Billionaire developer Jeff Greene is selling a waterfront site in downtown West Palm Beach to David Martin’s Terra and partners, who include BH Group, for more than $90 million, sources told The Real Deal.
Greene is under contract to sell the 1.6-acre assemblage at 2023 Flagler Drive, a triangle-shaped property at the intersection of Flagler, Piccadilly Street and Broward Avenue. The land is across from the waterfront Currie Park, which is being renovated to the tune of $35 million.
Greene, who confirmed the sale price exceeds $90 million, said his property is “the best site left anywhere in Palm Beach County.” The developers likely plan a luxury condo tower, as a 350-foot-tall building can be constructed on the site.
The pending sale to a group that includes Terra was first reported by the Palm Beach Post, but the price and Aventura-based BH’s involvement in the deal has not previously been reported. BH is led by Isaac and Liat Toledano. The two developers may also be working with additional partners. BH could not immediately be reached for comment. Terra declined to comment beyond confirming it is under contract to purchase the property.
Greene’s LLC paid $1.5 million for the land in 2014, records show. It’s next to a development site owned by BH and Miami-based Related Group. The joint venture paid $34 million for that property in 2024, where Related and BH plan a Rosewood Residences.
More than 2,000 condos are in the works in West Palm Beach, and a number of those buildings are being developed by Miami’s biggest players, including Fort Partners, Related Group and Terra.
Terra’s Mr. C Residences West Palm Beach, which will rise 27 stories, with 146 condos and 110 hotel keys, is more than 85 percent presold after securing a $285 million construction loan in August, sources previously told TRD. Construction is underway.
In March, Related Group and BH Group landed a $200 million construction loan for their planned 27-story, 138-unit Ritz-Carlton Residences, West Palm Beach at 1717 North Flagler Drive. The project is 80 percent presold.
Billionaire developer Steve Ross has four condo projects planned in West Palm, a city where he has invested billions of dollars. The Post reported this week that Ross is joining Wexford Real Estate Investors, 13th Floor Investments and L&L Holding Company on a planned condo project that will be built on a site that includes the former Russo’s submarine shop.
Read more
Residential
South Florida
Jeff Greene gifts $80M West Palm Beach site to Vanderbilt campus
Residential
South Florida
Billionaires’ Row or bust: How far can West Palm’s condo boom go?
Residential
South Florida
Inside Jeff Greene’s delayed West Palm Beach project
