Developer Brian Tuttle scores loan for 100-acre site near Royal Palm Beach

Developer Brian Tuttle scores loan for 100-acre site near Royal Palm Beach

Tuesday, July 24, 2018

Charles Penan and Howard Taft

Developer Brian Tuttle just closed on a $14.7 million loan for the 100-acre portion of a planned, mixed-use project near Royal Palm Beach.

The land sits just south of Southern Boulevard and west of State Road 441, and doubles Tuttle’s assemblage in the area to 200 acres.

Lion Financial provided the loan, according to Howard Taft and Charles Penan of Aztec Group, who arranged the financing.

Tuttle, president and owner of Tuttle Land Development, has been assembling land for a master-planned community just outside of Royal Palm Beach since 2014, Taft said. His company acquired the land from at least five landowners and assumed some of their mortgages.

The development, called Tuttle Royale, calls for 1,100 apartments; 500,000 square feet of commercial space, including medical offices and a 1,500-student charter school; and a 400,000-square-foot lifestyle and activity center with a 100-key hotel, restaurant space and fitness amenities.

The Related Group paid $12.5 million for the site of first phase of apartments at the community in 2016.

In 2016, Tuttle Land Development sold a 200-acre site in Parkland where the Four Seasons at Parkland now stands. The firm is currently rezoning an adjacent 26 acres to allow for the construction of up to 79 single-family homes for buyers ages 55 and up.

The Tuttle family has bought, entitled and developed more than 10,000 acres of land and over 5,000 residential lots in the Palm Beach, Broward, Martin and the Orlando, according to a press release.

Source: The Real Deal