July 8, 2019
The Coastal Star – Business Spotlight: Ground broken for new hotel in Pineapple Grove
By The Coastal Star
Delray Beach-based Menin Development landed a $72 million loan to finance construction of the Ray, a 141-room hotel planned in the Pineapple Grove Arts District at 201 NE Second Ave., according to a June 6 Commercial Observer report. Madison Realty Capital provided the 24-month construction loan with extension options.
The Ray will have a rooftop pool and bar, event space and two restaurants. Menin Development purchased the site for $26.6 million in 2016. Ground was broken on June 12. Construction will begin later this summer and is expected to be completed May 2021.
Ground will be broken for Delray Beach Market, 33 SE Third Ave., another Menin Development project, later this summer. Touted as “Florida’s largest food hall,” with 60,000 square feet housing 35 curated vendors, the market is set for a grand opening in fall 2020.
Boca Raton’s Mizner Park, which was built by Tom Crocker and opened in 1991, is undergoing a renaissance with an influx of new restaurants, bars and entertainment venues. Among the new tenants signed or in the works are the Lost Weekend bar, Calaveras Cantina Mexican restaurant and bar, Bluefish sushi and Japanese restaurant, and Strike 10 bowling alley.
“The ownership of Mizner Park changed hands,” explained Andrea O’Rourke, City Council member and Community Redevelopment Agency chair. “It was owned by GGP Inc. and bought out by Brookfield (almost a year ago). There was a bit of a standstill because of the sale of the property.”
In addition to new venues, changes are underway at others. Atlas Restaurant Group’s Ouzo Bay restaurant closed the week of June 24 and will move to Miami, while the company’s Loch Bar will remain open at Mizner Park. And Max’s Grille, which opened almost 30 years ago, will stay open while undergoing upgrades to be completed in September.
“There had been two partners and Burt Rapoport bought out Dennis Max,” O’Rourke said.
That transaction happened about a year ago.
What will happen to Lord + Taylor is still a question. Last year, the company said it was considering strategic alternatives and planned to close up to 10 stores in 2019, and in May 2019, Hudson’s Bay announced it was considering selling the Lord + Taylor brand. So far, three stores have been closed, and, announced in June, another two will close this fall.
The nationally historic Gulfstream Hotel is on market for an undisclosed price.
CBRE Group in Miami began marketing the 106-room hotel and nearby vacant parcels in mid-June, said Natalie Castillo, CBRE first vice president.
“We will be bringing highly qualified developers/hoteliers to evaluate this exceptional property at the heart of Lake Worth Beach,” Castillo said.
The six-story hotel sits on .54 of an acre, and 1.12 acres to the west are included.
The properties last sold in May 2014 for $7.23 million to a partnership of Hudson Holdings of Delray Beach and CDS Holdings of Boca Raton. After lawsuits were filed between the partners in early 2018, CDS retained ownership of the hotel. Real estate investor Carl DeSantis is a principal of CDS Holdings.
Rochelle LeCavalier is the new head for sales of the Residences at Mandarin Oriental, Boca Raton, for Penn-Florida Companies. LeCavalier joined Douglas Elliman in 2018 when the brokerage acquired her company, Pink Palm Properties. The 92-unit Mandarin, at 105 East Camino Real, is expected to open in 2021, a year after the hotel is completed.
Regent Holding LLC, managed by Leo Ghitis, sold a pair of office buildings at 902 Clint Moore Road, Boca Raton, to Congress Corporate Plaza II LLC, managed by Sergio Fernandez and Paul Berkowitz. The $21.2 million deal, recorded on May 29, included the assumption of a $10.48 million mortgage from Fidelity & Guaranty Life Insurance Co. The property was formerly acquired in September 1992 for $3.45 million.
Toby & Leon Cooperman Sinai Residences, a Boca Raton retirement community at 21036 95th Ave. S., plans a $160-million expansion and redevelopment, to break ground next year and expected to be completed by fall 2022. The plan includes the addition of 111 independent-living apartments, as well as updates to existing amenities.
Kim and Stephen Bruno bought 1160 Royal Palm Way in Boca Raton from G. Robert Sheetz for $12.603 million, according to public records dated June 12. Sheetz bought the property, .36 of an acre with 109 feet of water frontage, in 2017 for $4.625 million, and built a new 12,539-square-foot home. The builder was Wietsma & Lippolis Construction.
David W. Roberts of Royal Palm Properties was the listing agent, and Kenneth Beckett of Beckett Realty Advisors, LLC represented the buyers. Sheetz is a co-owner of the Sheetz convenience store chain with more than 500 locations in Maryland, Pennsylvania, Virginia, West Virginia, Ohio and North Carolina.
David J. Stern sold the 5,275-square-foot home at 925 Hillsboro Mile in Hillsboro Beach for $7.5 million to Thomas O. Katz of Boca Raton, according to public records. Stern had paid $8 million for the home in 2008, according to records. Todd Kirkpatrick of Whitaker Real Estate represented the buyer. Michelle Howland of Compass represented the seller. Stern was disbarred by the Florida Supreme Court in 2014 for his Plantation-based firm’s alleged misconduct.
