Marcus & Millichap Lists $10.9M REO Waterfront Site

West Palm Beach, Fla.—Marcus & Millichap Real Estate Investment Services has retained the exclusive listing for Mizner Lakes, a 21.49-acre REO waterfront development site in West Palm Beach. The listing price is $10,992,000, or $16,000 per buildable unit.

Evan P. Kristol, senior vice president-investments, and Still Hunter III,  first vice president-investments, both in the firm’s Fort Lauderdale office, are representing the seller, a Minnesota-based financial institution.

“The previous owner acquired the property in April 2006 for $34,840,000,” says Kristol. “The intent was to develop 677 residential units and 20,900 square feet of retail. Currently, there is an approved site plan for that project, which was to be called Mizner Lakes,” adds Kristol.

“Due to the downturn in the market, the development never broke ground,” explains Hunter. “There is an approved development order in place with the City of West Palm Beach, which expired on Dec. 19, 2009, but can be extended for an additional year for a nominal fee. If requirements to be vested are not met by this date, a new development order will have to be approved. Retail use is no longer permitted in this underlying zoning district.”

The site is situated on a 400-foot wide canal and has 851 feet of frontage on Hank Aaron Drive. The Mizner Lakes site is zoned for residential planned development (RPD) but has an underlying multifamily use zoning (MF-32) that allows a maximum density of 32 units per gross acre, which equates to 687 units.