South Miami developer pays $15.8M for West Palm Beach land near 360 Rosemary
Estate Cos., a South Miami-based real estate development company, paid $15.8 million for nearly 2.5 acres of vacant land that's less than a half-mile away from the Palm Beach County Courthouse in West Palm Beach and the 360 Rosemary office development.
According to Palm Beach County records, Estate Cos. closed on the land Dec. 28 at approximately 520 N. Rosemary Ave. The sellers were two limited liability companies managed by Antonio Orlando and Jose Rangel of Hialeah. The land is adjacent to a long 96,017-square-foot office building by the railroad tracks at 444 West Railroad Ave., and north of a parking garage with a pedestrian bridge attached to the 15th Judicial Circuit complex.
The land is also about 2,100 feet away from 360 Rosemary, a 20-story, 300,000-square-foot office complex that's being developed by The Related Cos., billionaire developer and Miami Dolphins owner Stephen Ross' company. The Class A office building has been attracting financial companies such as billionaire hedge fund manager Paul Singer's Elliot Management Corp., Maryland-headquartered mortgage company NewDay USA, and the $22 billion hedge fund Point72 Asset Management.
The vacant land at 520 N. Rosemary Ave. is zoned for multifamily development that is capped at eight stories, or 90 feet, whichever is shorter, according to West Palm Beach's zoning code. Orlando and Rangel paid $6.7 million for 1.1 acres of the vacant land in July 2014 and $6.8 million for 1.4 acres in September 2016.
Led by managing partner Robert Suris, the Estate Cos. specialize in building multifamily buildings. This past July, the Estate Companies sold a 213-unit apartment building in Palmetto Bay for $58.25 million to Dallas-based Westdale Real Estate Investment & Management.
South Florida Business Journal. January 2022.