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:
For more information, please visit www.pgastation.com.