Riviera Beach’s Planning and Zoning Board unanimously endorsed a massive mixed-use condominium project across the street from the Port of Palm Beach.
The board voted Thursday to recommend the rezoning of a 4.27-acre former boat yard at 1117 Broadway that will enable Boca Raton-based SobelCo to build a 1.23-million-square-foot development with 508 condos, 10,000 square feet of retail and restaurants, and a parking garage with 1,083 spaces. The project will consist of two 20-story buildings and two 13-story buildings. The maximum height will be 215 feet.
Both the rezoning and the site plan, which was also unanimously recommended by the board, will come before the Riviera Beach City Council for final approval at a later unannounced date.
An affiliate of SobelCo, led by Samuel and Jeffrey Sobel, paid $12 million for the development site in March, records show. The seller was an LLC connected to John Staluppi, founder of Atlantic Auto Group and Millennium Super Yacht.
Tirso San Jose, vice president of SobelCo, said his company plans to market the condos to young professionals interested in living near West Palm Beach who can afford to buy a unit at starting prices of just under $1 million.
“We think it’s time for Riviera Beach to experience some redevelopment,” San Jose told The Real Deal, adding that the property “overlooks Peanut Island and is a hop, skip, and a jump from the Port of Palm Beach where all the cruise ships come in. Geographically, it is a great location.”
The property is also surrounded by future development projects. To its immediate west is Villa L’ Onz, a workforce townhouse project with 12 units that is being developed by the Riviera Beach Community Development Corporation.
To its east is Marina Village, a 90-acre area that the city of Riviera Beach has pushed to redevelop as part of an effort to create more jobs and tax revenue. Miami-based Related Group, Aventura-based BH Group, and West Palm Beach-based Tezral Partners are finalizing plans to build Gallery at Marina Village, a 20-story project with more than 400 market-rate apartments. Also, the Related Group’s affordable housing arm, Related Urban, and Tezral Partners intend to soon break ground on Residences at Riviera Beach, a workforce housing project with 149 apartments.
Near Marina Village’s actual marina, Riviera Beach’s Community Redevelopment Agency has re-issued a bid for developers interested in building a mixed-use project that will include hotels, restaurants and entertainment.
A spokesperson for Related Urban said that Related and Tezral Partners will propose a condo-hotel concept with a parking garage and restaurants for that site. Bob Sonnenblick, chairman of Sonnenblick Development, said his proposal will be a phased development that will include a 150-room Compass by Margaritaville Hotel.
Marina Village is just north of the Port of Palm Beach, which serves as a cruise ship terminal for Margaritaville At Sea and is Florida’s fourth busiest container port, according to the port’s website.
Founded in 1980, SobelCo is a real estate developer, manager and general contractor. Its completed projects in South Florida include the 11-story 321 at Water’s Edge in Fort Lauderdale that was completed in 2019.
