MIAMI – Dec. 14, 2021 – Global law firm Greenberg Traurig, P.A., represented the seller of an undeveloped downtown West Palm Beach site for approximately $19 million that has been approved for the development of 263 new apartments.
The 2.25 acre-site at 370 and 375 Eucalyptus St. is adjacent to Loftin Place, which was developed and built in 2015 on adjoining property by the seller of this site. The planned development, currently known as the Cielo project, is approved for two eight-story buildings on either side of Eucalyptus Street that will be connected by a bridge. The mixed-use project will also include 3,401 square feet of retail space, 371 parking spaces and a variety of amenities including a pool, courtyard, fitness center, and conference rooms.
“This parcel is one of the last undeveloped sites in the downtown West Palm Beach, and the market continues to be an attractive location for young professionals seeking new housing options in a more urban setting,” said Marcia H. Langley, a Real Estate Practice shareholder in the firm’s West Palm Beach office. “When our client received an unexpected offer, we were able to leverage our team’s depth of experience with Palm Beach County real estate transactions to move quickly from contract signing to closing in about 30 days.”
The sale, which closed Dec. 8, took place just as approvals for the project were finalized with the city of West Palm Beach and the seller was ready to apply for building permits to begin construction. The seller was Texas-based WPB-Resland Interests, LP.
The Greenberg Traurig deal team also included Charles J. Abrams, a West Palm Beach Real Estate Practice shareholder, and included Tracy H. Lautenschlager, a Land Use and Environmental Practice shareholder in Fort Lauderdale, and Real Estate Associate Laura Maxwell in West Palm Beach.
About Greenberg Traurig: Greenberg Traurig, LLP (GT) has approximately 2,300 attorneys in 40 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 25 on the Am Law Global 100. The firm is net carbon neutral with respect to its office energy usage and Mansfield Rule 4.0 Plus Certified. Web: www.gtlaw.com