### Konover South Breaks Ground on Coconut Crossing Retail Center in Palm Beach Gardens
Konover South has officially started construction on the Coconut Crossing retail center in Palm Beach Gardens after securing a $26.7 million construction loan.
According to reports, City National Bank of Florida increased its loan to DKC Coconut Crossing, a division of Deerfield Beach-based Konover South, from the initial $7 million in 2021 to the current $26.7 million. The loan covers the 30.2-acre property located at 12500 to 12950 Northlake Blvd., just south of the growing Avenir community, which features thousands of new homes.
C.E. Gleeson Constructors has commenced construction on the retail center, which is planned to include 82,521 square feet of retail space. The development will feature three main buildings along with seven outparcel buildings. Tenants confirmed for the project include Aldi, Starbucks, Wendy’s, and Fifth Third Bank.
Konover South originally acquired the property in 2021 for $14 million. The company continues to expand its presence in South Florida, as it is also developing another retail center in Westlake, located just to the south of the Coconut Crossing project.
About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax (www.griffintax.com) and REVVED Up Accounting (www.revvedupaccounting.com). In addition, Steve founded Madison Avenue Technology (www.madisonave.tech). With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.
