Greene Sells Prime West Palm Waterfront Site for $90M
Billionaire developer Jeff Greene has agreed to sell his 1.6-acre downtown West Palm Beach waterfront property to Terra and partners for over $90 million. The triangular site sits across from the newly renovated Currie Park.
Billionaire developer Jeff Greene has reached an agreement to sell his prime waterfront property in downtown West Palm Beach to Terra and investment partners for more than $90 million, marking one of the area's most significant land transactions.
The deal involves a 1.6-acre triangular assemblage located at 2023 Flagler Drive, positioned at the strategic intersection of Flagler Drive, Piccadilly Street and Broward Avenue. David Martin's Terra development firm is partnering with BH Group on the acquisition, which Greene describes as offering exceptional development potential.
Greene, who confirmed the sale price surpasses the $90 million threshold, characterized the property as "the best site left anywhere in Palm Beach," highlighting its unique positioning and waterfront access. The billionaire developer has been assembling and holding premium real estate assets throughout South Florida for strategic development opportunities.
The property benefits from its location directly across from Currie Park, which recently underwent a comprehensive $35 million renovation. This substantial public investment in the surrounding area enhances the site's attractiveness for high-end residential or mixed-use development projects.
Terra, led by David Martin, has established itself as a major player in South Florida's luxury development market, with a portfolio spanning Miami-Dade, Broward, and Palm Beach counties. The firm typically focuses on upscale residential towers and mixed-use projects in prime urban locations.
BH Group brings additional development expertise and capital to the partnership, strengthening the buyer consortium's ability to maximize the site's potential. The collaboration reflects the growing trend of major developers partnering on large-scale acquisitions in competitive markets.
West Palm Beach's downtown core has experienced significant transformation in recent years, with new residential towers, office buildings, and retail developments reshaping the skyline. The city's proximity to affluent Palm Beach, combined with more accessible pricing compared to Miami-Dade County, continues attracting major development capital.
The waterfront location provides rare direct access to the Intracoastal Waterway, a highly coveted feature for luxury residential developments. Such sites have become increasingly scarce as downtown West Palm Beach builds out, driving premium valuations for remaining developable parcels.
Greene's decision to sell follows a broader trend of major landowners monetizing holdings as South Florida property values reach new peaks. The billionaire has maintained significant real estate interests throughout the region while selectively divesting assets at optimal market timing.
The transaction represents Terra's continued expansion into Palm Beach County's luxury market, building on the firm's successful track record in Miami and Fort Lauderdale. With downtown West Palm Beach experiencing sustained growth in both residential demand and commercial investment, the site positions the development team to capitalize on favorable market dynamics.
