WEST PALM BEACH, Fla. — Related Ross, one of West Palm Beach's most prominent developers, is asking the city for $1.5 million to build a Mediterranean restaurant.
The proposal would give taxpayer money to a company owned by billionaire and Miami Dolphins owner Stephen Ross while they are developing luxury condominiums across the city.
WATCH: Developer eyes property on Rosemary Avenue
According to documents WPTV obtained from a public records request, the company is asking the city for 12% of the project's estimated budget because the property "requires extensive rehabilitation with costs that cannot be immediately recovered by simple rent collection."
The project's location is 213 Rosemary Avenue. Related Ross said this will complete the northern corridor of City Place. According to documents, the two-story restaurant will have space for about 250 people, event space, a speakeasy and a retail store.
Related Ross said the property, which county property records show it bought in 2021, is in need of extensive repairs in their Relocation and Development Assistance Inspection Program application. They said repairs include structural issues it considers significant like rooted wood, water and vegetation damage to the foundation, visible damage from weather and animal intrusion, and unstable structural components such as deteriorated and cracked roof and flooring systems.
“We anticipate more problems will be discovered as we begin construction on the Project,” wrote Gopal Rajegowda, executive vice president for Related Ross. “…In summation, the property requires extensive rehabilitation with costs that cannot be immediately recovered by simple rent collection. Related must invest beyond normal tenant allowance build-out to secure the Tennant for this location and have them operate successfully, reducing the development feasibility of the project.”
Nicanol Torres, who lives in West Palm Beach, said she can support using taxpayer funds for the development if the project continues to uphold the historical significance of the property. She said she doesn’t believe the current designs reflect the historical significance of the property.
“I would not have a problem with my taxes pay for it if they were trying to keep it historical,” Torres said. “…This picture was not historical looking. I’m sorry.”
She said she’s happy about adding bar and restaurant space in downtown West Palm Beach. Another man, Stephen, who declined to give his last name, told WPTV he was happy developers were planning on building something on the property he said looked abandoned.
“Build it and they will come,” he said. “…It’s going to add more value to the city and the city is booming.”