Akel Homes has officially broken ground on Mosaic Palms, a new apartment complex west of Boynton Beach, following a $30 million construction loan secured from Seacoast Bank. The Stuart-based bank provided financing to Civic Hypoluxo Holdings, a Delray Beach-based Akel Homes subsidiary. This loan covers the 11.8-acre development site located at 7376 Lyons Road, near the southeast corner of Hypoluxo Road.
EBC Capital, a real estate investment and development firm led by Eric Cohen, has acquired two properties in Downtown West Palm Beach for $5.6 million. The properties, located at 303 Gardenia Street and 501 S Olive Avenue, are part of EBC Capital’s plan to support the area’s revitalization, with leases already secured for tenants like men’s sportswear brand Redvanly and women’s swimwear brand Montce. The acquisition is intended to attract tenants from the wellness, hospitality, and fashion sectors.
London + Regional Properties submitted an Administrative Site Plan Review (ASPR) application with Miami-Dade County on October 24 to develop two eight-story mixed-use buildings on the Pullman Miami Airport hotel site at 5800 Blue Lagoon Drive. The proposal outlines plans for 600 new residential units spread across two buildings on the hotel’s existing parking lot. The 10-acre site, currently home to the 281-room hotel, was acquired by London + Regional Properties in 2019. The pre-application filing for this project was previously covered earlier this month.
Faena, in partnership with Fortune International Group and KAR Properties, is expanding its renowned brand to the heart of Miami by creating the Faena District Miami River. Set at 90 Southwest 3rd Street, this multi-phase cultural district will be located within the only 14-acre private park along the Miami River. Anchored by Faena Residences Miami, this transformative development promises to elevate Miami’s skyline and redefine the area with its blend of culture, art, and luxury living.
London Bay Development Group has completed a significant phase in the construction of The Ritz-Carlton Residences, Estero Bay, with the completion of a weeklong foundation pour for the project’s lagoon. This process required 115 trucks, 1,460 tons of concrete, and 152,304 pounds of rebar, marking the largest ground-level pour the company has undertaken to date. The development’s one-acre lagoon will be a central feature of the project. Designed with Balinese-inspired pavilions, the lagoon will provide lounging, sunbathing, and dining areas. The 22-story dual-tower development within a 500-acre nature preserve in Bonita Springs has reached over half a billion dollars in total sales.
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