Last month a New Jersey based company, M&M Realty Partners, submitted paperwork to the Palm Beach County Building Department for permission to develop a large shopping center in west Boynton Beach. The proposed shopping center, if approved by the County, is to be built on the northeast corner of Boynton Beach Boulevard and Hagen Ranch Road. This intersection is located east of the Florida turnpike – an area that in recent years has seen much growth in both the residential and commercial real estate markets.
There are other signs that indicate the Boynton Beach real estate market may be heating up. Several weeks ago the Sun Sentinel reported that Ocean Breeze East, the second phase of Heart of Boynton redevelopment project, a construction project with the goal of revitalizing the City’s African-American downtown area east of Seacrest Boulevard near Boynton Beach Boulevard, may soon be underway again. This is one of several projects that fall under the purview of the Boynton Beach Community Redevelopment Agency. The portion of the City’s development plan involves retail space, a medical office, rental units and office space.
The developer originally chosen by the redevelopment agency in August 2014, pulled out in April 2015, after company reps said they could not secure sufficient funding. However, earlier this month it was reported that another developer expressed interest to the board in purchasing the land with the hope to begin the project and be part of the City’s downtown revitalization plan.
If you are considering buying or selling real estate in Boynton Beach or the surrounding South Florida area, call an experienced Boynton real estate attorney at Boynton Law, P.A., so we may assist you with your “due diligence” checklist and evaluate potential issues before they become problems at the closing.
It is imperative that all real estate transactions, especially commercial real estate transactions, begin with a thorough investigation – often referred to as “due diligence.” Due diligence is a term that typically means you have read all the information, reports, and related research available concerning the property in question. By conducting your due diligence investigation you will be able to accurately evaluate the risks involved with the purchase and development of the land. It is important to be organized in your approach. The attorneys at Boynton Law, P.A. will assist you with a due diligence checklist, that includes, but is not limited to: (1) Title inspection and review of title exceptions, if any in the title commitment; (2) Survey reports to visually identify where the land is located and what identify any use issues that may not be reflected in the recorded documents; (3) Building inspection (usually done by a certified private building inspector); (4) Zoning confirmation to verify the intended use is permissible; (5) Securing financing and related insurance; (6) Environmental impact studies; and (7) Lease or other tenant related analysis.
There are numerous other issues and factors that should be considered and evaluated before making a real estate purchase – all part of a comprehensive due diligence investigation and related services that the experienced attorneys at Boynton Law, P.A. routinely provide for our real estate clients. Please call the real estate attorneys at Boynton Law, P.A. for a free consultation.