The Coastal Star

Business Spotlight: Builders break ground for Intracoastal fourplex in Delray

Owners and associates from Seaside Builders and Premier Estate Properties celebrate their teamwork on Cove 4 at 344 Venetian Drive, one of several properties Seaside is developing in the neighborhood. Jerry Lower/The Coastal Star

By Christine Davis

Cove 4, developed by Seaside Builders, held a Delray Beach ground-breaking ceremony in February at its 344 Venetian Drive location. The building will be a residential fourplex on the Intracoastal Waterway, with prices starting at $3.5 million.
Other properties currently being developed by Seaside in the neighborhood include a four-bedroom home priced at $4.395 million at 202 Venetian Drive; a four-bedroom home priced at $4.25 million at 1201 Seaspray Drive; three units at 917 Bucida Drive starting at $2.895 million; four units at 104 Andrews Avenue starting at $2.495 million; and units at 101 and 105 SE Seventh Avenue, each priced at $1.595 million. For information, call Premier Estate Properties broker associates Pascal Liguori at 278-0100 and Antonio Liguori at 414-4849.

The Edwards Companies, headquartered in Columbus, Ohio, took out a $94 million loan from Fifth Third Bank for Atlantic Crossing, a four-story mixed-use complex under construction on a 9-acre site at Atlantic Avenue and Federal Highway in Delray Beach. Financing includes $16 million that the bank lent in 2016, records show. The development will include 83,000 square feet of office space, 73,000 square feet of space for retail stores and restaurants, 261 rental apartments and 82 condominium units.
Edwards Cos. filed a lawsuit in 2015 alleging the city deliberately stalled the project, which was first proposed in 2011. The developer and the city settled the lawsuit in 2017. Records show Edwards paid $15.8 million for the land in 2016.

Two adjoining office buildings at 5201 Congress Ave. and 901 W. Yamato Road in Boca Raton sold for $68.35 million. The seller was Mainstreet CV North 40 LLC, a joint venture between Fort Lauderdale-based Mainstreet Capital Partners and Minnesota-based CarVal Investors, and the buyer was PG Mainstreet North Forty LLC, managed by Mainstreet Capital Partners and an unidentified partner. BankUnited provided a $47.58 million mortgage to the buyer. Cross Country Healthcare has its headquarters at 5201 Congress Ave. The 901 W. Yamato Road building has the U.S. headquarters of Biotest Pharmaceuticals Corp.

The New York-based real estate investment group InvestCorp sold University View, a 55-unit development at 2190 NW Fourth Court in Boca Raton, for $20.8 million in January. The buyer is University View Apartments Funding Company LLC, a Delaware company, which secured a $14.3 million loan from JP Morgan to make the transaction. InvestCorp purchased the development for $20.25 million in 2016 as part of a $105 million portfolio sale that included two other Palm Beach County multifamily properties. InvestCorp’s parent company is based in Bahrain.

Cleveland Clinic Florida purchased 35.4 acres of vacant land west of Lake Worth in January. It paid $4.63 million to the Diocese of Palm Beach for 19.1 acres at 8765 Lake Worth Road, and another $4.63 million to Herbert F. Kahlert for 16.3 acres at the southeast corner of Lyons Road and Cypress Springs Road. Cleveland Clinic spokeswoman Heather Phillips said there are currently no plans for the land.

The trust of Ridgway Harding White bought a waterfront home at 1495 Lands End Road in Manalapan in January for $5.17 million. The sellers, Gregory and Monica Oberting, bought the house in 2015 for $4.115 million, property records show. White is the president and CEO of the Charles Stewart Mott Foundation, which supports nonprofits throughout Flint, Michigan. His great-grandfather Charles Stewart Mott was the original U.S. partner of General Motors Corp. and later bought the company that became U.S. Sugar, which is now partly owned by the Mott Foundation.

Nick Malinosky and his team, The Randy & Nick Team at Douglas Elliman, were selected to lead sales for the Gulf Stream Views townhomes on Old Ocean Boulevard that are in the pre-construction phase in the County Pocket. Gulf Stream Views, offered by NR Living Platinum, will consist of 14 four-bedroom units priced from $1.495 million to $3.3 million. The build team includes architect Richard Jones, DMR Construction and Carrie Leigh Design. The developer paid $5.4 million for the 2-acre site and scored a $16.5 million loan from Trez Forman for the land and development.

Lang Realty recognized its top agents and teams of 2018 at a special awards breakfast at Aberdeen Golf and Country Club in February. In the south county coastal area, a Diamond Award winner was Warren Heeg. Diamond Team Awards winners included Olive Belcher and Brittany Belcher and the Pearl Antonacci Group. A Ruby Award recipient was Julie Giachetti, and a Ruby Team Award was presented to Kathy Pendleton and Phil Metzler. Emerald Award winners included Laura Urness and Robin Winistorfer, and Emerald Team Award winners included Michael Gallacher and Anne Bernet.

