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David Martin Of Terra And BH Group Acquires Waterfront Development Site In West Palm Beach For $90M

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SOLD
$90,000,000
Liat Toledano
+ 1

Florida

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Development Site
Sold 04/09/2026
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Property Image
SOLD

David Martin Of Terra And BH Group Acquires Waterfront Development Site In West Palm Beach For $90M

2023 Flagler Drive

See Similar Deals
Development Site
Sold 04/09/2026
Liat Toledano
+ 1
Contact now

Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Sale

A 1.6-acre waterfront assemblage is under contract at 2023 Flagler Drive in West Palm Beach, with a selling price of $90 million. The asset is positioned in a prime location across from Currie Park, accommodating the growing demand for high-end residential developments in the area.

Summary of transaction details:

This transaction involves notable individuals in the real estate sector, with David Martin representing Terra and the Toledano brothers representing BH Group. The seller, Jeff Greene, is engaged in the sale of this strategically located development site, targeting further upscale residential projects in a burgeoning market.

Players

David Martin
29 deals$2.2B volume
BUYER

Liat Toledano
BH Group
12 deals$814.1M volume
BUYER

Isaac Toledano
BH Group
23 deals$1.2B volume
BUYER

Details

SOLD
IMAGE: - UNDER CONTRACT IMAGE: Jeff Greene, Isaac Toledano, Liat Toledano & David Martin DATE: 04/09/2026 ADDRESS: 2023 Flagler Drive MARKET: West Palm Beach ASSET TYPE: Development Site ~ ACRES: 1.6 BUYER: David Martin (@DavidMartinTerra) (@DavidMartinMiami) - Terra (@TerraGroupMiami); Liat Toledano (@Liat_8) & Isaac Toledano - BH Group (@BHGroupMiami) SELLER: Jeff Greene PRICE: $90,000,000 NOTE: Jeff Greene is under contract to sell a 1.6-acre waterfront assemblage at 2023 Flagler Drive in West Palm Beach to Terra and partners including BH Group for more than $90 million.The buyers are expected to pursue a luxury condo tower on the site across from Currie Park, reflecting continued developer demand for high-end residential projects in West Palm Beach’s growing condo pipeline.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$4,800,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$319,750.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$426,645.92
Annual Debt Service$5,119,750.99