The City of West Palm Beach has a proposal to sell 55 acres of City-owned land to developer Stephen Ross for $6.6 million to build a private school. The proposed development includes a new K-12 school, which is seen as key to attracting businesses to the area. Ross may also develop workforce housing on part of the property. The deal is priced at $120,500 per acre.
However, the deal has critics, who state that the price is below the typical market value for similar properties in the area. The City arrived at this price by averaging two appraisals with differing values — one at $9.5 million and the other at $3.7 million. City officials explained that the land’s restricted use and development challenges, like road access and environmental factors, contributed to the variance. While some critics argue the City could have received higher bids with a public auction, the City believes Ross’s company is better positioned to attract quality educational institutions.
The sale is only at a proposal stage, with many due diligence and deal terms to be flushed out. The City commission must approve the sale before being finalized. If approved, the funds from the sale will be used to support educational improvements at Roosevelt Elementary School.
More to come… stay tuned!