Palm Beach State College earned national Top 10 rankings from two military publishers for the second consecutive year. Viqtory and Military Times have placed the college fourth and seventh respectively on their lists of the best higher education institutions for veterans, which made the college the highest-ranking Florida school in its category.
Palm Beach State College launched its Innovation Lab at a ceremony in February. The 1,264-square-foot center is in the Technology Center on the Lake Worth campus.
“The lab is designed to connect PBSC students with industry, providing students with hands-on experiences that prepare them for placement upon graduation,” said Kimberly Allen, the college’s associate dean for business and computer science.  The Innovation Lab was set in motion by Alireza Fazelpour, a Palm Beach State College computer science professor, and developed through the collaboration of faculty, staff and business partners.

Boca Raton-based Gladiator Lacrosse LLC, led by 18-year-old entrepreneur Rachel Zietz, has acquired All Ball Pro, a company headquartered in St. Louis that manufactures and distributes professional-grade balls and rebounders for sports. Zietz, a freshman at Princeton University, founded Gladiator Lacrosse in 2012, when she was 13. At 15, she appeared on ABC’s Shark Tank, and in 2016, she made a deal with Dick’s Sporting Goods to carry her line of products.

Discover the Palm Beaches, the tourism marketing organization for Palm Beach County, hosted its third Customer Advisory Board meeting at the Boca Raton Resort and Club in February. Members of the advisory board are professionals representing groups that include SunTrust, National Dental Association, Americans for the Arts and American Society for Microbiology. They serve as volunteers to give feedback on how the marketing organization can better promote the area for conventions and meetings.

Jeb Conrad, president and CEO of the Greater Delray Beach Chamber of Commerce, welcomed 120 members and supporters to the Chamber’s annual Membership Luncheon & Installation of Officers in January at the Delray Beach Golf Club.
Bill Branning was sworn in as chairman. Named to the Executive Board were Rob Posillico of the Scirocco Group; Noreen Payne of All About Florida Homes/Keller Williams; Cathy Balestriere of Crane’s Beach House & Luxury Villas; Robert Hickok of Hickok Law Firm, P.A.; Alan Goodman of  Nason, Yeager, Gerson, White & Lioce, P.A.; Ron Kaniuk of Kaniuk Law Office, P.A.; and Jim Chard of Human Powered Delray.
The Board of Directors includes: David Beale of Law Offices of David A. Beale; Sarah Crane of the HOW Foundation; Mark Denkler of Vince Canning Shoes, Inc.; Evelyn Dobson of Delray Beach Community Land Trust; Charlene Farrington of Spady Cultural Heritage Museum; Jesse Flowers of CenterState Bank; Roger Kirk of Bethesda Hospital; Amanda Perna of The House of Perna; David Schmidt of Law Offices of Simon and Schmidt; Barbara Stark of Milagro Center; Jeff Dash of Dash Travel; Mark Lauzier, Delray Beach city manager; Johnny Mackey of Shamrock Restoration; Steve Mackey of Mack Industrial, Inc.; Manish Mehta of Doughnut Works/PixelGlue; Kristen Noffsinger of Kristen Rose Agency; Dan Paulus of GFA International, Inc.; Scott Porten of Porten Companies; and Dr. Marcie Young of Young Dentistry, P.A.
Roy Simon was recognized for 60 years of Chamber membership.
The Chamber named Payne as director of the year and John Campanola from New York Life as ambassador of the year. Recognized previously were the Delray Beach Elks Club as business of the year; Balestriere as businessperson of the year; and Schmidt as the Crystal Palm Award winner for community service.

The Boca Chamber honored Ethel Isaacs Williams as its Diamond Award recipient during its 13th annual Diamond Awards luncheon last month at the Boca Raton Resort and Club. The event recognizes a professional woman in South Palm Beach County who contributes to the vibrancy of the community. Williams, a senior vice president at Kaufman Lynn Construction, serves as immediate past chair of the Chamber’s board of directors, and she is part of several civic and professional associations, including the national and Palm Beach County bar associations.
The 2019 Pearl Award recipient was Casey Hill, who designed the Piston Trainer for trumpet players. The award is given to a young woman who is a graduate of the Chamber’s Young Entrepreneurs Academy. Hill, a junior at Boca Raton Community High School, launched her company in August.
The Chamber’s Community Cookout will be from 11 a.m. to 3 p.m. March 16 at the YMCA of South Palm Beach County, 6631 Palmetto Circle South. There will be hot dogs, hamburgers, veggies, chips and more, as well as games for all ages, with bounce houses, slides and a DJ. Admission is free, and meal tickets can be purchased for $5. To register, visit bocaratonchamber.com/events.

MDG Advertising, a company that sponsors Boca Raton Eco Trail Trekker, put out a call for runners to take part in the Sports, Health and Wellness Expo at Florida Atlantic University’s Boca Raton campus on March 30-31. Runners will raise money for charities. For each team entry, organizers will donate 50 percent of money received to Achievement Centers for Children & Families in Delray Beach. For information, visit ecotrailtrekker.com/boca-raton-team-entry-form/


Send business news to Christine Davis at cdavis9797@gmail.com. 

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