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        <title>SOUTH FLORIDA NEWS</title>
        <link>https://www.discoversouthflorida.com/blog/</link>
        <description>Explore the lavish and vibrant world of South Florida with 'Discover South Florida'. Get expert insights into the region's luxurious lifestyle, cultural diversity, and picturesque coastal locales.</description>
<item>
    <guid>https://www.discoversouthflorida.com/blog/bears-club-estate-sells-for-34m-to-apollo-program-veteran/</guid>
    <link>https://www.discoversouthflorida.com/blog/bears-club-estate-sells-for-34m-to-apollo-program-veteran/</link>
        <author>Larry@discoversouthflorida.com (Larry Mastropieri)</author>
        <title>Bear's Club Estate Sells for $34M to Apollo Program Veteran</title>
    <description> <![CDATA[ 
Jim Meadlock spent 12 years as an IBM engineer on the Apollo space program before founding a company that sold for $2.1 billion. Now he's buying his second estate in Jupiter's Bear's Club in three months.


Key Takeaways






A trust linked to Cynthia Meadlock purchased 118 Bear's Club Drive for $34.3 million from a Panamanian entity connected to Colombian billionaire Jimmy Mayer.






The 23,000-square-foot estate sits on 2.9 acres and includes seven bedrooms, a guest house, a pool, a gym, and a safe room.






The Meadlocks bought another Bear's Club property at 146 Bear's Club Drive for $19 million in November, then listed it for $26.5 million in December.






The property had been on and off the market since 2021, starting at $30 million and climbing to $44 million as recently as November before closing at $34.3 million. That gap between ask and close reflects where even luxury pricing pressure currently stands.


Jimmy Mayer, the seller, built the compound in 2010 after acquiring the 2.9-acre lot for just $900,000 in 2000. He heads Inversiones Sanford, a Colombian holding company with 16 manufacturing enterprises and over $800 million in annual sales. He also holds a physics degree from MIT.





Who is Jim Meadlock?


Meadlock spent 12 years as an IBM engineer on the Apollo space program. He went on to found M&amp;S Computing, the firm that became Intergraph, one of the earliest CAD software companies. Hexagon AB acquired it in 2010 for $2.1 billion.


Beyond Bear's Club, the Meadlocks also own a full-floor penthouse at Passages of Jupiter Island. They purchased it for $600,000 in 1986 and listed it earlier this month for $11 million.


Vince Marotta with Illustrated Properties represented the Meadlocks. Mark Griffin with Bear's Club Sotheby's International Realty had the listing.


Why buy two estates in the same community?


As Larry Mastropieri explained on the Discover South Florida Podcast, &quot;He listed it for $26 million in December, suggesting they're repositioning within the community rather than simply accumulating. It's just interesting. So yeah, it sounds like he either changed his mind after he bought this thing or was doing this purely as a strategy because he thought it was a deal.&quot;


The pattern of buying, repositioning, and relisting within the same gated community is worth watching. It suggests active curation of real estate holdings at the ultra-high-net-worth level, not just passive ownership.


Larry also noted the mindset of luxury buyers in this market: &quot;That's the state of mind of a lot of these buyers right now. I think the current luxury buyers are careful, and they don't need to execute right away. And so they're just watching themselves.&quot;




Considering Jupiter or northern Palm Beach County? Understanding how communities like Bear's Club affect surrounding property values matters. Talk to a real estate agent in Jupiter who tracks these transactions. Reach out to The Mastropieri Group or call (561) 556-9853.




What does this mean for Jupiter luxury buyers?


The Bear's Club is operating in a league of its own within Palm Beach County's luxury market. Repeated eight and nine-figure transactions in a single community signal that this address carries pricing power that does not track the broader market.


Last year, retired Patrón CEO Ed Brown sold his Bear's Club mansion for a record $48 million. High-profile residents include Michael Jordan and Rory McIlroy.


For buyers looking at Jupiter and northern Palm Beach County, the Bear's Club effect raises the baseline for surrounding luxury products in Admirals Cove, the streets adjacent to Bear's Club, and Jupiter Island.


The $48 million record set last year and this $34.3 million transaction, within months of each other, point to a community that has found a durable price floor well above where it was just a few years ago.


Frequently Asked Questions About This Bear's Club Sale


How much did the Bear's Club estate sell for?


The property at 118 Bear's Club Drive sold for $34.3 million. It had been listed as high as $44 million in November before closing at the final price.


Who bought the Bear's Club estate?


A trust linked to Cynthia Meadlock purchased the property. Her husband, Jim Meadlock, is a former IBM engineer who worked on the Apollo space program and founded Intergraph, which was sold to Hexagon AB for $2.1 billion in 2010.


Who sold the Bear's Club estate?


The seller was Brighton Investment SA, a Panamanian entity connected to Colombian billionaire Jimmy Mayer. Mayer built the 23,000-square-foot compound in 2010 after acquiring the lot for $900,000 in 2000.


How big is the property at 118 Bear's Club Drive?


The estate spans 23,000 square feet on 2.9 acres. It includes seven bedrooms, eight bathrooms, two half-baths, a guest house, a pool, a gym, and a safe room.


What is the Bear's Club record sale?


The record sale at Bear's Club is $48 million, set in 2024 when retired Patrón CEO Ed Brown sold his mansion. High-profile residents include Michael Jordan and Rory McIlroy.


Local help for buyers and sellers in Jupiter


Buying, selling, or investing in Jupiter, Palm Beach Gardens, or Juno Beach? Understanding how ultra-luxury transactions shape the broader market matters. Reach out to The Mastropieri Group, Realtors®.


For help across Palm Beach County, call (561) 556-9853.








 ]]> </description>
    <pubDate>Mon, 16 Mar 2026 11:33:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.discoversouthflorida.com/blog/70m-loan-confirms-glass-house-is-coming-to-downtown-boca-raton/</guid>
    <link>https://www.discoversouthflorida.com/blog/70m-loan-confirms-glass-house-is-coming-to-downtown-boca-raton/</link>
        <author>Larry@discoversouthflorida.com (Larry Mastropieri)</author>
        <title>$70M Loan Confirms Glass House Is Coming to Downtown Boca Raton</title>
    <description> <![CDATA[ 
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 acquired the 0.63-acre site for $9.75 million in 2023. Arrow Real Estate Advisors brokered the financing deal.


The site sits less than a mile from both the beach and the Boca Raton Brightline station, two factors driving demand for walkable urban living in this market.





What makes Glass House different?


As Larry Mastropieri explained on the Discover South Florida Podcast, &quot;There's not a lot of units to sell, frankly. There are 28 units in the building. It's kind of a small boutique building, very, very nice looking. This is going to be really cool for downtown Boca. It's different. It's aesthetically very pleasing. This thing is going to get done, from my perspective. And what's cool about this project, too, is the rooftop amenity deck.&quot;


Here's what the building will include:






Ten stories, 28 residences with 9-foot ceilings, floor-to-ceiling impact glass, and private terraces on every unit.






Rooftop amenity deck with pool, jacuzzi, private cabanas, fire pits, and outdoor catering kitchen.






