Concord Wilshire Secures Land for Palm Beach Development
Concord Wilshire Capital acquired a 43-acre development site located at the intersection of SR-7 and Southern Boulevard in Royal Palm Beach, Palm Beach County, Florida (photo), formerly known as Tuttle Royale. The site was considered a distressed asset due to the previous owner’s inability to stay up on loan payments.
With the acquisition now complete, Concord Wilshire is advancing plans for the transformation of the property into a mixed-use destination that will serve as a central hub for residential living and retail activity.
The master-planned development, will include; (i) 401 multifamily residences; (ii) Approximately 426,764 square feet of essential and service-oriented retail; (iii) A 125-key lifestyle hotel; (iv) an approximately 82,875-square-foot office building; (v) Activated Park Plaza with public spaces, sculpture garden and experiential amenities.
The company expects sitework to begin soon upon receipt of all required permits.
Concord Wilshire will announce additional details in the coming months.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout