The swimming pool, tiki hut bar and cluster of small buildings are part of Crane’s character. Menin Development, the new owner, has no plans to change that. Photo provided
By Christine Davis
While the management will remain the same, the owners are new at Crane’s Beach House Boutique Hotel & Luxury Villas in Delray Beach.
Delray Beach-based Menin Development bought the property for $10 million from the Crane family on Nov. 3, according to the South Florida Business Journal.
Northeast Bank provided financing to the privately funded acquisition.
The sale will carry no disruption to the guest experience or bookings, and Cathy Balestriere, the hotel’s longtime general manager, will remain at the helm, according to a news release.
“It’s going to be a great thing, and I’m very excited,” Balestriere said. “It will be different from a family-run business, but I think being part of the Menin team and its vision is one of the best things for us to do as a smaller hotel to enhance” the guest experience.
Craig Menin, chief executive officer of Menin Development, says he is pleased with the acquisition.
“We have inherited a substantial resort with a very personal aesthetic and a loyal following with the addition of Crane’s Beach House Boutique Hotel and Luxury Villas to the Menin Development portfolio,” he said. “At this point we do not have any plans for any immediate renovations or changes to the property.”
Former owner Michael Crane says: “It’s been nothing short of a dream to have had the opportunity to build Crane’s into the beautiful, tropical paradise that it is today. … Anyone who has stepped foot inside Crane’s knows it is a very special place, and that is why I am entrusting the Menin team to take the torch from here.”
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An oceanfront estate at 855 S. Ocean Blvd., Delray Beach, owned by Charles H. Johnson as trustee of the Florida TBF Revocable Trust, sold for $34 million, double his purchase price in 2009. The sale was recorded Oct. 20.
The buyer is 855 South Ocean Boulevard, a Delaware LLC. With five bedrooms and almost 20,000 square feet sited on 1.3 acres with 125 feet of oceanfront, the home was listed Oct. 4 for $34.95 million, according to realtor.com. Nick Malinosky, an agent with Douglas Elliman, represented both the buyer and seller.
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The former chairman of Envision Healthcare, William Sanger, and his wife, Janice, purchased an eight-bedroom, 25,834-square-foot mansion at 418 N. Ocean Blvd., Delray Beach, for $33 million. The sale was recorded Nov. 15.
“It was the second-highest recorded sale for a residential property in Delray Beach, and the top sale for a home not on the waterfront, ever,” said Cole Leavitt, broker and CEO of the Boca Raton-based CPRE Organization, who represented the Sangers. “It’s actually three contiguous parcels directly across the street from the beach.”
Jack Elkins, of Jack Elkins Real Estate, represented the seller, which is listed in public records as 502 N. Ocean Blvd. LLC, managed by Carolyn Nachmias of Riverton, New Jersey. This limited liability company bought the estate from actor Kevin James in 2016 for $26,375,000.
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Swinton Social, an indoor/outdoor restaurant project at 27 S. Swinton Ave. and 104 SE First St., Delray Beach, broke ground after developer Icon Realty Capital obtained a $10.8 million construction loan. Davie-based CCHC Fund II provided the mortgage to Icon Development Holdings II LLC, which, according to public records dated Nov. 11, acquired the property from BBC Holdings LLC for $5,287,500.
Both Icon Development Holdings II and BBC Holdings LLC are managed by Anthony D. Shafer, the managing principal of Manalapan, New Jersey-based Icon Realty Capital.
According to newspaper reports, the project will have 8,702 square feet under air, a 100-foot pool, several Jazuzzis, two outdoor bars and event space. The general contractor is Pompano Beach-based Cannatelli Builders and construction is estimated to be completed in 16 months.
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The real estate agency Douglas Elliman Inc. has laid plans to split from its parent company, Vector Group, to become its own publicly traded entity on the New York Stock Exchange with the ticker symbol DOUG.
In a Nov. 8 statement, Vector Group President and CEO Howard M. Lorber, who also serves as president and CEO of Douglas Elliman Inc., said the split would benefit both companies.
“With a leading luxury brand and a comprehensive suite of technology-enabled services and investments, Douglas Elliman is well positioned to capitalize on opportunities in the large and growing U.S. residential real estate market,” Lorber said. “Following the spinoff, Vector Group’s separate tobacco and real estate businesses will be better positioned to execute their strategic plans.”
Completion of the transaction is subject to various conditions, and if all conditions are met, the spinoff is on track for completion late this year.
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Delray Beach-based Kaufman Lynn Construction received awards from the Florida East Coast Chapter of Associated Builders and Contractors during an Oct. 22 event in Aventura. Winning projects included the Jupiter police headquarters, which won the Eagle Award, Government and Municipality, $15 million to $25 million; Mareas at Botanica, which won the Eagle Award, Multifamily Housing, $30 million to $50 million; Waterline Miami River, which won the Eagle Award, Multifamily Housing, $50 million to $100 million; and The Rise Plantation, which won the Pyramid Award, Multifamily Housing, $30 million to $50 million.
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Erin L. Deady, a licensed attorney in Florida and a certified land planner by the American Institute of Certified Planners, recently completed the Delray Beach Chamber of Commerce Leadership Delray program.
“Leadership Delray exists through the Delray Beach Chamber of Commerce to ensure the continuity of community leaders who can mobilize others to action, who know the value of relationships and make the commitment to lead,” said Stephanie Immelman, the chamber CEO.