Ground-floor amenities include The Palmetto Lounge (residents-only), a fitness center with outdoor turf lanes, a steam room, a sauna, and an experience shower.






Underground parking with two spaces per unit and EV charging. Concierge services included.






Delray Beach-based Kaufman Lynn Construction is the general contractor. West Palm Beach-based Garcia Stromberg designed the building. Douglas Elliman leads sales.




Interested in downtown Boca Raton's new construction? Understanding what's coming to market helps you time your purchase. Talk to a real estate agent in Boca Raton who tracks these projects. Reach out to The Mastropieri Group or call (561) 544-7000.




Why is downtown Boca Raton heating up?


Glass House is not an isolated project. Downtown Boca Raton is seeing a genuine development cycle.


Other projects in the pipeline include:






Aletto: As we covered in Aletto's $74 million loan, this office-restaurant development is bringing Class A space to Sanborn Square.






Mizner Plaza Hotel: As we covered in the Batmasians' approval, a new hotel is coming to downtown.






Mr. C-branded condo: A luxury hospitality brand entering the Boca market.






The most significant pending project was One Boca, a $4 billion mixed-use redevelopment of city-owned land. But as we covered in One Boca's rejection by voters, that project is now off the table. The 7.8-acre city-owned parcel near Brightline will not be developed in the near term.


That makes private projects like Glass House even more significant for the downtown corridor's transformation.


What does this mean for Boca Raton buyers?


More than one-third of Glass House units are presold before vertical construction begins. That's a strong market signal for a project at this price point.


For buyers considering Boca Raton, the window to enter before these projects deliver and reshape the downtown baseline is narrowing. The pre-sale momentum suggests demand at this price point is real.


The Brightline proximity is a recurring theme in South Florida luxury development right now. Walkability and transit access are no longer just urban amenities. They are pricing drivers.


With One Boca rejected, the private development pipeline becomes the primary force shaping downtown's future. Glass House, Aletto, and Mizner Plaza Hotel will define what downtown Boca Raton looks like in 2027.


Frequently Asked Questions About Glass House Boca Raton


How much is the Glass House Boca Raton construction loan?


New York-based Maxim Capital Group provided a $70 million construction loan. The financing refinances early work already completed and will carry the project through vertical construction and completion in Q2 2027.


How many units will Glass House Boca Raton have?


Glass House will have 28 residences across 10 stories. Units range from 2,504 to 3,865 square feet with 2-4 bedrooms. Prices range from $2.7 million to over $8 million.


When will Glass House Boca Raton be completed?


The project broke ground in April 2025. Foundation work is nearing completion as of early 2026. The project is slated for completion in Q2 2027.


Who is developing Glass House Boca Raton?


The developers are Noam Ziv of Red-C Group in Boca Raton and Ilan and Ido Zaken of Mira Properties in Philadelphia. Kaufman Lynn Construction is the general contractor, and Garcia Stromberg is the architect.


What amenities will Glass House Boca Raton have?


The building will feature a rooftop amenity deck with pool, jacuzzi, cabanas, fire pits, and catering kitchen. Ground-floor amenities include a fitness center, steam room, sauna, experience shower, and The Palmetto Lounge. Underground parking includes two spaces per unit with EV charging.


Local help for buyers and sellers in Boca Raton


Buying, selling, or investing in Boca Raton, Delray Beach, or Highland Beach? Understanding how new construction shapes property values matters. Reach out to The Mastropieri Group, Realtors®.


For help across Palm Beach County, call (561) 544-7000.








 ]]> </description>
    <pubDate>Sun, 15 Mar 2026 08:00:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.discoversouthflorida.com/blog/why-the-breakers-paid-11m-for-workforce-housing-site-in-west-palm-beach/</guid>
    <link>https://www.discoversouthflorida.com/blog/why-the-breakers-paid-11m-for-workforce-housing-site-in-west-palm-beach/</link>
        <author>Larry@discoversouthflorida.com (Larry Mastropieri)</author>
        <title>Why The Breakers Paid $11M for Workforce Housing Site in WPB</title>
    <description> <![CDATA[ 
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 on seasonal and temporary staff, and last year received approval to bring in 249 H-2B visa workers. Soaring local housing costs have made it increasingly difficult for hospitality workers to live anywhere near the resort.


This project is a direct response to that problem. The waterfront property sits along Lake Mangonia in a corridor that is quickly becoming one of West Palm Beach's most active infill redevelopment zones.





Why is The Breakers building employee housing?


As Larry Mastropieri explained on the Discover South Florida Podcast, &quot;It just makes a lot of sense. It's a signal that affordable housing is very hard to come by. Working for a hotel is not, in most cases, enough to support a living. So we can subsidize that by putting together some housing. If we have good, strong, stable housing, then we can retain employees better, which will retain or improve the quality of service. You're not retraining constantly. You have that institutional knowledge built in because people stay longer.&quot;


That's the business case. Employee turnover is expensive. Housing instability drives turnover. By controlling housing, The Breakers controls a key variable in its workforce strategy.


This is not the resort's only real estate move. In December 2024, The Breakers bought the former Palm Beach Post Office from billionaire Jeff Greene for $28 million. The pattern suggests a broader investment strategy in the West Palm Beach market.




Looking at properties near North Australian Avenue? This corridor is transitioning fast. Talk to a real estate agent in West Palm Beach who tracks infill development. Reach out to The Mastropieri Group or call (561) 556-9853.




Why does this location matter?


North Australian Avenue sits at the intersection of three major growth corridors: downtown West Palm Beach to the south, the Northwood redevelopment district to the north, and the Palm Beach Lakes commercial corridor to the west.


Several major projects are reshaping this area:






The District at Northwood: About half a mile away, bringing 382 residential units and 63,000 square feet of retail.






Nora District: Roughly a mile northeast, emerging as one of the most talked-about lifestyle hubs near downtown. As we covered in the first condo planned in the Nora District, this area is attracting serious investment.






Olara: About a mile east on Flagler Drive, two 26-story luxury waterfront condo towers.






The concentration of approved projects makes the Australian Avenue site a well-positioned infill play, regardless of its workforce housing designation.


What does this mean for West Palm Beach homeowners and buyers?


Employer-backed housing of this scale is rare in Palm Beach County. If this model works, expect other large employers in the area to look at similar solutions as housing costs continue to price out the service workforce.


For buyers and investors in the North Australian Avenue corridor, the density of approved projects nearby suggests this stretch is actively transitioning. Early positioning in emerging infill zones like this has historically rewarded patient buyers.


The Breakers' purchasing land directly in West Palm Beach, rather than just Palm Beach, is itself a statement. It reflects where growth and density are heading in this market.


For the local hospitality economy, stable employee housing reduces turnover and supports service quality at one of the county's biggest employers. That has downstream effects on the broader visitor economy.


Frequently Asked Questions About The Breakers Workforce Housing


How much did The Breakers pay for the workforce housing site?


An affiliate of The Breakers paid a combined $11.4 million: $9.1 million for a 2.4-acre assemblage on North Australian Avenue, plus $2.3 million for an adjacent parcel purchased in late 2024.


How many units will The Breakers employee housing have?


