**Miami Joint Venture Acquires Former Dog Track Site for Major Residential Development**
Investment Corp. of Palm Beach, led by local resident Patrick Rooney Jr., has sold 16 acres of the 47.3-acre Palm Beach Kennel Club site to a joint venture between Terra and the Frisbie Group for $20.9 million. The property is located at 1111 N. Congress Avenue in Palm Beach. City National Bank of Florida financed the deal with a $16 million mortgage.
The full 42-acre redevelopment site will be transformed in a three-phase plan. The first phase, set to begin construction in March, includes 405 residential units. The preliminary master plan for the entire project includes a total of 1,145 residential units and approximately 120,000 square feet of commercial and retail space to be developed in phases two and three. Urban Design Studio is handling the planning and design.
The site’s former dog racing track has been closed since 2020, following a state referendum that banned dog racing. However, other elements of the Palm Beach Kennel Club will remain under the ownership of Investment Corp. of Palm Beach.
