If you have lived in Florida for the past couple of years, you know that it isn’t unusual for billionaires to develop commercial property. Some develop it to house their own businesses’ headquarters. I’ve written about Ken Griffin building a new headquarters for Citadel. Billionaire Developer Jeff Greene is building a massive development in West Palm Beach. Although he’s faced delays, he says it will be finished relatively soon.
About Jeff Greene: According to Forbes, Jeff Greene is worth around $7.5 billion. As an MBA student, he bought a home and rented out the rooms. By the time he graduated, he had 18 properties. Much of his fortune is in Los Angeles and South Florida real estate, according to Forbes.
About One West Palm, The Delays, And The Path Forward: This massive development is slated to have two towers. One tower will be home to over 300 luxury homes and the other tower will have more than 200 luxury hotel rooms. A podium offering parking will connect the two towers.
Initial delays came during the pandemic, but unfortunately, the delays continued into the current day. In June of 2024, developer Jeff Greene’s company, 1370 South Ocean LLC., was sued by the original general contractor, Kast Construction, who alleged in part that change requests delayed the projects. (Greene’s company has countersued.)