The Manalapan property purchased by Jeff Greene sits adjacent to county-owned property at the Boynton Inlet. Photo courtesy Palm Beach County Property Appraiser
By Christine Davis
Palm Beach billionaire Jeff Greene has expanded his sizable Florida real estate holdings by purchasing the southernmost property in Manalapan, the 4020 S. Ocean estate formerly owned by longtime resident Ken Brown. Greene was the sole participant in a bankruptcy court-ordered auction April 8, handled by Fisher Auction Co.
According to auctioneer Lamar Fisher, “Greene paid the $6.5 million minimum bid and 6 percent brokers fees for a total of $6.89 million.”
The 2.39-acre estate reaches from the Atlantic to the Intracoastal Waterway and is just north of the Boynton Inlet. It was once appraised at $11 million and is currently taxed at more than $3.3 million.
Greene said he loves the property. “It’s a good value, a fantastic location. Right next to the Boynton Inlet, if you want to get out into the ocean, you can’t get any better than that. And the deck. Isn’t that a great thing? It feels like you are standing out in the middle of the water.”
He bought it as an investment property, and he’s not sure what he’ll end up doing. “We have lots of choices. Right now, we are working on getting it closed, and then we’ll decide. We might fix it up, subdivide it, resell it. We may clean it up and rent it until we decide what to do with it.”
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We’ve heard “location, location, location” over and over again when it comes to real estate, but the buzzwords are “growth” and “development” when it comes to Manalapan, Point Manalapan and Hypoluxo Island.
In 2012, 13 waterfront homes in that area sold, totaling more than $39 million in sales. The next year, sales nearly doubled to more than $76 million. Sales jumped again in 2014, with 22 waterfront residences selling for a total of more than $80 million.
“The interest seems to be at an all-time high,” said Jack Elkins, a Realtor with Fite Shavell & Associates. Reasons he cites include harsh winters in the North, Florida’s favorable tax rates and incentives, and an increase in the number of companies relocating in the county.
Three recent companies that the Business Development Board of Palm Beach County helped relocate are Olympus Insurance, DB Capital, and wealth management firm and hedge fund Govic Capital.
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The George family’s Abeleina Properties Inc., owner of 326 and 400 E. Atlantic Ave., Delray Beach, sold on April 1 for $19.5 million. The properties were listed in October for $21.5 million through Howard Bregman, of Marcus & Millichap. Rosebud George West One, an affiliate of Menin Development, is the buyer.
“Menin Development is a prominent developer throughout the Southeast, but this is their first (development) in Delray Beach,” Bregman said. Tenants include Kilwins Chocolate and Ice Cream, Huber’s Pharmacy, Thida Thai Jewelry, Real Eyes Optical, Cupcake Couture, the Legacy and the Green Owl restaurant.
All have lease contracts.
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Through a $500,000 grant from the Gail S. Posner 2008 Revocable Trust, Wayside House in Delray Beach opens the Tina Posner Center for Career Excellence, a career center to help women recovering from substance abuse prepare for interviews, find and retain jobs, as well as assist them with future career goals. Also, the new career center and the Drug Abuse Foundation are collaborating with the Delray Beach Drug Task Force to form a business council of employers, for whom the center will provide a resource to help ensure employee retention, conflict resolution, employee productivity, personal development and random drug testing for their employees.
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For folks who prefer fresh produce and other natural goodies but hate driving way out west of Boynton to Bedner’s Farm Fresh Market on State Road 7, cheer up. Bedner’s is heading east. The family that moved from Pennsylvania to begin farming mostly cucumbers and peppers in 1960 has its eye on some property in downtown Delray Beach just north of Atlantic Avenue and east of the railroad tracks. They hope to open this fall.
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Crane’s Beach House Boutique Hotel & Luxury Villas recently received a certificate of recognition for gathering exceptional guest ratings and reviews from Hotels.com customers. In addition, Crane’s has earned awards for outstanding customer service from Expedia, TripAdvisor and the Florida Superior Small Lodging Association. Crane’s is at 82 Gleason St., Delray Beach.