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Thierry Chrispin opened his insurance business, Brightway/The Chrispin Agency, 100 E. Linton Blvd., Suite 109-B, Delray Beach, in November.
Chrispin comes to Brightway with more than 10 years of sales experience. He graduated from Keiser University in West Palm Beach with an accounting and finance degree. A Haitian-American, Chrispin is bilingual.
Brightway/The Chrispin Agency offers customized home, flood, auto, boat, condo and umbrella insurance policies from numerous brands. Brightway is a national property/casualty insurance distribution company.
For more information, visit www.BrightwayChrispin.com or call 561-232-2050.
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The Commonwealth Institute has launched its Women’s Leadership Development in Florida 2021 Impact Study, sponsored by Florida Blue, Kaufman Rossin and PNC Bank.
“Our overall goal is keeping a spotlight on the state of women’s leadership, providing businesses with insights and programs that will inform employers on how to effectively allocate resources and programs to retain and advance women,” said TCI-Florida Executive Director Jacqui Kiviat. Businesses interested in participating in the online survey can access it at https://commonwealthinstitute.org/programs-events/florida-impact-study/. The deadline to participate is Dec. 17.
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William A. Cunningham III and Elyse Duff, real estate agents with Coldwell Banker, created a toy drive to benefit the Boys and Girls Clubs of Palm Beach County. Photo provided
Elyse Duff and William A. Cunningham III, real estate agents with The Starboard Group at Coldwell Banker at 1185 E. Atlantic Ave. Delray Beach, have launched a toy drive for the second straight year to benefit the Boys and Girls Clubs of Palm Beach County. This year the Starboard Group is the principal sponsor.
Each business sponsor will have a box near its front entrance for donations for unwrapped new toys. Youths most in need are ages 10-18, according to the Boys and Girls Clubs.
Sponsors include Elite Metals, Sunbelt Title, DJ Akib, Jamie’s Convenience Store, Vic & Angelo’s, Atoll, Bar 25, Turn 3 Sports Bar, Eyes in the Sky, SMR, O’Connor’s Pub, Florida Craft Distributors, Get Fit, Bright Spot Pressure Cleaning, Florida Home Loans, Coral Cove, David Mancini & Sons, Celsius, Copper Blues, Honey, Three Guys Roofing, Delray Beach Boxing, Salt7, Fire Island Beach House, Subculture, Dontee’s Diner, IG Filtration, Delray Beach Chamber, Coldwell Banker, Greene Construction Group, Melly Hair Studio, Dream Cars, Salty Dog Pet Grooming, Old School Square, South Palm Beach Dart League, Casa L’Acqua, Delray Beach CRA, Tree Froggie, 1-Stop Home Inspections, Tipperary Pub, My Sister’s Closet, Salty Paws, Sazio, Medcann, Matador Pest Control, Fight PFC, Hawkers, Delray Hideaway, Josie’s Ristorante, Coco & Co., Tin Roof, La Cigale, Tabañero Hot Sauce, Caffe Luna Rosa, GL Homes, El Camino, Cut 432, Periwinkle, Park Tavern, Tootsies, Billy Babies and CDS International Holdings.
Duff and Cunningham plan to host benefit parties at their office at 5:30 p.m. Dec. 11 and at the Delray Beach Market at 2 p.m. Dec. 12. The public is invited to bring toys to the events. For more information, call Duff at 631-275-7382 or Cunningham at 561-856-7982.
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A few new places of business popped up in Delray Beach in November, according to the Downtown Development Authority. They included Royal Bee at 413 E. Atlantic Ave., Holey Donuts at 1215 E. Atlantic Ave., and Coco Sushi Lounge & Bar at 25 NE Second Ave. Also projected to open are Playa Bowls at 1034 E. Atlantic Ave. and Koko Shoes at 1049 E. Atlantic Ave.
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FAU’s Southeast National Marine Renewable Energy Center has been working to create a consortium to develop the power of the Gulf Stream as a renewable energy source. The Gulf Stream, unlike waves, provides constant movement, making it a 24/7 resource.
Inspired by the Gulf Stream’s potential, OceanBased Perpetual Energy LLC of Miami successfully tested in 2020 an offshore turbine for 24 hours. Following that success, Lake Worth Beach expressed interest in “moving the ball forward,” said Gabriel Alsenas, manager of FAU’s Southeast National Marine Renewable Energy Center.
Alsenas explained that the Miami company and the town began informal discussions, with the firm putting in the offshore infrastructure, and Lake Worth providing the connection to shore.
“However, Lake Worth would also like to ensure that the supportive efforts and investments coming in would not just profit one or two companies, but would also provide economic prosperity for the region and the city,” he said.
FAU has begun to prioritize seeking federal funds for marine renewable projects.
“Hopefully this legislative year,” Alsenas said, “we’ll get funds to start the permitting to put a smaller cable from the utility on shore out to the Gulf Stream, so that companies can connect smaller turbines to start getting some preliminary results.”
FAU is also looking to leverage funds from the new infrastructure package, which includes language for the U.S. Department of Energy’s Marine Renewable Energy Centers.
And the federal Economic Development Administration is trying to promote the growth of new economic clusters, so in early November the FAU center and Lake Worth put in an application to build a Blue Energy Innovation Cluster in Southeast Florida.
“If we can establish an innovation cluster in mid-Palm Beach County — that checks all the boxes,” Alsenas said.
Send business news to Christine Davis at cdavis9797@gmail.com.
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