Woodfield Acquires West Palm Beach Condos at Auction
Avison Young and Fisher Auction completed the sale of all of the units and the .32-acre clubhouse/pool parcel of the 84-unit, 13-building condominium community located at 2800 Georgia Avenue in West Palm Beach, Florida. Woodfield Development was the top bidder at $13.5 million. The development was over $1.5 million behind in paying its water bills.
Avison Young Principals John K. Crotty, David Duckworth, Michael T. Fay and Brian C. de la Fé, along with Fisher Auction Company’s Lamar Fisher, Francis Santos and Paul Fisher, led the marketing and auction process.
The property offers redevelopment opportunities, with existing MF-20 zoning permitting up to 20 dwelling units per acre. West Palm Beach’s Future Land Use designation allows for densities of up to 32 dwelling units per acre, while the city’s Affordable and Workforce Housing Overlay can increase allowable density to as many as 40 dwelling units per acre for projects that meet designated affordability requirements.
The property is located just south of Downtown West Palm Beach.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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