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On Thursdays in May, from 6 to 9 p.m., Delray Beach Marketing Cooperative hosts “On The Ave: Sets in the West” free concerts along with activities, a Kid’s Corner and food tents. On May 7, Plaid Blazer will play classic hip-hop music, and members of the Milagro Teen Center’s 7 Cyphers hip-hop program will perform. On May 14, Pocket Change will play R&B and dance music.
Also, former NBA stars Otis Birdsong and Micheal Ray Richardson will be on hand to meet and greet.
On May 21, FUSIK will play Funk music. On May 28, Eric Biddines with Freedom in the Groove will play hip-hop. Performances will be at the Libby Wesley Plaza Stage at West Atlantic Avenue and Southwest Fifth Avenue.
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Mizner Country Club in Delray Beach has established a junior board of directors, a group of children and teens ages 10 to 18, who meet quarterly with the club’s general manager and COO, Larry S. Savvides, and Mizner’s Kids Manager Kristy King. At formal meetings, they discuss upcoming events, give feedback on previous activities, and brainstorm for future events and endeavors. One of the first recommendations by Junior Board members — an open gym time at the club’s fitness center for their age group — was approved by Mizner’s Board of Directors. “The goal of the program is to empower Mizner’s next generation with leadership skills and promote dependability and creativity among Mizner’s junior population,” said Savvides.
For the second consecutive year, Mizner Country Club in Delray Beach has received the Club Managers Association of America’s International Wine Society Award of Merit. Additionally, Mizner’s sommelier, Sylvie Gervais, received the “Simply the Best Women Sommelier” title at the Simply Italian Great Wines Americas 2015 Tour in Miami.
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The Greater Delray Beach Chamber of Commerce recently held a Focus on Women Business Expo at the Wick Theatre in Boca Raton. Affording opportunities to network with business leaders and minute-mentoring with business experts, the expo provided women entrepreneurs and small business owners with a place and a platform to promote their businesses, as well as meet and support each other.
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The Realtors Commercial Alliance of the Palm Beaches and Treasure Coast has received a $2,200 micro-grant from the National Association of Realtors. The alliance will use the funds to build a walk-through pergola with seating within the Gladiolus Education Garden, 51 NW Ninth Ave., Delray Beach, in partnership with the Gladiolus Education Garden Committee.
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Carls Patio is opening its newest location at 14851 Lyons Road, Delray Beach, at the Delray Marketplace.
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BYL Network Inc., a new free 24-hour interactive broadcast network based in Boca Raton, launched its third season of shows April 6. BYL stands for Better Your Life, and it aims to do just that with its programming across six channels: Women, Men, Money, Home & Travel, Sports & Entertainment and Late Night. New shows this season include Louise Phillips Forbes’ Live, Delray Beach resident Lori Wilk’s Successipies, and Boca Raton resident Neha Uberoi’s Neha Shows. To watch, visit bylnetwork.com.
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John W. Kelly, president of Florida Atlantic University, will speak about the university’s current achievements and future growth plans at the Gold Coast Tiger Bay Club’s 11:30 a.m. luncheon meeting to be held May 13, at the City Fish Market, 7940 Glades Road, Boca Raton. Costs to attend are $35 for members paid in advance or $40 at the door and $35 for first-time guests or $50 second-time guests. For information, call 852-0000.
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Brenner Real Estate Group’s senior vice president, Helen Weissman, and Scott Brenner, president/CEO, negotiated the lease of 7,880 square feet of office space within Atrium Financial Center, 1515 N. Federal Highway, Boca Raton. Weissman and Brenner represented the tenant, Center-State Bank. The landlord, Atrium Financial Center, Ltd., was represented by Dyana Kenney of Penn-Florida Realty Corp.
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On March 23, Gov. Rick Scott appointed Terri Harmon of Boca Raton to the Area Nine Family Care Council. Her term will go through March 19, 2018.
Since 1998, Harmon has served as the executive director of the Gold Coast Down Syndrome Organization, Boynton Beach, a nonprofit that offers education and advocacy programs for children and adults with Down Syndrome throughout Palm Beach County. The Family Care Council Florida’s mission is to advocate, educate and empower individuals with developmental disabilities.