The West Palm Beach City Commission approved an eight-story building with 155 units. Residents must be employed by The Breakers.


Where is The Breakers workforce housing located?


The site is at 2410-2508 North Australian Avenue in West Palm Beach, along the waterfront of Lake Mangonia. An adjacent parcel at 2600 North Australian Avenue is also part of the assemblage.


Can anyone rent at The Breakers employee apartments?


No. The units are reserved exclusively for Breakers employees. They will not be available to the general public. The primary tenants will be seasonal staff, temporary workers, and H-2B visa employees.


Why is The Breakers building employee housing?


Rising housing costs in Palm Beach County have made it difficult for hospitality workers to afford housing near the resort. With over 2,400 employees, The Breakers is addressing workforce retention by providing stable, employer-backed housing.


Local help for buyers and sellers in West Palm Beach


Buying, selling, or investing in West Palm Beach, Palm Beach Gardens, or Jupiter? Understanding how infill development and workforce housing shape property values matters. Reach out to The Mastropieri Group, Realtors®.


For help across Palm Beach County, call (561) 556-9853.








 ]]> </description>
    <pubDate>Sat, 14 Mar 2026 08:00:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.discoversouthflorida.com/blog/boca-raton-voters-reject-one-boca-whats-next-for-downtown/</guid>
    <link>https://www.discoversouthflorida.com/blog/boca-raton-voters-reject-one-boca-whats-next-for-downtown/</link>
        <author>Larry@discoversouthflorida.com (Larry Mastropieri)</author>
        <title>Boca Raton Voters Reject One Boca: What's Next for Downtown?</title>
    <description> <![CDATA[ 
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 transformed 7.8 acres of city-owned land near the Brightline station into a mixed-use development with 947 residential units, a 180-room boutique hotel, a grocery store, and new civic buildings, including City Hall and a police substation. Terra Group and Frisbie Group were the developers behind the proposal.


As we covered in One Boca vs Save Boca: the $4 billion referendum explained, the battle lines were drawn months ago. Now we know the outcome.





Why did voters reject One Boca?


The Save Boca campaign, founded by Jonathan Pearlman, argued the project would worsen traffic, increase density, and permanently surrender control of publicly owned land near Memorial Park. Critics characterized it as a 99-year giveaway to out-of-town developers.


Supporters, including the Greater Boca Raton Chamber of Commerce, framed it as a way to modernize aging civic infrastructure without raising taxes directly. That argument did not land.


Pearlman said after the vote: &quot;Together, we proved that a grassroots movement can take on the deep pockets of out-of-town developers and out-of-touch politicians.&quot;


As Larry Mastropieri explained on the Discover South Florida Podcast, &quot;I was really excited for this project, even if I wanted to protect the banyan trees. But seriously, there's no plan for the next step, and in the meantime, we'll keep having a City Hall that's in bad shape for a great city like Boca.&quot;




Thinking about buying or selling in downtown Boca Raton? Understanding how political shifts affect development matters. Talk to a real estate agent in Boca Raton who tracks these changes. Reach out to The Mastropieri Group or call (561) 544-7000.




What happens now with the 7.8 acres near Brightline?


All development progress on the One Boca site ceases. The 7.8 acres near the Brightline station reverts to the city's control with no redevelopment plan in place.


The city must now find an alternative path to address an aging City Hall and the funding gap for public safety facilities. That likely means more modest renovations or smaller-scale proposals.


Mayor Scott Singer, who is leaving office due to term limits, acknowledged the challenge: &quot;The residents have spoken, and together, the city will have to chart a new path to enhance public safety and provide needed upgrades to our aging downtown infrastructure.&quot;


The police bond also failed. The city's current police headquarters is no longer hurricane-rated and was built for a much smaller force. That problem remains unsolved.


How does the new City Council change things?


The political landscape in Boca Raton shifted significantly on election night. Save Boca founder Jonathan Pearlman won a City Council seat. Michelle Grau and Stacy Sipple, both Save Boca-endorsed candidates, also won. Together, they form a new majority bloc committed to green space and resident input over high-density growth.


The mayoral race is headed to a recount, with candidates separated by as few as six votes.


For developers and investors planning projects in Boca Raton that require city cooperation or approvals, this is a meaningful shift. The political environment is more resistant to large-scale development than it was a week ago.


What does this mean for Boca Raton homeowners and buyers?


For buyers who were watching One Boca as a catalyst for the downtown corridor, that thesis is now off the table. The 7.8 acres near the Brightline station will not deliver a hotel, a grocery anchor, or nearly 1,000 units in the near term.


That does not stop private projects from moving forward on their own land. As we covered in Glass House Boca and Mizner Plaza Hotel, the downtown development pipeline continues. Just without the city-owned parcel in play.


For existing downtown property owners, lower density and a new council majority focused on limiting large-scale development could mean a more stable, lower-supply environment going forward. That can support values for those already in the market.


Frequently Asked Questions About the One Boca Referendum


What was the One Boca referendum result?


Boca Raton voters rejected One Boca with 74.52 voting against and 25.48 in favor. The results are unofficial pending completion of canvassing.


What was the One Boca project?


One Boca was a $4 billion public-private redevelopment proposed by Terra Group and Frisbie Group. It would have leased 7.8 acres of city-owned land near the Brightline station for 99 years in exchange for 947 residential units, a boutique hotel, a grocery store, a new City Hall, a community center, and a police substation.


Did the Boca Raton police bond pass?


No. Referendum Question 1, a $175 million bond measure to fund a new police headquarters, failed with 54.66 voting against. The city's current headquarters is no longer hurricane-rated.


Who won the Boca Raton City Council election?


Save Boca founder Jonathan Pearlman won a seat, along with Save Boca-endorsed candidates Michelle Grau and Stacy Sipple. They form a new council majority focused on limiting high-density development. The mayoral race is headed to a recount.


Can private developers still build in downtown Boca Raton?


Yes. Private projects on privately owned land continue to move forward. Glass House Boca, Mizner Plaza Hotel, and other developments are not affected by the referendum. Only the 7.8-acre city-owned parcel near Brightline is now without a development plan.


Local help for buyers and sellers in Boca Raton


Buying, selling, or investing in Boca Raton, Highland Beach, or Delray Beach? Understanding how political shifts and development patterns affect property values matters. Reach out to The Mastropieri Group, Realtors®.


For help across Palm Beach County, call (561) 544-7000.








 ]]> </description>
    <pubDate>Fri, 13 Mar 2026 12:06:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.discoversouthflorida.com/blog/billionaires-row-delray-beach-who-really-lives-there/</guid>
    <link>https://www.discoversouthflorida.com/blog/billionaires-row-delray-beach-who-really-lives-there/</link>
        <author>Larry@discoversouthflorida.com (Larry Mastropieri)</author>
        <title>Billionaires' Row Delray Beach: Who Really Lives There</title>
    <description> <![CDATA[ 
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 and has publicly called his purchases a &quot;steal&quot; compared to Palm Beach teardowns.


Average sale prices in the community have climbed from approximately $6 million in 2018 to headline transactions of $55 million by late 2024, driven in part by designer Aldo Stark's builds, including Villa Spectre and Casa Maranello.







