Know about market updates

Don King may be closer to selling former fronton

Don King may be closer to selling former fronton
The boxing promoter refused to sell the property for conversion to a distribution center
December 05, 2015 10:30AM

Boxing promoter Don King

Boxing promoter Don King may be closer to selling a former jai alai fronton in a town just north of West Palm Beach.
King, who has owned the 53-acre property in Mangonia Park since 1999, told the Palm Beach Post in October that he would not sell to a buyer who would convert the former fronton to a distribution center.
Victor Palacios, a West Palm Beach entrepreneur,  wants to turn the property into a mixed-use development with vocational and charter schools together with a sports facility, retail stores, restaurants and a hotel.
Palacios recently told town officials in Mangonia Park that King “is supporting the project 100 percent,” according to the Palm Beach Post. But Palacios said he hasn’t yet reached a deal with King to buy the former fronton, which the county has appraised at $7 million.
West Palm Beach developer Michael McCloskey made an unsuccessful attempt to acquire the former fronton from King and convert it to a distribution center. The property has been vacant since 1994.
Palacios would break ground in a year for his mixed-use redevelopment of the former fronton and complete the $127 million first phase in three years, and all five phases within seven years.
The Palm Beach Post reported that Magnonia Park Mayor William Albury told Palacios, “This is by far the best presentation and the best proposal we’ve ever heard. In terms of a partnership, you’ve got it.” [Palm Beach Post ] — Mike Seemuth

Source: The Real Deal

Leave a Reply

Your email address will not be published. Required fields are marked *