Posts

With ‘almost nothing’ left to develop in Wellington, developers could set their sights on existing properties — and already are.

Take a look at the most recent applications for development in Wellington and you might notice a trend. Instead of eyeing open property for development, builders are pitching new uses for already-occupied land. It’s a redevelopment trend that residents can expect to see more of as the village largely is built-out, officials say.

Redevelopment is not a new concept for Wellington. In the Wellington Country Plaza on the corner of Forest Hill Boulevard and Wellington Trace, a former Blockbuster was transformed into a Starbucks and BurgerFi. Up the road at the corner of Wellington Trace and Greenview Shores Boulevard, a former Kentucky Fried Chicken drive-through restaurant was repurposed into a Taco Bell. And at the corner of State Road 7 and Forest Hill Boulevard, a small retail outparcel was torn down to make way for a Chase bank.

“Residents should get used to seeing properties transform,” Planning, Zoning and Building Director Bob Basehart said. “The available undeveloped land in the village is down to almost nothing.”

One of the largest undeveloped sites in Wellington is the K-Park property on the southwest corner of Stribling Way and State Road 7. The village-owned piece of land has been the subject of development speculation in the past, but right now is part of a land-bank effort with no plans in the foreseeable future, officials have said.

“Another 65 acres of open land is just north of Wellington Regional Medical Center. But plans are in the works to create a mixed-use hub there with residential, retail, assisted-living and more,” Basehart said.

So where can residents expect to see more redevelopment? Basehart pointed to four key areas.

The Mall at Wellington Green

While the mall has not submitted any formal applications, a recent Palm Beach Post public records request revealed the mall’s owner, Starwood Realty, is considering redeveloping the former Nordstrom anchor space and part of the surrounding parking lot. The project could include residential, retail, restaurants and outdoor recreation space, the records show.

Defunct Golf Courses

Neighbors in 2017 fought potential redevelopment on golf courses at Polo West and Palm Beach Polo and Country Club. The golf courses’ owners, a pair of companies controlled by developer Glenn Straub, had applied to change the uses allowed on the properties. The changes could have paved the way for development, opponents argued. Since then, several concepts have pitched for each club’s golf courses, including residential neighborhoods, equestrian properties and in one case a tennis ranch. None have made it past the concept phase.

Older Commercial Properties

Residents already can see redevelopment efforts on older commercial properties in Wellington. While not seeing a change in use, the McDonald’s at Greenview Shores and Wellington Trace is getting a significant facelift, including a lobby renovation and small expansion and a second drive-through order lane.

Along the State Road 7 corridor, the owner of the former Romano’s Macaroni Grill in front of Whole Foods has proposed tearing down the building to construct something larger that would house two smaller restaurants and a retail store.

Older Residential Properties

With more multifamily homes in Wellington passing the 40-year-old mark, Basehart said residents should expect to see some redevelopment happen here as well. In some places, property owners already have built larger or more modern homes after tearing down aging structures.

 

Source: Palm Beach Post

cash

Prolific industrial builder Bridge Development Partners LLC purchased 34 vacant acres for $36.9 million to build a three-building center in Davie.

Bridge Point 595 will be southwest of Interstate 595 and Florida’s Turnpike. The 677,314-square-foot industrial park is set to open in the third quarter 2020. Two buildings will measure 290,295 square feet each and the third will be 96,724 square feet.

Chicago-based Bridge Development bought the land from Forman Industrial Land LLC, an affiliate of the Forman family whose late patriarch Hamilton Forman was a prominent South Florida landowner who ventured into real estate projects.

Bridge Point 595 speaks to the healthy South Florida industrial market, which has some of the lowest vacancy rates among all asset classes. Population growth, e-commerce and the scarcity of large parcels are boosting the sector. That’s heightened interest from institutional investors, which have been scooping up properties and encouraged merchant builders who build to sell.

Bridge’s construction spree since 2012 added 2 million square feet in Miami-Dade and Broward counties. Bridge recently sold its 221,815-square-foot Bridge Point Riverbend west of Interstate 95 in Fort Lauderdale to institutional investor ASB Capital Management LLC for $38.2 million.

Its other projects include Bridge Point Commerce Center, a mammoth industrial project on 185 acres southwest of Florida’s Turnpike Extension and Northwest 47th Avenue in Miami Gardens. The 1.1 million-square-foot first phase will be finished by month’s end. Future phases will take the total size to 2.1 million square feet.

 

Source: DBR