David Martin Of Terra And Frisbie Group Acquire Development Site In West Palm Beach For $20.9M

The property involved in this transaction is a 16-acre development site located at 1111 North Congress Avenue in West Palm Beach. The sale price for the asset was $20,900,000. The buyer plans to redevelop the entire 42-acre site into a mixed-use project that will include up to 1,145 residential units and 120,000 square feet of commercial space.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $20,900,000
• Buyer: David Martin - Terra; Cody Crowell & Robert N. Frisbie - Frisbie Group
• Seller: Patrick Rooney Jr. - Investment Corp
• Brokers: Eric Swanson, Keith O'Donnell & Wayne Schuchts - Avison Young
• Lender: City National Bank of Florida

This transaction highlights the collaboration between multiple parties, with Terra and Frisbie Group acquiring the site. Plans include the development of workforce housing, and a zoning application for 405 units in the initial phase of development has already been submitted.