[[{“value”:”
Concord Wilshire Capital has closed on the acquisition of a 43-acre development site at the intersection of SR-7 and Southern Boulevard in Royal Palm Beach, within Palm Beach County, Florida. The property, formerly branded as Tuttle Royale, had been viewed as a distressed asset after the previous owner was unable to keep current on loan payments, creating an opportunity for a new sponsor to take control of the site.
With the land purchase now finalized, Concord Wilshire Capital is moving ahead with a comprehensive master-planning effort to reposition the property as a mixed-use destination. The planned development is designed to function as a central hub that combines residential uses with essential and service-oriented retail, along with hospitality, office, and activated public spaces.
The multifamily component of the project is expected to consist of 401 residences. These units are planned as part of an integrated community, positioned alongside substantial commercial space intended to support both local residents and the broader trade area. The mix of uses is aimed at creating day-and-night activity on the site and providing a foundation for long-term neighborhood-serving demand.
Retail is slated to be a major element of the plan, with approximately 426,764 square feet of space dedicated to essential and service-focused tenants. This large-format retail program is expected to anchor the property and supply everyday goods and services, reflecting a strategy centered on needs-based shopping rather than discretionary or purely experiential offerings.
The site plan also calls for a 125-key lifestyle hotel, adding a hospitality component that can support both local visitors and regional traffic. In addition, an office element is included in the program, with an approximately 82,875-square-foot office building envisioned as part of the master-planned environment. Together, these uses are intended to create a diverse ecosystem of work, stay, shop, and live functions on the 43-acre tract.
Public realm and placemaking features are incorporated into the vision through an activated Park Plaza. Plans for this area include public spaces, a sculpture garden, and other experiential amenities designed to encourage community use and provide a focal point within the development. These elements are intended to complement the commercial and residential components and enhance the overall sense of place.
According to the company, sitework is expected to begin once all necessary permits have been obtained. As entitlements and permitting progress, Concord Wilshire Capital has indicated that it will share further information on the development program and project timeline in the coming months.
The post Concord Wilshire Acquires 43-Acre Royal Palm Beach Site for Mixed-Use Development appeared first on CRE Market Beat.
“}]]
