SOUTH FLORIDA NEWS - Larry Mastropieri

$70M Loan Confirms Glass House Is Coming to Downtown Boca Raton

Glass House Boca just locked in $70 million in construction financing. The 10-story, 28-unit luxury condo on Palmetto Park Road broke ground in April 2025, and more than a third of units are already pre-sold.

Key Takeaways

• New York-based Maxim Capital Group provided the $70 million construction loan to the developers behind Glass House Boca Raton.

• The 10-story building will feature 28 residences priced from $2.7 million to $8 million, with units ranging from 2,504 to 3,865 square feet.

• Foundation work is nearing completion, with the project slated for delivery in Q2 2027.

The developers are Noam Ziv of Red-C Group in Boca Raton and father-and-son duo Ilan and Ido Zaken of Mira Properties in Philadelphia. They…

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Why The Breakers Paid $11M for Workforce Housing Site in WPB

Struggling to house its 2,400 employees, The Breakers is developing its own solution. The iconic Palm Beach resort paid $11.4 million for a waterfront site in West Palm Beach, where the city has approved 155 staff-only apartments.

Key Takeaways

• An affiliate of The Breakers paid $9.1 million for a 2.4-acre assemblage on North Australian Avenue, plus $2.3 million for an adjacent parcel acquired in late 2024.

• The West Palm Beach City Commission approved an eight-story, 155-unit apartment complex on the combined site.

• Residents must work for The Breakers; the units will not be available to the general public.

The Breakers is one of Palm Beach County's largest employers with over 2,400 workers. The resort relies heavily…

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Boca Raton Voters Reject One Boca: What's Next for Downtown?

On March 10th, Boca Raton voters rejected One Boca by a margin of 75% to 25%. The $4 billion redevelopment would have leased 7.8 acres of city-owned land near the Brightline station to developers for 99 years. Now the city has no plan for that land, and a new anti-development council majority is taking over.

Key Takeaways

• Referendum Question 2 (One Boca) failed with 74.52% voting against and 25.48% in favor.

• Referendum Question 1, a separate $175 million bond for a new police headquarters, also failed with 54.66% voting against.

• Save Boca founder Jonathan Pearlman won a City Council seat, and two other Save Boca-endorsed candidates won as well, forming a new council majority.

The One Boca project would have…

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Billionaires' Row Delray Beach: Who Really Lives There

Stone Creek Ranch is a 37-estate community west of Delray Beach where armed guards, private lakes, and criminal background checks on every buyer have created one of the most exclusive addresses in the country. Mark Wahlberg, Steve Cohen, Khalil Mack, Romeo Santos, and Russell Savage all call it home, and the price tag to join them has jumped more than 500% since 2018.Key Takeaways

• Mark Wahlberg paid $32.6 million for an 18,000-square-foot estate called Palazzo di Lago in October 2025, becoming Stone Creek Ranch's most recognizable resident after a deal originally listed at $45 million.
• Russell Savage, who sold Rockstar Energy to PepsiCo for a reported $4+ billion in 2020, controls two Stone Creek Ranch properties totaling more than $43 million…

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$75M Senior Living Community Breaks Ground in Delray Beach

All Seasons Delray, a 153-unit senior living community featuring independent and assisted living, just broke ground on Lyons Road in west Delray Beach. Amenities include an on-site medical center and a resort-style pool, with an expected opening in early 2028.

Key Takeaways

• Beztak, a Michigan-based developer, secured a $75 million construction loan for All Seasons Delray at 15650 Lyons Road.

• The 7.65-acre site will deliver 153 units: 92 independent living and 61 assisted living, with one and two-bedroom residences.

• Construction started in early 2026 with completion expected in Q1 2028.

Palm Beach County has one of the highest concentrations of retirees in the country. But purpose-built luxury senior housing hasn't…

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Conair Heir's Husband Assembles $58M Hillsboro Beach Estate

Morris Flancbaum bought an oceanfront mansion on Hillsboro Mile for $36.5 million, right next to property he already owns. With his 2021 purchase, he now controls 3.7 acres on one of South Florida's most exclusive coastal strips for $58.3 million in total.

Key Takeaways

• Morris Flancbaum, married to Conair billionaire heir Susan Rizzuto, paid $36.5 million for the mansion at 1083 Hillsboro Mile.

• Combined with his $21.8 million purchase next door in 2021, he now controls a 3.7-acre assemblage worth $58.3 million.

• The seller, Deborah Tarrant, originally paid $3 million for the property in 1998 and downsized to Boca Raton's Royal Palm Yacht and Country Club.

This isn't just a mansion purchase. It's an assemblage play on…

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Why Nearly Half of West Palm Beach Homes Are Sold for Cash

A new Redfin report shows West Palm Beach ranked first in the entire nation for all-cash home purchases in December 2025. Nearly 47% of homes were sold without a mortgage. Miami and Jacksonville tied at 39%. The national average? Just 29%. Here's what's driving Florida's cash dominance.

Key Takeaways

• West Palm Beach led the nation with 47.2% of all home purchases made in cash in December 2025, according to Redfin.

• Miami and Jacksonville tied at 39.3%, Fort Lauderdale came in near 36%, and the national average was just 29%.

• Financing restrictions, insurance costs, and international capital are all driving cash purchases in Florida.

While the rest of the country is pulling back on cash deals, Florida is moving in the…

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Related Ross Adds Hotel to West Palm Beach Empire: The Ben

Related Ross bought The Ben, a 208-room Marriott hotel on the Intracoastal, for $108.5 million. This purchase adds a key hospitality asset to their portfolio of office towers and luxury condos in the downtown corridor, reflecting a strong commitment to shaping West Palm Beach's future.

Key Takeaways

• Related Ross acquired The Ben from Wheelock Street Capital for $108.5 million, according to county deed records filed March 3.

• The buyer assumed the seller's $100.17 million mortgage and increased it to about $149.5 million.

• The 208-room hotel sits in Banyan Square, a mixed-use waterfront district near Clematis Street and CityPlace.

Related Ross is the dominant developer in West Palm Beach. They own CityPlace Tower. They…

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Related Ross Returns to Affordable Housing in West Palm Beach

Steve Ross, who built a real estate empire after starting in affordable housing, is returning to his roots with Related Ross's new mixed-income division and its first project: Sapodilla, a 164-unit workforce complex in downtown West Palm Beach.

Key Takeaways

• Related Ross launched a new mixed-income multifamily division, led by executive VP Jordan Bargas, with newly hired director Jordan Davis.

• The first project, Sapodilla, is a seven-story, 164-unit workforce housing complex at 209 N. Sapodilla Ave. in downtown West Palm Beach.

• Construction is scheduled to begin this summer and finish in 2028.

Related Ross is the most dominant developer in West Palm Beach. They built One Flagler. They're working on Shorecrest. As we…

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$98M Loan Unlocks Ocean One: Boynton Beach's Downtown Push

Hyperion Development just locked in financing to build Ocean One, a 371-unit mixed-use project on Federal Highway. The city is backing it with $11.5 million in tax incentives. After years of planning, downtown Boynton Beach is finally about to change.

Key Takeaways

• Madison Realty Capital provided a $98 million construction loan for Ocean One, an eight-story project at 114-222 N. Federal Highway.

• The project will deliver 371 rental units, over 25,000 square feet of retail, and a 633-space parking garage.

• Boynton Beach's CRA is backing the project with $11.5 million in tax financing over 14 years.

Ocean One has been in the works since 2018. It got site plan approval in 2023. Now, with construction financing locked in,…

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