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Brazilian Avenue townhouse site sells for $6M

Posted On: 05-08-2014

By Darrell Hofheinz Daily News Staff Writer

On the market for more than three years and green-lighted last month for a new four-unit townhouse complex, a vacant lot at 215 Brazilian Ave. near South County Road has been sold to the project’s developers for $6 million, according to the price recorded with last week’s deed.

The developers shouldn’t have any problem recouping that cost, considering that the townhouses have been priced, pre-construction, at between $6.25 million and $6.75 million each, according to agent Chris Deitz of Fite Shavell & Associates. He was involved in the deal recorded May 1 and is the listing agent for the townhouses.

Broker Steve Hall of Hall Real Estate acted on behalf of the seller, 215 Brazilian Holding, a limited liability company controlled by managers Aby Rosen and Michael Fuchs. The deed lists the company with a New York City address.

The deed lists the buyer as Arca 21 LLC of Deerfield Beach, an entity associated in state business records with Arnaldo Cunha Campos, a Brazilian businessman who has a vacation home in Boca Raton.

The project is being developed in a joint partnership between Arca 21 and Capital Development Group International Inc., the latter associated with Brian J. Mylett of Jupiter. The development team includes Mylett, a real estate investor and developer, and Josh McAlees, a Jupiter general contractor with his own firm. The two men have worked together on other South Florida projects, and Mylett also owns Capital 21 Realty, the agency of record for the buyer.

The sale had been in the works since November while the developers awaited project approval from the town, Hall said. He had listed the property in October 2011 for $9.8 million, later reducing the price to $7.495 million.

Late last month, the Architectural Commission approved a much-revised plan for the two-story project, the town’s first new townhouse fourplex in 19 years. Architect Harold J. Smith of Smith and Moore Architects designed the Mediterranean-style project for the lot, which once was the site of the Plaza Inn hotel.

215 Brazilian Holding LLC razed the hotel after acquiring the property in 2007, although courthouse records don’t disclose the amount that changed hands. Rosen had hoped to develop a new hotel-condominium project, Hall said, but the recession derailed those plans.

The developers expect to break ground in July and complete the townhouses by next fall, McAlees said.

“The demand has exceeded our expectations,” McAlees said, attributing buyers’ interest, in part, to “the unavailability of new product in town.”

 

Source: Darrell Hofheinz, May 8, 2014, Palm Beach Daily News

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