Tuttle Loses Mixed-Use Project In $60M Bankruptcy Sale: The South Florida Deal Sheet
A 43-acre Royal Palm Beach development site where Brian Tuttle planned a mixed-use, master-planned community sold for $60M in a bankruptcy sale.
Miami-based Concord Wilshire Capital closed on the deal after receiving sign-off from a bankruptcy judge. It plans to build 401 multifamily residences, 125 hotel rooms, 426K SF of retail, an 82K SF office building and a park, according to a release.
The project would join existing developments in the 200-acre Tuttle Royale development on Southern Boulevard near State Road 7, like The Lynd Group’s The Villas at Tuttle Royale, with 55 townhomes across 26 buildings, and Related Group’s 392-unit Pointe at Southern development.
“We are now fully engaged in delivering a thoughtfully designed, mixed-use community that will create a true sense of place, generate meaningful economic activity, and serve as a long-term asset for Royal Palm Beach and the broader region,” Concord Wilshire Managing Director of Construction Bromley Kelly said in a statement.
Tuttle spent nearly two years trying to save the site where he planned to build Mainstreet at Tuttle, wrestling with a foreclosure suit from its lender alleging missed payments on three mortgages that totaled $38M in 2024. The court sided with the lender, issuing a $47M judgment and scheduling a sale of the site for September last year.
But the night before the scheduled foreclosure auction, Main Street at Tuttle Royale LLC, managed by Tuttle, filed for Chapter 11 bankruptcy, effectively halting the auction.
Less than a year later, Tuttle still wasn't able to land financing to hang on to the site.
Bankruptcy Judge Erik Kimball approved the reorganization with two options for a resolution: selling the site to Concord Wilshire for $60M, and if that failed, Atlanta-based Ardent would step in to buy the asset, which would leave Tuttle with some equity, The Real Deal reported.
Earlier this month, Concord Wilshire sued Tuttle, claiming Tuttle was trying to divert the deal so Ardent would win, TRD reported. That case is being settled after the sale went through.
SALES
An affiliate of Robbins Property Associates sold a 140-unit apartment complex in Davie to an entity tracing to McDowell Properties for $33M, according to property records provided by Vizzda.
McDowell assumed the seller’s remaining debt of $21M, which was amended to $29M, from Berkshire Residential Investments.
The 145K SF complex at 6857 College Court, dubbed Nova Central Apartments, is made up of 16 residential buildings and a clubhouse.
Units range from 1,165 SF to 1,180 SF and are priced between $2,480 and $2,600, according to Apartments.com.
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Serial retail investor Ranaan Katz purchased the Target-anchored Turtle Run Shopping Center in Coral Springs for $37M from an affiliate of Crow Holdings, according to property records provided by Vizzda.
An entity tracing to RK Centers bought the 90K SF shopping center at 4220 N. State Road. Dollar Tree, Papa Johns and Visionworks are tenants at the property, which encompasses seven buildings built in 1998, 2008 and 2014. The shopping center last sold in 2021 for $32M.
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An entity tracing to Brasswater, led by Ian Quint, purchased a two-story office condo in Coconut Creek for $20M, according to property records provided by Vizzda.
Quebec-based Brasswater, which develops, owns and operates offices, industrial and retail in Quebec and the U.S., purchased the 128K SF condo from Steven Fields. The purchase was made with a $14M loan from SouthState Bank.
The commercial condo is at Coconut Park at 6806 to 6814 N. State Road 7. The office building, built in 2003, is connected to a warehouse owned by Cusanos Italian Bakery, the South Florida Business Journal reported.
CONSTRUCTION AND DEVELOPMENT
BI Group USA, the North American arm of the Central Asia-based developer, broke ground on Parkside Residences at Brickell, according to a release.
Construction on the eight-story, 187-unit condo project commenced at 1741 SW Second Ave. BI Group's debut U.S. project has Winmar Construction on board as general contractor and Kobi Karp as architect.
Units, which are planned to deliver furnished by the second quarter of 2028, are priced at $400K. Amenities for the project include a rooftop pool deck and lounge, yoga and mindful spaces, a spa and coworking lounges.
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Wave Group Development, Virtrium Capital and Zambala Luxury Apartments launched sales for a short-term rental project dubbed Duos Wynwood, according to a release.
The eight-story, 49-unit project, planned for 335 NW 28th St. in Wynwood, is selling studios to two-bedroom condos between 400 SF and 900 SF. Prices range between $500K and $1M.
Visitors would be allowed to stay for up to 30 days. Amenities include a coffee bar and gym, coworking and conference rooms, and 3K SF of ground-floor retail.
FINANCING
Time Equities got started on the first phase of an apartment project in Boynton Beach with a $160M construction loan from a group of lenders led by M&T Bank, the South Florida Business Journal reported.
The developer also received up to $35M in tax increment financing incentives. The eight-story project, dubbed Town Square Apartments, will include 465 apartments, 6K SF of retail, 50K SF of amenities and a parking garage with 1,055 spaces.
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Canyon Partners provided a $123M construction loan to Acre, formerly Asia Capital Real Estate, to build Adela II at MiMo Bay, Commercial Observer reported.
The six-story project at 685 NE 64th St. is planned to include 337 apartments, with 20 reserved for people making between 80% and 120% of the area median income. The apartment building will rise near Adela at MiMo Bay, which delivered in 2020.
PEOPLE
Dionna Hall will serve as CEO of the entity resulting from the mergers of the Miami Association of Realtors and Broward, Palm Beach & St. Lucie Realtors, according to a release.
Miami Association of Realtors CEO Teresa Kinney announced her retirement in February after 33 years with the company. Hall, who serves as CEO at Broward, Palm Beach & St. Lucie Realtors, will work alongside Kinney until her retirement at the end of this year.
The organization, which is awaiting approval for Miami and South Florida Realtors as its new name, will be one of the largest real estate groups of its kind, encompassing 93,000 members, more than 47 state associations.
