Transit Village developer will seek a smaller subsidy
The developer of the Transit Village project that would span 1.1 million square feet on the western edge of downtown West Palm Beach will settle for a subsidy smaller than $114 million. Developer Michael Masanoff agreed to renegotiate the amount after Mayor Jeri Muoio vetoed a city commission vote in favor of the $114 million property tax subsidy for Transit Village, a $300 million mixed-use development.
It was the Mayor Muoio’s first veto in more than five years in office. Her staff had recommended a tax subsidy no more than $25 million to defray the cost of a parking garage in the Transit Village development, which also would include a hotel, an office building,an apartment building, retail stores and townhouses. [Palm Beach Post] – Mike Seemuth
Source: The Real Deal