West of Delray Beach, behind a single entry staffed around the clock by armed guards with military and law enforcement backgrounds, sits one of the most secretive neighborhoods in America. No ocean views. No golf course. No public beach access, just 37 custom-built estates on 187 acres of private lakes and 2.5-acre-minimum lots. Stone Creek Ranch has quietly earned the nickname &quot;Billionaires' Row&quot;, not because of the address, but because of the people behind the gates. It sits in unincorporated Palm Beach County, distinct from the more widely known Billionaires Row along the Palm Beach barrier island. Here is a full breakdown of who lives there and what they paid.














Who are the celebrities and billionaires living at Stone Creek Ranch right now?


Mark Wahlberg closed on Palazzo di Lago in October 2025 for $32.6 million, a fully furnished 18,000-square-foot estate on a private peninsula lot with a 170,000-gallon saltwater lagoon pool, home theater, full gym, and kitchen finished in Italian gray marble. The property originally listed at $45 million. Wahlberg had ties to Palm Beach County for years through F45 Training locations and local charity work, including support for the Boys and Girls Clubs of Palm Beach County, before the purchase.


Russell Savage (formerly Russell Weiner) is the community's most active investor. He controls two properties at Stone Creek Ranch totaling more than $43 million, the estate at 9303 Hawk Shadow Lane and a second home at 16071 Quiet Vista Circle, acquired for $16.7 million against a $20.9 million ask. His broader South Florida portfolio includes the former Rosie O'Donnell estate on Star Island for $35.3 million and a $100 million compound currently under development on Miami's Pine Tree Drive. He has described Stone Creek Ranch as having &quot;far more upside to go.&quot;


Steve Cohen, founder of Point72 Asset Management and owner of the New York Mets, paid $21.6 million for a 21,000-square-foot estate and was among the earliest high-profile buyers in the community. His presence helped establish Stone Creek Ranch as a destination for ultra-high-net-worth individuals before the celebrity wave followed.


Khalil Mack, the eight-time Pro Bowl pass-rusher and former NFL Defensive Player of the Year, chose Stone Creek Ranch as his South Florida home base. Mack grew up in Fort Lauderdale and selected an inland estate over beachfront property, a deliberate choice for someone who values complete seclusion over coastal visibility.


Romeo Santos, the Grammy Award-winning King of Bachata who regularly sells out Madison Square Garden and major arenas across the Americas, rounds out the entertainment roster. His presence adds an international dimension to a community already stacked with athletes and finance executives.


The entertainment world's interest in Stone Creek Ranch extends beyond confirmed residents. Alicia Keys was reported to have toured properties in the community, a signal that word has spread well beyond the hedge fund and CEO circles that first put it on the map. Whether or not a purchase follows, that kind of attention reflects where the conversation around ultra-private luxury real estate in Delray Beach is heading.


Gerry Smith, CEO of ODP Corporation (the parent company of Office Depot), continues a tradition that dates to the community's founding days, when a home built by Wayne Huizenga Jr. sold to an Office Depot executive and helped set the neighborhood's reputation for corporate leadership.


What has Stone Creek Ranch's price appreciation looked like since 2018?


The numbers tell a clear story. The average sale price in Stone Creek Ranch hovered around $6 million in 2018. By late 2024, designer Aldo Stark's Villa Spectre sold for $55 million, and Casa Maranello closed at $50.5 million in early 2025. Those two transactions permanently reset the community's price ceiling.





Former Hewlett Packard Enterprise CEO Antonio Neri illustrated the trajectory more precisely than any chart. He purchased a home in 2019 for $7.5 million and sold it three years later for $14 million, an 87 return. &quot;I purchased the home because I loved it and the neighborhood,&quot; Neri told CNBC. &quot;It also turned out to be an extraordinary investment.&quot;


The compounding factor is supply. Stone Creek Ranch has 37 lots. That is the total. When demand from buyers at this level increases, and inventory remains fixed, prices do not level off; they accelerate.


Why does Stone Creek Ranch command $30 million to $55 million with no ocean view?


This is the question most buyers from outside the market ask. The answer comes down to what genuine privacy actually costs in Florida.


State law requires public beach access, which means oceanfront properties across South Florida come with boat tours, photographers, and continuous exposure regardless of how high you build your walls. Stone Creek Ranch eliminates that entirely.


The community has a single entrance and exit. Every prospective buyer undergoes a criminal background check before being permitted to purchase. There are no shared clubhouses, no rotating club members, and no common amenities where outsiders cycle in and out. Each of the 37 estates sits on a minimum 2.5-acre lot, roughly the size of two football fields, most backing directly onto private lakes. The result is a property that functions as a fully defensible private compound rather than a large house with a yard.


Russell Savage summarized the value proposition directly: Palm Beach teardowns now run $200 million. Stone Creek Ranch offers more land, armed security, and greater privacy at a fraction of that number.




Thinking about luxury real estate in western Delray Beach or anywhere in Palm Beach County? Talk to a real estate agent near Delray Beach who tracks ultra-luxury sales and understands how communities like Stone Creek Ranch affect pricing across the broader market. Reach out to The Mastropieri Group or call (561) 287-7000.




What does the Stone Creek Ranch buyer profile mean for the rest of Delray Beach and Palm Beach County?


When billionaires and celebrities concentrate in a specific area, the surrounding market moves with them. The ongoing migration of ultra-high-net-worth residents from New York and California has pushed Palm Beach County real estate upward at every price tier, not just the top end.


Western Delray Beach and neighboring Boca Raton have absorbed sustained demand from buyers who want proximity to this corridor without the Stone Creek Ranch price point. Florida's no-income-tax structure, strong homestead protections, and a consistent track record of appreciation have made the county a long-term financial play for buyers at every level.


The pattern we covered in our article on Mark Wahlberg's Delray Beach purchase, in our breakdown of Russell Savage's South Florida portfolio, and in our deep dive on how Stone Creek Ranch became a billionaire bunker is consistent: the buyers coming into this market are not treating real estate as a lifestyle expense. They are treating it as an asset class.


Frequently Asked Questions About Billionaires' Row in Delray Beach


How many homes are in Stone Creek Ranch?


Stone Creek Ranch has 37 custom-built estates on 187 acres. The community has a fixed supply with no plans for additional lots, which is a direct contributor to its long-term price appreciation.


Can you visit Stone Creek Ranch to tour a home?


The community operates with a single entrance staffed by armed guards 24 hours a day. All visitors require a resident escort or approval from a representative. Prospective buyers also undergo a criminal background check before any purchase is permitted.


What is the current price range for homes in Stone Creek Ranch?


As of late 2024 and early 2025, headline transactions have ranged from roughly $14 million on the lower end to $55 million for Aldo Stark's landmark builds. The average sale price was approximately $6 million back in 2018.


Who built the most expensive homes in Stone Creek Ranch?


Designer Aldo Stark is behind the community's two highest-recorded sales: Villa Spectre, which sold for $55 million in late 2024, and Casa Maranello, which closed at $50.5 million in early 2025.


Is Stone Creek Ranch considered a good real estate investment?


