Industry News

Developer seeks tax incentives for Transit Village in West Palm Beach

Developer of the Transit Village hopes to secure $80 million in public tax incentives to begin construction
  • The $80 million tax incentive has been given the go-ahead for city staffers to create a plan that works.
  • Developer Mike Masanoff says the building will improve housing value and the surrounding community.
  • The mixed-use, transit-friendly building will include office space, a hospitality tower and residential tower with retail space and on-site amenities.

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After 20 years of planning, the massive mixed-use, transit-friendly project planned next to Tri-Rail's downtown station in West Palm Beach is asking for an $80 million tax incentive plan. The project is slated to cost $400 million, and because the project is anticipated to benefit the surrounding community and housing values, the tax incentive would help give developers the green light. Transit Village is a hotel, office and residential development that would include a 300-unit hotel, 21-story office tower and 25-story apartment building, as well as an additional 13 townhomes. Spanning 6.6 acres, the building would offer additional community-centric amenities and retail space. Michael Masanoff, the developer behind Transit Village, told city commissioners acting as the Community Redevelopment Agency board that the project's tax incentive could provide extra peace of mind for bankers backing the development. Transit Village rendering Details of how the tax incentive w...