WEST PALM BEACH, Fla. — Developer Jeff Greene will pay the city of West Palm Beach $5 million in "liquidated damages" if he doesn't complete his downtown building by the end of 2027, according to a proposed agreement between himself and the city.
City administration is asking city commissioners to approve the deal, which would put a deadline on Greene to finish the city's tallest building, located at 550 Quadrille Blvd.
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The project, called One West Palm, was supposed to be completed in 2021 after the April 2019 groundbreaking, but the development, including office space, hotel and luxury residential units, is still not finished.
Kat Joy, who is a spokesperson for the city of West Palm Beach and the mayor's office, said the agreement speaks for itself and reflects an amicable resolution reached through collaboration to move forward in the public interest.
She said the city made the agreement because it hasn't received the amount of taxes the city expected from the property.
"Until the project is completed, the City does not receive the anticipated property taxes, sales taxes, or other economic benefits," Joy wrote in an email. "The agreement ensures a clear commitment and timeline for completion, which benefits residents, businesses, and the City as a whole."
Greene didn't respond to WPTV's texts and phone calls on Thursday afternoon. However, he previously told us that stoppages from the COVID-19 pandemic and disputes with the city over changing the project led to delays.
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According to court records, Greene's holding company and the building's general contractor, KAST Construction, are suing each other in Palm Beach County Circuit Court over the building's construction.
We also found other lawsuits from contractors who claim they didn't get paid. Greene's holding company is also suing a contractor for not completing work on the building by certain deadlines.