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Rezoning could lead to mixed-use redevelopment of Boynton Beach Mall

A rezoning of the Boynton Beach Mall could lead to a mixed-use redevelopment of the property, where a Sears store is scheduled to close after the December holiday season. The municipal Planning and Development Board in Boynton Beach will consider a rezoning of the 108.3-acre mall property on Monday. The rezoning proposal, initiated by city staff, would allow the owners to redevelop the mall property for a mix of uses including entertainment, hospitality, office and … [more]

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Edgardo Defortuna defends in three lawsuits over two of his condo developments

Developer Edgardo Defortuna faces three lawsuits alleging he cheated small sources of project financing and advanced a condo development by blocking the sale of an adjacent property. Unless Defortuna settles first, a Miami-Dade Circuit Court judge will decide on Monday whether to order an immediate trial in a case brought by three plaintiffs. Capital Building, Florida Beach Investment and Spartan Lending allege that Defortuna lied when he claimed a big loss on his Jade Ocean … [more]

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Miami church faces $7.1M property tax bill for leasing space to a for-profit school

The First Presbyterian Church of Miami faces a $7.1 million tax bill because the Miami-Dade County Property Appraiser claims the church forfeited its religious exemption by leasing part of its property to a for-profit school. Attorneys for First Presbyterian Church filed two lawsuits alleging the county property appraiser has challenged the church’s religious exemption from property tax because of the high assessed value of its property. The church is located on a 3.4-acre waterfront parcel … [more]

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Company behind Louis Vuitton and Christian Dior to buy luxury hotel group

Paris-based LVMH, a luxury products company that owns the Louis Vuitton and Christian Dior fashion labels, agreed to acquire London-based Belmond and its portfolio of high-end hotels. The deal reflects a belief at LVMH that “the future of luxury is in luxury goods and luxury experiences,” Jean-Jacques Guiony, the finance chief of LVMH, told stock analysts during a conference call. LVMH, which acquired the Bvlgari hotel group in 2011, agreed to pay $3.2 billion for … [more]

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Turning point? U.S. home sales slumped as listings surged in November, Redfin reports

Home sales nationwide fell in November at the fastest rate in two years while the number of homes listed for sale increased at the fastest rate in three years, according to a report by Seattle-based brokerage firm Redfin. “The tide has turned. Sellers are now competing for buyers, but they haven’t all realized it yet,” Redfin chief economist Daryl Fairweather said in prepared remarks. “Sellers holding out for high prices are contributing to declining home … [more]

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Could this city be the next capital of cool?

Greenville, South Carolina, wants to be the next Portland, Oregon, aka the capital of the cool and artsy. The southern town began attracting artists in 2005, with the introduction of an annual, three-day festival called Artisphere. The arrival of well-established artists in the former milltown coincided with a gradual growth in real estate prices, with the average price of homes sold since 2015 increasing by 21 percent, the Wall Street Journal reported. According to the … [more]

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Turns out millennials’ dream homes aren’t that different from baby boomers’

(Credit: Nod GIFs) Millennial homeowners want big houses with easy-access showers and loads of technology, making them not that different from baby boomers. Walk-in showers are popular with both age groups, as they make bathrooms look appealing and accessible, and both groups are also interested in smart home technology, according to MarketWatch. Size is the main difference between the two age groups, as millennials are hoping to land larger homes to accommodate children and growing … [more]

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How wealthy buyers are scoping out second homes in a slow market

At the Montage Kapalua development in Maui, prospective buyers can arrange four-night stays — complete with private dinners and spa treatments — before deciding to take the plunge on a million-dollar (or more) house. Amid the market slowdown, these trial runs are becoming more common among those shopping for a second home — or a site to build their dream abode, Bloomberg reported. Sellers are hoping the lavish sojourns will convince buyers to stay for … [more]

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Trez Forman finances site acquisition for senior housing in Boynton Beach

Trez Forman Capital Group loaned $4.9 million for the acquisition of a site for senior housing development in Boynton Beach. The developer will use the loan to finance acquisition of a 15-acre site on the northwest corner of Flavor Pict Road and Jog Road in Boynton Beach, according to a press release by Trez Forman. The Palm Beach County Planning Department and the county’s Zoning and Building Department recently approved the developer’s plan to build … [more]

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Builder asks $44.5M for spec home on Palm Beach island

A family business with ties to President Trump listed a spec home about two miles from Trump’s Mar-A-Lago Club in Palm Beach with a $44.5 million asking price. Chris Deitz of William Raveis Real Estate is the listing agent for the island home that Columbus Ohio-based Schottenstein Real Estate Group is building without a buyer. Schottenstein Real Estate paid $12.15 million in 2016 for the home-construction site at 520 Island Drive on Everglades Island, located … [more]

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