Palm Beach billionaire and precise property investor Jeff Greene this month expanded his Palm Beach County lodge holdings when he paid a recorded $19 million for a Courtyard by Marriott property in Boynton Beach.
Palm Beach billionaire and precise property investor Jeff Greene has added a Boynton Beach lodge to his portfolio of Palm Beach County properties, which embody the Tideline Ocean Resort & Spa on South Ocean Boulevard.
Greene and a company he manages named Boynton Property Holdings LLC this month paid $19 million for the Courtyard by Marriott Boynton Beach property at 1601 N. Congress Ave.
The deal for the 8.1-acre property included the 171-room lodge with 18 two-bedroom luxurious townhouse rental objects. The property can be residence to a Buffalo WIld Wings restaurant and a preschool.
“I was beneath contract to buy it for $22 million sooner than the pandemic,” Greene instructed the Palm Beach Daily News this week.
But he reopened negotiations with vendor Boulder Hotel Management of Delray Beach after the coronavirus catastrophe escalated.
“They decrease $three million off the price,” Greene acknowledged, together with that the deal included an settlement to utilize the Marriott mannequin on the property for 20 years, a for for much longer extension of the distinctive timeframe.
The lodge commerce has been hit notably arduous by the properly being catastrophe, he well-known, with some analysts predicting an extended interval of restoration.
The property remaining purchased in January 2018 for a recorded $19.6 million, property info current.
In addition to the Tideline in Palm Beach, Greene’s lodge holdings throughout the county embody the Ramada by Wyndham on Palm Beach Lakes Boulevard in West Palm Beach and the Jupiter’s Fairfield Inn & Suites, moreover a Marriott mannequin, on Indiantown Road.
Greene moreover has topped out his two-tower, 30-story mixed-use problem — nonetheless with none dwelling home windows — on Quadrille Boulevard on the north end of downtown West Palm Beach.
City officers authorised the problem as a lodge, office and multi-family progress. But Greene is trying to find a zoning change so that the problem can develop to be solely residential — whether or not or not condominiums, residences or luxurious leases — counting on what the market will bear, he acknowledged.
The pandemic, he says, is in cost: “The financing just isn’t accessible for lodge and office (space),” he acknowledged.
Right now, Greene acknowledged, the occasion is in a holding pattern, pending a study of demand for lodge, office and residential space downtown.
But he acknowledged he’ll “most definitely” arrange the already-manufactured dwelling home windows throughout the present residential tower and on a minimal of the lower flooring of the lodge/office tower.
Greene’s precise property career began whereas he was pursuing a grasp’s diploma in enterprise at Harvard University. By his second 12 months on this system, he had develop to be a millionaire. He moved to Los Angeles, the place he made and misplaced one precise property fortune. But by 2008, he had earned one different, higher one by investing in credit-default swaps related to subprime mortgages.
In 2009, Greene and his partner, Mei Sze traded California for Palm Beach. They bought a landmarked dwelling, La Billucia, on Billionaires Row and launched into a major renovation and progress problem. Greene later bought The Omphoy lodge on the South End and renamed it The Tideline.
In the 2018 Florida governor’s race, he received right here in a fourth throughout the Democratic principal. In 2010, Greene had run unsuccessfully to develop to be the Democratic nominee in Florida’s U.S. Senate race.
Later in 2010, he bought the landmarked 1936 developing that had been Palm Beach’s principal put up office and relocated his companies there.
His Palm Beach County investments have included condominiums, industrial buildings and vacant heaps ripe for progress. He moreover based mostly The Greene School, a private faculty offering early-childhood programs by way of eighth grade in West Palm Beach.
Darrell Hofheinz writes about precise property in his weekly “Beyond the Hedges” column. He welcomes info objects about Palm Beach precise property for this column. Email [email protected], title 820-3831 or tweet @PBDN_Hofheinz.