Case Studies

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The Strand West Palm Beach – SECURED ECONOMIC INCENTIVES

Location	255 Evernia Street West Palm Beach, FL 33401
# of Units	275
Principals	American Land – Granvil Tracy, President
Project Value	$90,000,000
Investment Partner	Bob Whitney, Cornerstone Advisors
Completed	2002
The Challenge	The land owner was asking record price on a per-foot basis for the site. Site was an unattractive surface parking lot. The area needed rejuvenation
The Solution	By collaborating with the land owner and city government, we purchased the land and ultimately gained approval from the city to construct 295+/- residential units and 16,000 sq. ft. of retail space.
The Results	SECURED ECONOMIC INCENTIVES – Maximized development rights, negotiated a 5MM tax incentive package and eventually constructed the first residential high-rise in WPB in more than 25 years. West Palm Beach prospered as residents rediscovered downtown and we successfully transformed an unattractive parking lot into one of the area’s most recognizable residences.