Site at Massive Avenir Development in Palm Beach Gardens Sold for $69M
Avenir, one of the largest development sites in South Florida, moves ahead with a land sale and financing.
The master developer, Avenir Development — an LLC run by Coral Gables-based Landstar Development Group — bought 445 acres on the north end of Northlake Boulevard for $69.4 million from Avenir Holdings.
Back in 2012, Avenir Holdings, an entity managed by David Serviansky, purchased 4,700 acres at 12200 Northlake Boulevard in Palm Beach Gardens for $20 million, public records show.
Over the years, Avenir Holdings has sold land to Avenir Development, which is developing the master-planned community. The first sale between the two entities occurred in 2017, when they traded a 2,287-acre parcel for $15 million, according to public records. This sale marks the second transaction, and included $62.5 million in seller financing from Avenir Holdings, according to property records.
“Phase one of development is almost complete,” Landstar partner Rosa Schechter told Commercial Observer. “Now, Avenir Development is ready to go to the next phase.”
Avenir Development sets the master infrastructure — putting in place the paving, drainage, and sewage — before selling parcels to home builders, such as Toll Brothers and Kenco Communities.
Situated on the outer edges of Palm Beach County near a nature preserve, the massive, mixed-use development is set to hold 3,900 homes and a golf course designed by legendary golfer Jack Nicklaus, according to its website.
The development is beginning to take shape, and some owners have already moved in, Landstar’s Schechter told the South Florida Business Journal. Landstar is also working with the city on a site plan approval for a commercial town center, which will house a Publix supermarket, the partner added.
The development is zoned for 1.8 million square feet of professional offices, 200,000 square feet of medical offices, 400,000 square feet of commercial space, 300 hotel rooms, 2,407 acres of conservation land, 20 acres of agricultural land, a 55-acre park, a 60-acre civic parcel, 15 acres for the city and a 15-acre school site, per SFBJ.