Antonio Neri's purchase at $7.5 million in 2019 and sale at $14 million three years later is one of the clearest data points available. Fixed supply, growing demand from relocating ultra-high-net-worth buyers, and no competing lots within the gates have supported sustained price growth over time.


Local help for buyers and investors in Delray Beach


Buying, selling, or investing in Delray Beach, Boynton Beach, or Lake Worth Beach? Understanding how luxury communities like Stone Creek Ranch affect the broader market matters. Reach out to The Mastropieri Group, Realtors®.


For practical, hands-on support across Delray Beach, call (561) 287-7000.



 ]]> </description>
    <pubDate>Thu, 12 Mar 2026 06:00:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.discoversouthflorida.com/blog/75m-senior-living-community-breaks-ground-in-delray-beach/</guid>
    <link>https://www.discoversouthflorida.com/blog/75m-senior-living-community-breaks-ground-in-delray-beach/</link>
        <author>Larry@discoversouthflorida.com (Larry Mastropieri)</author>
        <title>$75M Senior Living Community Breaks Ground in Delray Beach</title>
    <description> <![CDATA[ 
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 kept pace with demand. All Seasons Delray is designed to fill that gap. As we covered in another senior housing development in Palm Beach County, developers are paying attention to this underserved market.


Beztak acquired the site for $6.3 million in 2022 and filed plans as far back as 2021. ANF Group is managing construction and expects to wrap up in roughly two years.





What will All Seasons Delray offer?


The community will feature a garden-style layout with a mix of one and two-bedroom residences across both independent and assisted living.


Indoor amenities:






Library and game room.






Fitness center.






Arts studios.






On-site medical center.






Outdoor amenities include a resort-style pool, landscaped courtyard, and walking trails.


The on-site medical center positions this above a standard senior apartment community. That level of care infrastructure signals Beztak is targeting a more affluent resident base.




Looking for homes near West Delray Beach? New senior housing often signals broader investment in an area. Talk to a real estate agent in Delray Beach who tracks these developments. Reach out to The Mastropieri Group or call (561) 287-7000.




Why does senior housing matter in Palm Beach County?


As Larry Mastropieri explained on the Discover South Florida Podcast, &quot;These are the wealthy retirees here in South Florida. Most of the less wealthy retirees are leaving South Florida. And the buyers that are buying those properties are younger millennials in the workforce, making a good living, who can sustain paying bigger numbers for a million bucks for a single-family home.&quot;


That's the shift happening across Palm Beach County. Wealthier retirees are staying. They need housing options that match their expectations. And as we covered in how Florida's new condo laws are impacting seniors, many are moving away from older condos with rising assessments. Projects like All Seasons Delray are built for that demographic.


Larry also pointed out why location matters: &quot;These things need to be spread out throughout South Florida because most people who stay in these want proximity to their loved ones. So if you live in Delray, this is a good one for you. If you live in Boca, the Boca one's a good one for you.&quot;


Who is Beztak?


Beztak is a Michigan-based developer with an active South Florida portfolio. Their Florida projects include:






Bocora: Boca Raton, in partnership with Wexford Real Estate Investors.






Winners Circle: Parkland.






Sunset Cove: Plantation.






The $75 million construction loan on a $6.3 million land basis reflects strong lender confidence in the senior housing demand story in this submarket.


ANF Group, the construction manager, recently completed Wellspring Apartments in Opa-Locka, a 99-unit affordable senior housing development. All Seasons Delray is a more upscale counterpart to that work.


What does this mean for homeowners near Lyons Road?


For families with aging parents in South Florida, this adds a high-quality option in a part of Palm Beach County that has been underserved for senior housing at this level.


For homeowners near Lyons Road west of Delray Beach, a well-designed senior community with this level of amenity investment tends to be a stable neighbor. These projects support surrounding property values rather than disrupting them. As we covered in Delray Beach's $400M infrastructure push, the city is investing heavily in its future.


From an investment standpoint, senior housing is one of the few segments of the residential market where demand is structurally guaranteed to grow. Developers and lenders paying attention to this space now are positioning ahead of that curve.


Frequently Asked Questions About All Seasons Delray


Where is All Seasons Delray located?


All Seasons Delray is at 15650 Lyons Road in West Delray Beach, Florida. The 7.65-acre site is in Palm Beach County.


How many units will All Seasons Delray have?


The community will have 153 total units: 92 independent living units and 61 assisted living units. Residences include one and two-bedroom floor plans.


When will All Seasons Delray open?


Construction started in early 2026 with a target opening in Q1 2028. ANF Group is managing construction.


Who is developing All Seasons Delray?


Beztak, a Michigan-based developer, is building the project. They secured a $75 million construction loan through their affiliate, All Seasons Delray LLC. Beztak also has projects in Boca Raton, Parkland, and Plantation.


What amenities will All Seasons Delray offer?


The community will include a resort-style pool, landscaped courtyard, walking trails, library, game room, fitness center, arts studios, and an on-site medical center.


Local help for buyers and sellers in Delray Beach


If you are buying, selling, or investing in Delray Beach, Boynton Beach, or Lake Worth Beach, understanding how new developments shape surrounding property values is essential. Contact The Mastropieri Group, Realtors® for expert guidance.


For help across Palm Beach County, call (561) 287-7000.








 ]]> </description>
    <pubDate>Wed, 11 Mar 2026 07:03:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.discoversouthflorida.com/blog/conair-heirs-husband-assembles-58m-hillsboro-beach-estate/</guid>
    <link>https://www.discoversouthflorida.com/blog/conair-heirs-husband-assembles-58m-hillsboro-beach-estate/</link>
        <author>Larry@discoversouthflorida.com (Larry Mastropieri)</author>
        <title>Conair Heir's Husband Assembles $58M Hillsboro Beach Estate</title>
    <description> <![CDATA[ 
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 one of the rarest stretches of coast in South Florida. Hillsboro Beach sits between the ocean and the Intracoastal, with only a handful of properties offering both frontages. Flancbaum now controls two of them, side by side.


Jonathan Potsma with Coldwell Banker Realty represented both buyer and seller.





What makes Hillsboro Mile so valuable?


As Larry Mastropieri explained on the Discover South Florida Podcast, &quot;This is a unique strip of real estate with few homes, and it seems these guys are buying all of them. It's very close to the Hillsboro Inlet, making for a quick boat ride to Miami or the Bahamas every summer.&quot;


That's the appeal: rare ocean-to-Intracoastal properties with fast inlet access. When available, buyers move quickly at this level.


The mansion itself sits on 2.5 acres. Built in 2007, it has 8 bedrooms, 13 bathrooms, and roughly 11,000 square feet. It features 200 feet of oceanfront and 200 feet of Intracoastal frontage with a dock.




Looking for oceanfront or Intracoastal property in Hillsboro Beach? This stretch moves fast at the high end. Talk to a real estate agent near Pompano Beach who tracks these deals. Reach out to The Mastropieri Group or call (954) 388-7738.




Who is Morris Flancbaum?


Flancbaum heads Colts Neck Associates, a New Jersey-based custom homebuilder with projects across Marlboro, Colts Neck, North Howell, Brick, Manalapan, Millstone, and Toms River. He made this purchase through Land Banc Trust, managed by attorney Russell Macnow.


