Delray Beach to negotiate with Irish developer for downtown property despite higher offers
Delray Beach’s Community Redevelopment Agency plans to sell 6 acres of land near downtown to Irish developer John Flynn, despite higher offers from other developers.
The CRA voted to negotiate a deal with Uptown Atlantic, a company owned by Flynn, who plans to build a complex with a grocery store, pharmacy, stores, office space and affordable homes, according to the Palm Beach Post.
Uptown offered $1.2 million for the three blocks of land between Southwest Sixth and Southwest Ninth avenues. The land, however, was recently valued at $15.4 million, the Palm Beach Post reported.
The redevelopment agency will attempt to negotiate a higher price before a final proposal goes before the board on Aug. 3, according to the newspaper.
The CRA had six higher offers, but chose to negotiate with Flynn in order to develop the land more quickly, the majority of commissioners said. Two commissioners — Ryan Boylston and Bill Bathurst — rejected the deal.
Flynn and his wife own a Dublin-based development company with a portfolio of projects in Ireland and England. The couple recently sold their 7,316-square-foot house in Palm Beach for nearly $13 million after downsizing to a nearly 4,000-square-foot house on Reef Road in Palm Beach for $6 million. [Palm Beach Post] — Keith Larsen
Source: The Real Deal