Massive 200 acre project aims to bring a sense of community…with fine dining and retail in the area
Tuttle Royale is in development But the continued migration of residents to the state has boosted prospects for the 200-acre project, its proponents say.
This large mixed-use project is located west of Route 7 and south of Southern Blvd.
Earlier this month, portions of the project underwent a major refinancing through Miami’s Aztec Group, where a $25 million loan was refinanced into a $35.5 million loan.
This sets the stage for the start of construction on Main Street at Tuttle Royal, the center’s commercial complex.
Developer Brian Tuttle says he hopes to start work in February with the new funding.
But even before construction began, Tuttle made offers to many top retail tenants in hopes of locking down their leases.
Among the tenants being courted are the Improv Comedy Club, Landmark Theaters, Bowlero Bowling Alley, Cheesecake Factory restaurant group and LA Fitness Gym.
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Trying to build a community in a once-dormant section of the western suburbs
Tuttle’s self-proclaimed “City Place of the West” is a mixture of uses designed to create a sense of community along a once-sleep section of the community.
continue Influx of residents and businesses from the NortheastThe development is expected to see demand from those in need of housing, said Tuttle, head of Tuttle Land Investments.
Tuttle recently broke ground on 401 units of apartments on the project. The project includes 50 rental townhomes.
And in the second quarter of 2023, we hope to begin construction of a community of 104 rental single-family homes.
Rising interest rates may have cooled the home sales market, but they are giving the rental market new energy, Tuttle said.
And as mortgage rates hit 7%, “some homebuyers have decided to wait for interest rates to come down rather than buy a home, just rent it,” Tuttle said. increase. “This creates even more demand for rental units.”
Overall, Tuttle Royale will eventually feature 1,600 apartments.
“Ten years is a long time to start a project, but the time was on[Brian’s]side,” said Steve Wallace, Ward Damon’s attorney and Tuttle’s longtime attorney.
Demand for affordable housing is in short supply in Palm Beach County, but the Tuttle project has no rental properties with limited rents.
Instead, all rentals will be market rate. Rent is likely to range from $2,000 a month for a one-room or one-bedroom apartment to up to $5,000 for a single-family rental home, Tuttle said.
Growth marks shift to luxury retailers and hotels
Tuttle Royal’s Main Street section is set to begin construction early next year and will consist of retail stores, apartments, a hotel and a Class A office complex.
Tuttle said the commercial orientation of the project has clearly gentrified, as Palm Beach County has emerged as a hot destination for businesses and residents.
Already, national and international retailers have expressed interest in the retail complex. Some of the tenants considering joining the project have just hit the market, Wallace said.
Additionally, eight fine dining restaurants are considering leasing space within the complex.
Potential customers include Tommy Bahama Marlin Bar North Italia (a concept owned by Cheesecake Factory), Another Broken Egg and Ford’s Garage Restaurant, Tuttle said.
On the retail side, Tuttle said Lululemon, Victoria’s Secret, Vineyard Vines, Lily Pulitzer, Kate Spade and Benecial Nail Spa are also considering.
In addition, Fresh Market grocers are courting.
Tuttle said his team has made offers to these retailers and hopes to sign leases soon, but has yet to close anything.
Nevertheless, he expects the first phase of the commercial center to be completed by October 2024. About 400 apartments will be built on top of the retail store, Tuttle said.
Events at nearby parks: bounce house, skating rink, Ferris wheel
Once the commercial complex opens, we plan to host special monthly events at a nearby 3-acre park.
He’s already sketching out his ideas. One month will be dedicated to Bounce House. Another has an outdoor skating rink. A large Ferris wheel is scheduled in the summer, and an autumn festival is scheduled in the fall.
In the future, we plan to build a hotel with 150 rooms. Three of his hotel chains—Marriott, Hilton, and Hyatt—have eyed the location as one of his own luxury boutique brands.
Tuttle said western communities need luxury hotels, especially in the winter season when the polo stadium draws tourists to nearby Wellington.
A recent proposal by Wellington developer Mark Bellissimo A hotel and other commercial spaces will be built on the village equestrian reserve, as well as luxury condominiums and 30 additional homes. The new plan is Verissimo’s third attempt in his decade to build a hotel on his 9,000-acre property set aside for horses and the horse industry.
Bellissimo’s plan, which would require clearing about 100 acres from the reserve, has faced opposition from some villagers worried about traffic, density, and erosion of the reserve.
But Royal Palm Beach favors the Tuttle Site hotel, Wallace said.
Other apartment complexes, charter schools may also be part of the project
As construction of various Tuttle-owned properties nears completion, work will also commence on Tuttle’s sale of a portion of the land to an affiliate of Florida Crystal. Florida Crystal is planning his 312-unit apartment complex and plans to begin construction in early 2023.
Meanwhile, another site sold to another developer just got traded.
In 2019, Miami-based developer Relate Group built a 392-room rental apartment in the Tuttle Project called Town Southern. Last year, Related sold the rental property to a New York real estate firm for his $119 million, Palm Beach County public records show. This complex has been renamed Point of Southern Blvd.
A charter school company also owns land in Tuttle Royale and plans to build a school there.