Miami Joint Venture Buys Dog Track, Planning over 1,000 Rental Units
Investment Corp. of Palm Beach, managed by Palm Beach resident Patrick Rooney Jr., sold 16 acres of the 47.3-acre Palm Beach Kennel Club site at 1111 N. Congress Ave. to the development team of Terra and the Frisbie Group. The sales price was $20.9 million. City National Bank of Florida provided a $16 million mortgage to the buyer.
The 42-acre site will be redeveloped in three phases. The South Florida Business Journal reports Terra and Frisbie Group are planning to build 405 units in the first phase in March and it shows the preliminary master plan for the entire 42-acre development site calls for 1,145 residential units, plus 120,000 square feet of commercial/retail uses in phases two and three. Urban Design Studio is the planning firm on the application.
The dog track at the club was shut down in 2020 following a state referendum making dog racing illegal. Other elements of the Kennel Club will remain open under ownership of Investment Corp. of Palm Beach.
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Remax Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Northgate Real Estate Group
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Essex Property Trust, Inc.
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