Four work permit extensions have been granted for the 1.5-acre spec estate at 1460 S. Ocean Blvd. Anne Geggis/The Coastal Star
By Christine Davis
The long-running saga of a construction eyesore in Manalapan has another chapter: The Nigerian oil mogul who sank millions into the property gave it up to his lender who had filed to foreclose on it.
A week after the deed was recorded in December, the new owner of 1460 S. Ocean Blvd. took his turn in front of the Manalapan Town Commission, seeking a fourth permit extension for the work that started in 2018 on the 1.5-acre, lake-to-ocean property.
Commissioners agreed to move the Dec. 26 construction deadline back another half year, until July 1.
But it didn’t happen without some grousing first.
“It looks like you’ve got a lot of site work left to do,” Mayor Stewart Satter observed, addressing the new owner, Ed London of London Financial South Ocean LLC, Key Biscayne, who acquired the property for $21.5 million, court records show.
Many of the twists and turns — and delays — have been due to former owner Onajite Okoloko’s financial state. “Domestic problems,” London told commissioners.
Later he clarified: That means “divorce.”
Okoloko purchased the property in 2017 for $12.4 million. Over the years, he borrowed $48.5 million (and paid off $20 million of that) to build the house, official records show.
London Financial’s foreclosure case against Okoloko, chairman and CEO of Nigerian-based oil and natural gas producing and exploring companies, was still open at the end of December, court records show.
But London said the project’s completion is on the horizon — it really is.
“Structurally, the house is done,” London said.
The latest $37,877 fee for the permit extension brings the total Manalapan has collected for permit fees on the project to $583,038.
“In a spirit of cooperation, the commission extended the permit request until July 1st,” Satter said. “If the project is not completed by July 1st, they will be required to apply for another permit extension.”
The first permit was pulled in 2018 and construction began in 2019. The unfinished home is now on the market for $87.5 million, bumped up from Okoloko’s asking price last summer of $79.5 million. An online description of the property shows it will be nearly 20,000 square feet, with six bedrooms and 11 baths.
At the last request for an extension on the construction permit, the project’s representatives blamed Florida Power & Light for the delays. London said the electric company’s work on the property still could prove a wild card that prevents the project’s completion before the new permit’s expiration.
Whatever he and the construction company can control, they’ll be striving to meet the deadline, he said.
“We don’t want to be back here,” London said.
-- Anne Geggis
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Kenneth A. Himmel, president and CEO of Related Urban, a company that develops mixed-use properties nationally, was the keynote speaker during Palm Beach State College’s 2023 fall commencement ceremony in December, which was held at The Ballpark of the Palm Beaches, West Palm Beach.
Degrees and certificates were given to more than 2,000 graduates. George T. Elmore was presented with an honorary degree. Elmore founded and is president of Delray Beach-based Hardrives Inc., a paving construction company. Elmore has been a longtime donor and a board member of the college’s foundation since 2011.
Among properties developed by Related Urban are The Square in West Palm Beach; Time Warner Center and Hudson Yards in New York; the Grand Avenue redevelopment project in downtown Los Angeles; and Related Santa Clara in California.
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Real estate agent Shelly Newman has joined The Corcoran Group and is now affiliated with the company’s Palm Beach office. Newman, one of RealTrends Top 1.5% producers nationwide, was previously with William Raveis Real Estate. Her expertise covers land sales to oceanfront, waterfront and Intracoastal properties.
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Following the Boynton Beach Chamber of Commerce’s merger with the Boca Raton Chamber of Commerce in 2019, Rick Maharajh, chairman and CEO of RM Logitech, co-founded the Boynton Beach Professionals networking group. Along with 35 other members, the group has since driven more than $900,000 in business sales among its members.
Recently, Maharajh founded the Boynton Beach Online Chamber of Commerce.
“The BBOC’s mission is to drive business and promote a ‘Downtown Destination’ while preserving the historic fishing village vibe. To stimulate economic development, work with our city to promote, educate and engage our businesses and residents, we will connect our business network to the Boynton Beach community,” Maharajh said. “By fueling our chamber members with a powerful internet platform, social media and online exposure, our reach will develop a more interconnected environment, as far as the internet goes.”
For more information, visit www.bbocflorida.com.
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Airline passengers have returned following the pandemic, and Aerospace Technologies Group, an aviation industry supplier headquartered at Florida Atlantic University Research Park, can attest to that.
The company recently secured Emirates international airline as the launch customer for its aerBlade window shades, which are to be installed in the airline’s Airbus A350 and Boeing 777X fleet.
The aerBlade is an electronically operated window shade system that passengers can control from clear to sun-blocking to full blackout with the touch of a button. Crew members can automatically lower and raise all window shades on the aircraft from their own panels.
Emirates had already introduced electric window shades when it launched its A380 fleet. With its A350 and B777X fleet, it will expand the shades to new cabins.
“Commercial air travel is through the roof and many carriers are taking old airplanes they would have retired and refurbishing them to bring them back into service,” said
Aerospace Technologies Group CEO Mario Ceste. “One of the things they need is new window shades.”
Over the past year, the 25-year-old company has nearly doubled its employee count to 190 to fill orders from new and existing customers in the charter and commercial airline industries.
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John Elder, a longtime volunteer and board member of Adopt-A-Family of the Palm Beaches, has assumed the position of board chair, with Elizabeth Morales serving as first vice chair, Heather Ferguson as secretary, and Jonathan Bain as treasurer. Joining the board of directors are Stephanie Gitlin and Takelia Hay.
Also, Chris Oberlink was unanimously elected as the board’s first lifetime emeritus director, honoring her nearly 30 years of service to Adopt-A-Family.
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Erin L. Deady P.A., a Delray Beach legal and consulting firm that focuses on solving environmental and land-use challenges, is celebrating its 12th anniversary. President Erin Deady, a licensed Florida attorney and certified land planner, primarily focuses her practice on public-sector government representation, but she also has private sector clients. The practice includes resiliency, adaptation, environmental restoration initiatives, water management, energy, climate, local government, administrative law and land-use issues.
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The YMCA of South Palm Beach County recently announced that it had raised a record-breaking $1,076,571 at its annual Giving Campaign victory celebration, held at FAU Stadium’s Acura Club. The donations will support the YMCA’s programs and resources for youth and families.
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The League of Women Voters of Palm Beach County will host a Hot Topic Luncheon on Jan. 17 at Mounts Botanical Garden, 559 N. Military Trail, West Palm Beach. Three co-founders of Stet Media Group, an online newsletter, will discuss the crisis in local journalism and the ongoing erosion of fact-based civic engagement.
They are Carolyn DiPaolo, a Palm Beach Post editor and manager of the news operation for 20 years; Joel Engelhardt, investigative reporter, editorial page writer and columnist at The Palm Beach Post for 28 years; and award-winning journalist Pat Beall.
Cost to attend is $25. The deadline to register is Jan. 10, and registrations, lunch choice and payment must be made online at https://lwvpbc.org/event/january-hot-topic-2024/.
Anne Geggis contributed to this column.
Send business news to Christine Davis at cdavis9797@gmail.com.
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