10-acre project at 150 South Clearwater Drive and 203 South Tamarind Avenue, West Palm Beach
Billionaire real estate moguls, Teddy Sagi and Jorge Pérez are investing in Transit Village, a long-planned, transit-oriented mixed-use development planned for West Palm Beach.
Sagi’s Globe Invest and Pérez’s Related Group, along with BH Group, formed a joint venture to invest in developer Michael Masanoff’s Transit Village.
The development, on the western side of downtown West Palm Beach, has been planned for more than 20 years. More recently, it was expected to break ground in 2018.
Sagi, who founded the Cyprus-based gambling software developer Playtech and owns a portfolio of real estate in London, is worth about $5.6 billion, according to Forbes. Globe Invest is Sagi’s family office that invests in software, technology companies, financial services and real estate.
The site is approved for about 1.5 million square feet of residential, office, retail and hospitality. It connects directly to Tri-Rail, Amtrak and the county’s bus transit center.
The project is now in the design and underwriting phase.