synovus Bank and TIAA-CREF.
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