Palm Beach County Acquires Development Site In West Palm Beach From Stephen Ross For $26M

The property involved in this transaction is a development site located at 900 South Rosemary Avenue in West Palm Beach, FL. The asset spans 1.8 acres and was sold for a price of $26,000,000. It is designated for the construction of an 18-story, 400-room convention center hotel, which is part of the Curio by Hilton brand, with an estimated completion date in 2029.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $26,000,000
• Buyer: Palm Beach County
• Seller: Stephen Ross - Related Ross
• Market: West Palm Beach, FL
• Acreage: 1.8
• Annual Base Rent: Starting at $1.1 million, increasing by 3% per year
• Lease Duration: Up to 97 years
• Future Hotel Investment: $290 million

Stephen Ross, through Related Ross, secured approval for a sale-leaseback arrangement in which Palm Beach County will purchase the parking lot and the proposed hotel site, allowing Related Ross to lease the property back. This strategic move facilitates the development of the planned Curio by Hilton hotel, indicating a substantial investment in the local infrastructure and hospitality sector.