Weeks after granting an extension to Charles Cohen’s long-delayed West Palm Point office project, the city reversed course, pushing the construction deadline to next summer.
The city’s Community Redevelopment Agency on Monday rescinded the extension it had granted in September to the Cohen Brothers project, the South Florida Business Journal reported. The extension required construction to be completed by January 2029 and for the developer to pay rent until construction wraps up.
This week, the deadline was moved up to June 2027, the date scheduled before the extension. It’s unclear what would happen if construction isn’t finished before then.
City commissioners noted real estate investor Lendlease had pulled out of the project. A representative for Cohen Brothers confirmed Lendlease’s disinvolvement to the newspaper, while a Lendlease representative said the company would remain involved in the project’s oversight.
Commissioner Cathleen Ward said she met with Lendlease and understood the company was on board to provide equity before learning it was not. The firm’s non-involvement was “misrepresentation” and amounted to a “bait-and-switch,” she said.
An attorney for the developer told the city that the developer was in compliance with the September agreement, which required financing to be obtained within 30 days.
Following the vote, a representative of Cohen Brothers told the newspaper that the city’s decision to rescind the extension was not fully informed.
Cohen secured a $385 million loan for the project at 850 South Quadrille Boulevard in late October, made up of $35 million from an affiliate of Farallon Capital Management and $350 million from an entity linked to the Corporation Service Company.
The developer leased the 2.4-acre site from the city’s Community Redevelopment Agency in 2020, with an estimate to conclude in June 2027. But permitting issues delayed construction. The city told the developer in 2024 that it was in default on its 49-year lease, followed by a second letter of default in February this year.
Planned amenities in the 400,000-square-foot office project include a gym and rooftop park, along with a 10-story attached parking garage and more than 11,000 square feet of retail. CBRE is leading leasing.
The project’s website says it’s planned for occupancy in the first quarter of 2028.
— Alissa Gary
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