More importantly, he's married to Susan Rizzuto, daughter of the late Leandro P. Rizzuto. Her father co-founded Conair, the hair products company, and was worth $3.5 billion when he died in 2017.


How is the Rizzuto family building a South Florida real estate footprint?


This isn't a one-time purchase. The Rizzuto family has been quietly consolidating prime South Florida real estate across multiple markets:






Flancbaum and Rizzuto: Sold a Boca Raton mansion for $22 million in 2021. Now assembling the Hillsboro Mile compound.






Leandro Rizzuto Jr.: Bought a home in Royal Palm Yacht and Country Club in Boca Raton for $18.5 million in 2024.






Babe Rizzuto: Bought an oceanfront compound in Jupiter Inlet Colony for $35 million in 2022. Listed it for $55.6 million in 2023.






Susan Rizzuto is a trustee of the Leandro P. Rizzuto Foundation alongside her siblings. The family's South Florida holdings now span Palm Beach County and Broward County.


What about the seller?


Deborah Tarrant is the widow of Richard Tarrant, who sold his firm, IDX Systems, to GE Healthcare for $1.2 billion in 2005. The Tarrants originally bought the Hillsboro Mile property for $3 million in 1998. That's a return of over 1,100 in 27 years.


After the sale, Deborah Tarrant downsized to Royal Palm Yacht and Country Club in Boca Raton, paying $8.4 million in November.


What does this mean for Hillsboro Beach property values?


Hillsboro Beach is a small, quiet stretch of coast just north of Pompano Beach. But the sales activity right now is anything but quiet.


Three major transactions in a matter of months:






Flancbaum's $36.5 million purchase (this deal).






Car dealer Craig Zinn paid $27 million for a waterfront mansion earlier this month.






Former Advanta CEO Dennis Alter sold his oceanfront estate for $27.1 million in August.






Assemblages like this often precede redevelopment or custom builds, which raise area values. Hillsboro Mile is now a top choice for buyers priced out of Palm Beach or Golden Beach.


Frequently Asked Questions About the Hillsboro Beach Sale


How much did Morris Flancbaum pay for the Hillsboro Beach mansion?


Flancbaum 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.


Who is Morris Flancbaum married to?


Flancbaum is married to Susan Rizzuto, daughter of the late Leandro P. Rizzuto. Her father co-founded Conair and was worth $3.5 billion when he died in 2017.


What does the property at 1083 Hillsboro Mile include?


The mansion sits on 2.5 acres with 8 bedrooms, 13 bathrooms, and roughly 11,000 square feet. It features 200 feet of oceanfront and 200 feet of Intracoastal frontage with a dock. It was built in 2007.


Who sold the Hillsboro Beach property?


Deborah Tarrant, widow of healthcare tech mogul Richard Tarrant, sold the property. The Tarrants originally paid $3 million for it in 1998. Deborah downsized to Royal Palm Yacht and Country Club in Boca Raton for $8.4 million.


Why is Hillsboro Mile attracting ultra-wealthy buyers?


Hillsboro Mile offers rare ocean-to-Intracoastal homes with fast inlet access. Ultra-wealthy buyers value easy boat trips to Miami or the Bahamas. Limited supply and sales show this corridor is seen as undervalued next to Palm Beach.


Local help for buyers and sellers in Hillsboro Beach


Buying, selling, or investing in Hillsboro Beach, Pompano Beach, or Lighthouse Point? Understanding how assemblage plays and luxury sales shape this market matters. Reach out to The Mastropieri Group, Realtors®.


For help across Broward County, call (954) 388-7738.








 ]]> </description>
    <pubDate>Tue, 10 Mar 2026 07:28:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.discoversouthflorida.com/blog/why-nearly-half-of-west-palm-beach-homes-are-sold-for-cash/</guid>
    <link>https://www.discoversouthflorida.com/blog/why-nearly-half-of-west-palm-beach-homes-are-sold-for-cash/</link>
        <author>Larry@discoversouthflorida.com (Larry Mastropieri)</author>
        <title>Why Nearly Half of West Palm Beach Homes Are Sold for Cash</title>
    <description> <![CDATA[ 
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 opposite direction. West Palm Beach now has the highest share of cash purchases in America. And it's not even close.


For comparison, Seattle's cash share sits at just 17.3. The gap between Florida and the West Coast tells you everything you need to know about who is moving capital here and why.





Who is buying Florida homes with cash?


As Larry Mastropieri explained on the Discover South Florida Podcast, &quot;The deal here is that we have many buyer avatars in this market.&quot; He broke down the different profiles driving cash purchases in South Florida:


The main cash buyer profiles:






Wealthy South Americans: They want to move capital out of Latin America and park it in USD. Florida is close, feels safe, and real estate is a tangible asset. Cash is how they do business.






1031 exchange investors: Real estate investors selling one property and buying another to defer capital gains taxes. The IRS gives them strict timelines, so cash speeds up the deal. (A 1031 exchange refers to Section 1031 of the IRS tax code. It lets investors sell a property and reinvest in a &quot;like-kind&quot; property while deferring taxes. It's tax-deferred, not tax-free, but it helps investors scale without immediate tax burdens.)






Portfolio borrowers: Wealthy buyers who don't use traditional mortgages. Instead, they borrow against their stock portfolio or other assets and use the proceeds to buy the property with cash. Technically financed, but it looks like cash on the deal.






Northeast retirees: People from New Jersey, New York, or Connecticut who bought homes decades ago. They sell after years of appreciation, move to Florida, and pay all cash. No mortgage means no debt hanging over them in retirement.








Buying or selling in South Florida? Understanding the cash buyer landscape matters for pricing and negotiations. Talk to a real estate agent in West Palm Beach who knows these dynamics. Reach out to The Mastropieri Group or call (561) 556-9853.




Why is West Palm Beach attracting so much cash?


West Palm Beach's number-one ranking directly ties to its transformation into a financial hub. Over 300 hedge funds and financial firms are now based in Palm Beach County. The county has seen a 112 increase in millionaire growth over the last decade, the fastest in the nation.


High-net-worth transplants from the Northeast typically arrive with liquidity after selling properties back home. They buy here in cash for speed and privacy. Wells Fargo moved its Wealth and Investment Management headquarters to West Palm Beach in January 2026. That's the kind of institutional signal that keeps the cash flowing.


In Miami, the story is different but equally cash-heavy. International buyers accounted for 15 of residential dollar volume in 2025, seven times the U.S. average. They spent $4.4 billion on South Florida homes, up 46 year over year. And 51 of those transactions were in cash.


What role do insurance and financing restrictions play?


Not all cash buyers are wealthy. Some have no choice.


Here's the problem: Fannie Mae and Freddie Mac keep a list of restricted condo buildings. That list has tripled in two years. If a building is on it, buyers can't use conventional, FHA, or VA loans. Their only options? Expensive non-QM loans or cash.