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The Swedish fashion retailer H&M plans to open an 18,000-square-foot store in time for back-to-school shopping at the Boynton Beach Mall. It will be near the Center Court. H&M also has stores in Palm Beach Gardens, West Palm Beach and Wellington. The Boynton Beach Mall is at 801 N. Congress Ave.
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Eric Shepherd (left), president of Rolls-Royce Motor Cars North America, congratulates Vince Cerone, general manager and COO of Braman Motorcars. Braman Rolls-Royce Motor Cars Palm Beach is the first North American dealership to win both National and Global Dealer of the Year awards. Photo provided
Braman Rolls-Royce Motor Cars Palm Beach is the first North American Rolls-Royce dealership in history to win Rolls-Royce’s National and Global Dealer of the Year awards simultaneously. These awards recognize Rolls-Royce Motor Cars Palm Beach as the top dealer in 2014 among 127 Rolls-Royce retailers worldwide and 41 in North America. Also, they signal that North America has regained the title of largest sales region for Rolls-Royce with a 30 percent increase from 2013 to 2014.
“Winning these awards means two things to our customers,” said Ralph Avila, general sales manager of Rolls-Royce Motor Cars Palm Beach. “First, they know that not only are they getting the best luxury car in the world, but they’re getting it from the best dealership in the world. And, as Dealer of the Year, we will also be able to offer our customers more bespoke and special-edition Rolls-Royce models than anyone else. For instance, Rolls-Royce will build only 35 of the new Waterspeed Collection Phantom Drophead Coupés for the entire world, and we’ll get three of them. And, in a few years, when the new ‘all-terrain’ Rolls-Royce is introduced, we will be among the first to have one on the showroom floor.”
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Within two years of buying 323 unsold units at the Promenade condo in Boynton Beach, the Related Group of Miami has almost sold the place out. Only 15 units are left. Related bought the note on the 14-story, two-tower complex with 318 condo units and 77 hotel condo units in December 2012. Related renamed the complex, Casa Costa (Spanish for Beach House).
“It’s a charming development, right on the Intracoastal with spectacular views of the Intracoastal and ocean,” said Craig Studnicky, principal of Related ISG International Realty. His job was to bring the buyers, and he did, with 40 percent coming from Argentina, Venezuela and Brazil. “My job was to get the South Americans there,” he said.
“Jorge Perez got it at a very good price, and Related gave it to me to sell for around $285 a foot. That’s under replacement value, which would be $325-350 a foot just in costs, so buyers were getting a great value.” Casa Costa is at 400 N. Federal Hwy.
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At the Florida Capitol in April, State Rep. Lori Berman (D-Lantana) introduced House Resolution 9065 to honor Dennis Gallon, president of Palm Beach State College, for his more than 50 years of service in education. Gallon will retire on June 30.
After a national search for his successor, Ava L. Parker, executive vice president and COO of Florida Polytechnic University, has been named Palm Beach State College’s new president. Before her time at Florida Polytechnic University, she served on the Board of Governors of the State University System, and she is a partner with the Jacksonville law firm of Lawrence & Parker. She earned her Juris Doctor degree and a Bachelor of Arts degree in journalism from the University of Florida.
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The Business Development Board and the Palm Beach County School District have added an alternative to the nationwide Take Our Daughters and Sons to Work Day. The new program, Take a Student to Work Day, is scheduled for May 26, the same day as the School District’s annual Take Our Daughters and Sons to Work Day.
Aimed toward high school students gaining knowledge about employment opportunities available in the county, local businesses are encouraged to volunteer to host a student for a day of job shadowing.
Businesses that have already volunteered include the Greater Delray Chamber of Commerce, Quantachrome Instruments, Discover The Palm Beaches, Glidden-Spina and Partners, the O’Donnell Agency, the Business Development Board of Palm Beach County, Lockheed Martin, Biotools, NCCI, BDO, The Gehring Group, the Northern Palm Beach County Chamber of Commerce, Leo A Daly and Morgan Stanley. Businesses that are interested in participating, contact Allie Amelio at aamelio@bdb.org.
Send business news to Christine Davis at cdavis@comcast.net.
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