Transit Village developer will seek a smaller subsidy

Transit Village developer will seek a smaller subsidy

Sunday, January 22, 2017

Rendering of Transit Village and developer Mike Masanoff (inset)

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