Why are so many buildings on the list? Florida's post-Surfside laws. After the Champlain Towers collapse, the state required stricter inspections and reserves. 40 of Florida condo owners have faced special assessments in the past three years. Some hit $134,000 to $400,000 per unit. Buildings that can't fund their reserves get blacklisted by lenders.


Insurance makes it worse. As we covered in Florida insurance rates, homeowners pay an average of $7,136 per year on a $300,000 property. That's nearly triple the national average. HOA fees in Miami-Dade high-rises jumped about $500 per month in 2025.


The result? Cash buyers are getting deals. One Redfin agent said they're scoring homes at 10-20 below appraised value. The discounts exist because the building has financing restrictions, not because the seller is desperate.


What does this mean for Florida buyers and sellers?


For buyers using a loan: Check if the condo building is on Fannie or Freddie's restricted list before you get attached. If it is, you can't get standard financing. Period. Your credit score and income won't matter.


For sellers: Good news. South Florida has one of the deepest cash buyer pools in the country. But cash buyers know they have leverage. Expect them to negotiate hard.


For entry-level buyers: This is the toughest spot. In 2021, you needed a $46,000 salary to buy a median Florida home. By 2024, that jumped to over $105,000. Florida's median household income is around $72,000. The math doesn't work for most people.


For luxury buyers: The high end is holding. Sales of $1 million and above are near pandemic-era records. As we covered in South Florida's all-cash dominance in 2024, the market is splitting. Where you sit determines whether this is an opportunity or a wall.


Frequently Asked Questions About Cash Home Sales in Florida


What percentage of West Palm Beach homes are sold for cash?


47.2 of all home purchases in West Palm Beach were made in cash in December 2025, according to Redfin. That's the highest share in the entire nation. The national average was just 29.


Why do so many Florida homes sell for cash?


Multiple factors: wealthy transplants from the Northeast arriving with liquidity, international buyers parking capital in USD, 1031 exchange investors under timeline pressure, and financing restrictions on older condo buildings that force buyers to pay cash.


What is a non-warrantable condo in Florida?


A non-warrantable condo is on Fannie Mae or Freddie Mac's restricted list, meaning buyers cannot use conventional, FHA, or VA loans. Their only options are expensive non-QM loans or cash. Many Florida buildings became non-warrantable after failing to meet post-Surfside reserve and inspection requirements.


How much do international buyers spend on South Florida homes?


International buyers spent $4.4 billion on South Florida homes in 2025, up 46 year over year. They accounted for 15 of residential dollar volume, seven times the U.S. average. 51 of those transactions were in cash.


Are cash buyers getting discounts in Florida?


Yes. According to Redfin, cash buyers in Florida are scoring homes at 10 to 20 below appraised value. Many of those discounts exist because the building has financing restrictions, limiting the buyer pool to cash-only.


Local help for buyers and sellers across South Florida


Buying, selling, or investing in West Palm Beach, Fort Lauderdale, or Boynton Beach? Understanding the cash buyer landscape and financing restrictions matters. Reach out to The Mastropieri Group, Realtors®.


For help across Palm Beach County, call (561) 556-9853.








 ]]> </description>
    <pubDate>Mon, 09 Mar 2026 09:51:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.discoversouthflorida.com/blog/related-ross-adds-hotel-to-west-palm-beach-empire-the-ben/</guid>
    <link>https://www.discoversouthflorida.com/blog/related-ross-adds-hotel-to-west-palm-beach-empire-the-ben/</link>
        <author>Larry@discoversouthflorida.com (Larry Mastropieri)</author>
        <title>Related Ross Adds Hotel to West Palm Beach Empire: The Ben</title>
    <description> <![CDATA[ 
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 own Esperanté Corporate Center. They own Phillips Point. They built One Flagler. Now they own the hotel too.


The deal closed on February 26. County deed records filed March 3 show WS BPB Owner LLC sold the property to Narcissus Owner LLC, a Related Ross affiliate, for $108.5 million.





Why does this acquisition matter?


As Larry Mastropieri explained on the Discover South Florida Podcast, &quot;When one developer controls office, residential, retail, and now hospitality in the same downtown corridor, that level of investment tends to anchor property values for the surrounding area. He's making a huge bet.&quot;


That's exactly what's happening here. Related Ross now controls the entire downtown West Palm Beach ecosystem. Office space for the companies moving in. Condos for the executives. Retail for the residents. And now a hotel for the visitors.


Kenneth Himmel, president of Related Ross, called the hotel &quot;an important asset not only for visitors, but for the broader community and regional economy.&quot;




Looking to buy or invest in downtown West Palm Beach? Understanding how institutional ownership shapes property values matters. Talk to a real estate agent in West Palm Beach who tracks these deals. Reach out to The Mastropieri Group or call (561) 556-9853.




What is The Ben?


The Ben is a 208-room Marriott Autograph Collection hotel at 251 N. Narcissus Ave. It opened in February 2020 and sits inside Banyan Square, a mixed-use waterfront district overlooking the Palm Harbor Marina and the Intracoastal Waterway.


Here's what the property includes:






208 rooms with Intracoastal views.






A full-service restaurant.






7,800 square feet of event space.






A rooftop ballroom and rooftop pool.






Wheelock Street Capital bought the hotel in 2021 for $106.4 million, about $511,000 per room. Palm Beach County's property appraiser currently values it at $80.2 million, with a taxable value near $74.8 million. Related Ross paid $108.5 million, a premium over both the 2021 purchase price and the county's assessed value.


How did the financing work?


According to county records, Related Ross assumed the seller's existing $100.17 million mortgage and increased it to about $149.5 million. Newmark arranged the financing. Tokyo-based Nomura provided the loan. CBRE handled the sale, with the broker noting that Related's ownership could lead to upgrades in lodging quality and food and beverage offerings.


What else does Related Ross own in West Palm Beach?


The Ben is just one piece of a growing portfolio:






One Flagler: A 25-story office tower completed last year near the Intracoastal.






CityPlace Tower, Esperanté Corporate Center, Phillips Point: Major office holdings across downtown.






Shorecrest: A second condo project secured a $157 million construction loan.






Condo buyouts: As we covered in Stephen Ross's acquisition of Southbridge, the firm bought 27 units for $25.4 million. They also picked up two units at Harbor Towers for $4.5 million.






Workforce housing: As we covered in Related Ross's new mixed-income division, the firm is launching Sapodilla, a 164-unit project in downtown.






As we wrote in Steve Ross's $600M bet on West Palm Beach, the firm is building out an entire urban ecosystem. Adding a flagship hotel completes the picture.


What does this mean for West Palm Beach homeowners?


When one developer controls this much of a downtown corridor, it tends to stabilize and strengthen values for the surrounding area. The Ben sits inside Banyan Square, which already includes luxury apartments, dining, and public waterfront space. Related's ownership adds another layer of long-term stability.


The tourism angle matters too. Palm Beach County recently welcomed a record 10.7 million visitors, according to Discover The Palm Beaches. Owning a waterfront hotel in that environment is a strong long-term position.


For buyers evaluating downtown Palm Beach County, this kind of institutional commitment from a well-capitalized firm signals that the market has real staying power, not just a short-term run-up.


Frequently Asked Questions About Related Ross and The Ben Hotel


How much did Related Ross pay for The Ben hotel?


