Updated Apr 13, 2026
David Martin Of Terra And BH Group Acquires Waterfront Development Site In West Palm Beach For $90M
2023 Flagler Drive
$90,000,000
Building Size
—
Asset Type
Development Site
Closing
Apr 9, 2026
About this deal
AI
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:
- Property Type: Development Site
- Transaction Amount: $90,000,000
- Buyer: David Martin - Terra; Liat Toledano & Isaac Toledano - BH Group
- Seller: Jeff Greene
- Market: West Palm Beach
- Site Area: 1.6 acres
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.
On the Map
$90,000,000
Development Site
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Players
West Palm Beach Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93