Ground Lease Amendment Recommended for West Palm Point Project | City of West Palm Beach | WEST PALM POINT LLC

Scope & details

The full contract record, as filed.

Contract amount

Approximately $6.4 million in CRA revenue; temporary annual rent of $1,048,560 and stipulated compensation of $416,667 per month ($5 million annually) beginning January 1, 2028, subject to the amendment’s conditions

Contract type

FACILITIES

Contract term

Proposed construction completion deadline of January 1, 2029; temporary rent begins September 1, 2027, or upon issuance of the Certificate of Occupancy, whichever is earlier

Renewal date

2029-01-01

Renewal

Second amendment to the ground lease; it would modify the completion deadline, rent commencement structure, financing provisions, transfer rights, construction requirements, and equal-opportunity requirements while leaving other lease terms in force. The amendment becomes effective upon execution of related financing agreements and closing of the Approved Loan, with signature pages held in escrow for up to 30 days pending loan closing.

Document type

Agenda

Source document

City of West Palm Beach Agenda Resolution No. 26-30 Ground Lease Amendment 2026-09-28

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West Palm Beach Community Redevelopment Agency Agenda 2026-09-14

DISCUSSED

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the facilities contract by City of West Palm Beach?

West Palm Point Llc was awarded this facilities contract by City of West Palm Beach, as recorded on September 28, 2026. The contract value is Approximately $6.4 million in CRA revenue; temporary annual rent of $1,048,560 and stipulated compensation of $416,667 per month ($5 million annually) beginning January 1, 2028, subject to the amendment’s conditions.

How much is the West Palm Point Llc contract with City of West Palm Beach worth?

The West Palm Point Llc contract with City of West Palm Beach is valued at Approximately $6.4 million in CRA revenue; temporary annual rent of $1,048,560 and stipulated compensation of $416,667 per month ($5 million annually) beginning January 1, 2028, subject to the amendment’s conditions, covering facilities work.

What type of contract is this?

This is a Facilities contract, documented as a agenda record.

Where was this contract approved?

This contract appears in City of West Palm Beach Agenda Resolution No. 26-30 Ground Lease Amendment 2026-09-28 (Agenda), dated September 28, 2026 from City of West Palm Beach. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

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