BBX Capital Real Estate
PGA Station Master Plan Community and PGA Station
In December 2013, BBX Capital Real Estate purchased a commercial property in Palm Beach Gardens, Florida, with three existing buildings consisting of 145,000 square feet of mainly furniture retail space. The property, which is located in a larger mixed use property now known as PGA Station, was substantially vacant at the date of acquisition. Subsequent to the acquisition of the property, BBX Capital Real Estate entered into a joint venture with Stiles Development which acquired a 60% interest in the joint venture. BBX Capital Real Estate also owns an office building and land located in the newly named PGA Station. The joint venture described above is adjacent to PGA Station. We believe this property presents a variety of development opportunities, some of which are currently in the planning stages and remain subject to receipt of government approvals. These include:
- Office and Multi-Use – This mixed use property includes a 33,000 square foot commercial leased office building that is currently 56% occupied with an attached 428 space parking garage. Additionally, the Company is currently seeking governmental approvals for a 125 room limited-service suite hotel, a 5,000 square foot freestanding restaurant and a 60,000 square foot office building on vacant tracts of land adjacent to this office building. We anticipate partnering with a third party developer to develop all or a portion of these components of the project.
- Multi-family – Current plans for an additional seven acre multifamily parcel include approximately 300 apartment units, a clubhouse and spa, and lakeside pavilion. The Company is in discussions with a potential joint venture partner to develop this parcel.