Related Ross paid $108.5 million for The Ben, 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.


Who sold The Ben hotel in West Palm Beach?


Wheelock Street Capital sold the property through its affiliate WS BPB Owner LLC. Wheelock had bought the hotel in 2021 for $106.4 million.


Where is The Ben hotel located in West Palm Beach?


The Ben is at 251 N. Narcissus Ave. in Banyan Square, a mixed-use waterfront district near Clematis Street and CityPlace. It overlooks the Palm Harbor Marina and the Intracoastal Waterway.


What does Related Ross own in downtown West Palm Beach?


Related Ross owns CityPlace Tower, Esperanté Corporate Center, Phillips Point, and One Flagler. They're also developing Shorecrest condos and Sapodilla workforce housing. Now they own The Ben hotel as well.


Why is Related Ross buying so much in West Palm Beach?


Related Ross is building a full urban ecosystem: office space, luxury condos, workforce housing, and now hospitality. Controlling multiple property types in the same corridor anchors long-term value and gives the firm influence over the downtown's direction.


Local help for buyers and investors in West Palm Beach


Buying, selling, or investing in West Palm Beach, Palm Beach Gardens, or Jupiter? Understanding how institutional ownership shapes property values matters. Reach out to The Mastropieri Group, Realtors®.


For help across Palm Beach County, call (561) 556-9853.








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    <pubDate>Sun, 08 Mar 2026 07:50:00 -0500</pubDate>
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    <guid>https://www.discoversouthflorida.com/blog/related-ross-returns-to-affordable-housing-in-west-palm-beach/</guid>
    <link>https://www.discoversouthflorida.com/blog/related-ross-returns-to-affordable-housing-in-west-palm-beach/</link>
        <author>Larry@discoversouthflorida.com (Larry Mastropieri)</author>
        <title>Related Ross Returns to Affordable Housing in West Palm Beach</title>
    <description> <![CDATA[ 
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 covered in their legal battle over a West Palm Beach condo, they're also buying up existing buildings. Now they're adding workforce housing to the mix.


The project went before the city's Plans and Plats Review Committee on February 26th. If the remaining hearings go through, construction could start by early summer 2026.





Why is Related Ross moving into affordable housing?


The average apartment in West Palm Beach now rents for nearly $2,400 a month. That prices out the local workforce that keeps the city running. Teachers, nurses, service workers, and first responders. They can't afford to live where they work.


Related Ross sees the gap. The company just created a dedicated division to build mixed-income projects. Jordan Bargas, the firm's executive VP of development, leads it. He recently hired Jordan Davis, a former affordable housing executive from Miami-based Related Group, as director.


For Steve Ross, this is personal. He started his career in affordable housing before building a real estate empire. As we covered in Steve Ross's move to West Palm Beach, he's been reshaping the city for years. Now he's returning to his roots.




Looking to buy or invest near downtown West Palm Beach? Understanding how new development affects property values matters. Talk to a real estate agent in West Palm Beach who tracks these projects. Reach out to The Mastropieri Group or call (561) 556-9853.




What will Sapodilla look like?


Sapodilla is a seven-story mixed-income project on a 1.7-acre site. A Related Ross affiliate bought the land for $7.5 million in late 2025. Here's what's planned:






164 rental units. One to three bedrooms. Units average about 640 square feet.






Over 6,000 square feet of indoor amenities. Pool, fitness center, co-working space.






A three-story parking garage with 188 spaces. At least one spot per unit.






The project sits at the southwest corner of Sapodilla Avenue and 2nd Street. That's in the northwest section of downtown, an area that's been rougher than the core but is starting to shift.


What does this mean for the northwest neighborhood?


As Larry Mastropieri explained on the Discover South Florida Podcast, &quot;This is the big move that's going to help change that progressive northwest neighborhood from less safe to slightly more safe. A lot of the owners nearby are investors. That whole neighborhood is mostly multifamily.&quot;


Larry sees upside: &quot;I think it's going to improve. And I think it's going to be the next area where you're like, 'Oh wow, you bought that stuff in 2020, 2015. Look at it now.' It's going to be like that downtown Delray vibe, you know?&quot;


When a well-capitalized developer like Related Ross moves into a neighborhood, it tends to stabilize and strengthen values. This isn't a one-off project. The launch of a dedicated division means more are coming.


What is workforce housing in Palm Beach County?


Palm Beach County defines affordable housing as units for households earning 80 or less of the area median income. The county AMI is roughly $104,000 to $112,000 a year. That's not low income. It's the teachers, firefighters, and healthcare workers who keep the county running.


Rents are capped through government programs. For renters priced out of the current market, projects like Sapodilla add options in one of the most in-demand urban cores in South Florida.


As we covered in our piece on Palm Beach County's $12 million affordable housing push, the county is actively backing these developments.


What else is Related Ross building in West Palm Beach?


Sapodilla is just one piece of the Related Ross portfolio:






One Flagler: The 25-story office tower completed last year near the Intracoastal.






Shorecrest: A second condo project with a $157 million construction loan was recently secured.






Major office holdings: CityPlace Tower, Esperanté Corporate Center, Phillips Point.






Condo buyouts: As we covered in our piece on Stephen Ross acquiring Southbridge, the firm bought 27 units for $25.4 million. They also picked up two units at Harbor Towers for $4.5 million.






As we covered in Steve Ross's $600M bet on West Palm Beach, the firm is building out an entire ecosystem. Luxury condos, Class A office, and now workforce housing. They're thinking about the full city, not just the high end.


For homeowners and investors in Palm Beach County, this signals long-term confidence. Related Ross isn't just cashing in on the luxury boom. They're building the housing stock the city needs to function.


Frequently Asked Questions About Sapodilla in West Palm Beach


How many units will Sapodilla have in West Palm Beach?


Sapodilla will have 164 rental units. They range from one to three bedrooms. Units average about 640 square feet. The project also has a pool, fitness center, and co-working space.


Who is developing Sapodilla in West Palm Beach?


Related Ross, the joint venture between Steve Ross's Related Companies and local partners. This is the first project from the firm's new mixed-income multifamily division, led by Jordan Bargas.


Where is Sapodilla located in West Palm Beach?


Sapodilla is at 209 N. Sapodilla Ave., at the southwest corner of Sapodilla Avenue and 2nd Street. That's in the northwest section of downtown West Palm Beach.


What is workforce housing in Palm Beach County?


Workforce housing serves households earning 80 or less of the area median income. In Palm Beach County, that's roughly $83,000 to $90,000 a year for a family. Rents are capped through government programs.


When will Sapodilla be completed?


Construction is targeted to start by early summer 2026. Completion is expected in 2028. The project still needs to clear additional hearings before final approval.


Local help for buyers and investors in West Palm Beach


Buying, selling, or investing in West Palm Beach, Palm Beach Gardens, or Jupiter? Understanding how workforce housing and new development affect values matters. Reach out to The Mastropieri Group, Realtors®.


For help across Palm Beach County, call (561) 556-9853.








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    <pubDate>Sat, 07 Mar 2026 08:03:00 -0600</pubDate>
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