Douglas Elliman Real Estate reported on the growth of the Oceanfront International Group and its expansion into the Caribbean market. Led by broker Steve Davis, the Oceanfront International Group includes Jessica Robertson, Brent Robertson, Adam Greenfader and Victoria Brewer. In the past two years Oceanfront has grown a portfolio of global listings totaling nearly $400 million throughout Florida, Costa Rica, Dominica, Puerto Rico, the Bahamas, St. Barthélemy, St. Maarten and Turks & Caicos.
At Douglas Elliman in Boca Raton, Annette “Babe” DeLuca joined Tinka Ellington’s team. DeLuca is a teaching golf pro who spent 16 years playing on the LPGA tour. She was an all-state softball player and three-time state champion at Cardinal Newman High.
Shelley Nesbitt has also joined Douglas Elliman in the Boca Raton office. Nesbitt has more than 25 years’ experience in finance and real estate, having served as a vice president for the Royal Bank of Canada and as a senior vice president at HSBC Securities.
Lawrence Dahman, who previously owned Dahman Realty, joined One Sotheby’s International Realty in Boca Raton. Dahman spent 12 years as a Florida Association of Realtors state director and was recently awarded Realtor Emeritus status by the National Association of Realtors for his more than 40 years of participation and leadership.
Mark R. Osherow, of Osherow PLLC Lawyers and Advisors in Boca Raton, was named for the 13th consecutive year to the Florida Super Lawyers in the area of business litigation. Super Lawyers is a rating service that uses independent research and peer evaluations in its selections.
Osherow is certified as a specialist in business litigation by the Florida Bar and can practice before all Florida, Connecticut, New York and New Jersey state courts. He is also admitted to practice before the U.S. District Courts for the Southern, Middle and Northern districts of Florida, as well as before several other federal trial courts. At the appellate level, Osherow is admitted to practice before the U.S. Court of Appeals for the 11th Circuit and the U.S. Supreme Court.
Doreen Yaffa, managing partner of Yaffa & Associates, a Boca Raton marital and family law firm, was appointed to the board of the Faulk Center for Counseling. She mentors young attorneys and hosts her Yaffa Power Women series for businesswomen; she is co-chair of the local Alzheimer’s Association; and is involved with Impact 100 and the Jewish Community Center of Boca.
Anthony Bajak, chief operating officer of Good Samaritan Medical Center, joined the YMCA of the Palm Beaches board in May. He will work to create awareness and raise resources to advance the Y’s mission to promote youth development, healthy living, and social responsibility.
George Gann, executive director and chief conservation strategist for the Institute for Regional Conservation in Delray Beach, was an instructor at two workshops at the Hudson River National Estuarine Research Reserve in Staatsburg, N.Y. The one-day workshops introduced ecological restoration professionals to an approach based on the Society for Ecological Restoration’s International Standards for the Practice of Ecological Restoration, of which Gann is second author.
Professional Bank has a new full-service branch in Boca Raton. The bank previously operated a loan production center in the city before opening the downtown branch. The new 2,500-square-foot branch is at 980 N. Federal Highway, Suite 100.
Crane’s Beach House in Delray Beach has received Trip Advisor’s Certificate of Excellence for five years in a row, meaning it has entered Trip Advisor’s Hall of Fame. To receive the certificate, a property must receive great reviews and its manager must demonstrate a responsive, customer-focused approach.
Five Star Senior Living Inc.’s Five Star Premier Residences of Boca Raton achieved the newly launched J.D. Power Senior Living Community Certification. To earn the designation, the community underwent an evaluation that included resident satisfaction surveys and on-site evaluations of operational best practices.
RailUSA, LLC, a Boca Raton-based independent freight railroad and rail services holding company, acquired a 430-mile rail line and related real estate from CSX Corporation in May. The line, now named Florida Gulf & Atlantic Railroad, operates from Baldwin to Pensacola, passing through Tallahassee, with a connection to Attapulgus, Ga. RailUSA is owned by Equity Group Investments, the private investment firm of Sam Zell; Boca Raton-based International Rail Partners, a group of veteran rail operators; and other Equity Group co-investors.
Two funders have helped start the South Florida Science Center and Aquarium program Pint Size Science: Growing up with STEAM. The goal is to implement science, technology, engineering, art and math learning into regular curriculums for kids ages 3-5.
Science Center educators will train staff from child-care centers throughout the year. The program will also give family members the chance to be involved through Family Fun Packs with a lunch kit, watercolor paint set, a magnifying glass, a collection box and play dough.
The Max M. and Marjorie S. Fisher Foundation gave $55,000 to fund the program in Palm Beach County. A.D. Henderson Foundation gave $50,000 to fund the program in Broward County. The funding will serve about 75 teachers and staff at 10 child-care centers in Palm Beach County. The Broward grant will reach 400 students and 100 teachers in that county. Palm Beach State College is a partner in this project. The South Florida Science Center and Aquarium is at 4801 Dreher Trail North, West Palm Beach.
The Young Entrepreneurs Academy, teaching students in grades 6-12 how to start and run their own businesses, is accepting applications for its 2019-20 program.
For information on the Greater Boca Raton Chamber’s YEA! class, contact Sherese James-Grow at 395-4433, ext. 232 or firstname.lastname@example.org.
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