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08/15/2017 (3)
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08/15/2017 (3)
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4/29/2025 2:52:19 PM
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10/26/2017 3:25:19 PM
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Meetings
Meeting Type
BCC Regular Meeting
Document Type
Agenda Packet
Meeting Date
08/15/2017
Meeting Body
Board of County Commissioners
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County's largest mixed-use project abandoned by funder - VeroNews: Vero Beach 32963 ... Page 2 of 3 <br />location for a real estate office and an attorney's office. I have had inquiries from a dentist and an <br />optical shop." <br />Paladin says the 3 -story luxury townhomes he has in mind would likely be offered in several floor <br />plans at prices between $350,000 and $550,000. <br />One possible scenario for moving forward would involve a new developer buying the property <br />from I1 -IP, putting 20 percent of the purchase price down in cash and financing the building <br />operation while IHP carried the note for the rest of the land cost. <br />"7'hev have not committed to financing the purchase, but it is a possibility," Paladin says. <br />This is the second time a grand project has faltered at the site while owned by IHP. <br />It was first developed as Bristol Bay in 2004-05. The 500 -unit residential community got as far as <br />infrastructure installation before grinding to a halt during the real estate recession. <br />In 2011, IHP empowered Paladin to revive the development as Orchid Quay, a $300 -million <br />residential and retail project. <br />Paladin negotiated with the county to increase the amount of retail space through a complex land <br />use swap that took most of year to finalize. He says the additional retail entitlement added <br />considerable value to the property. <br />His plan. approved by IHP at that time on the basis of its initial demographic research, was to <br />build an upscale destination retail center. <br />"It will be a luxury development that will cater to the north island and draw customers from Vero <br />Beach and Sebastian," Paladin told Vero Beach 32963 in 2012. "We will have lots of trees and <br />shrubbery, park benches, pavers and fountains. It is going to be very, nice." <br />Paladin hoped to break ground in 2012 but the project was delayed by uncertainties about road <br />construction at the U.S. 1 /CR -510 intersection, which the county plans to rebuild. <br />Paladin did not want to build his shopping center and then have the road in front of it tom up and <br />potential tenants had the same concern. <br />"The road work really hurt me," Paladin says. "That was big delay." <br />With the project in limbo while the county negotiated with landowners for additional right of way <br />needed for intersection improvements, IHP sent in a new batch of consultants and got cold feet <br />when they saw the demographic and marketing reports. <br />"They want out," says Paladin, "but we are definitely going ahead with the project. 1 have been <br />with the property for a number of years and I am staying with it." <br />http://vAv%v.veronews.coml32963_f eatures/county-s-largest-mixed-use-proj ect-abandoned-b... 4/7/2016 <br />P17 <br />
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