The developers who brought Trader Joe’s among other things to Wellington honed their pitch to pay $54 million for 66 acres that the Village of Wellington owns south of the boutique grocery store on State Road 7 — shortly after a rival suitor, the Related Companies, served notice of its own interest.
“We’d like to close within a year and get moving with it,” Jim Ward, manager of the group making the offer, told the council at a meeting Tuesday, Dec. 5. “Every time I come here and talk about it, it seems to perk up interest from other people.”
Council members said they wanted to take up the matter again Jan. 16 and get more information from Related.
The plan from Ward’s group, W&W VIII LLC, would build on the parcel known as K-Park a mixed community of residences, businesses, entertainment, and 15 acres of open space with a lake and trails.
He said he has “a couple of really good tenants” he did not disclose.
Fewer specifics were discussed about Related’s offer, but the firm chaired by Miami Dolphins owner Stephen Ross sent a letter of interest in the K-Park site received Dec. 4, Village Manager Jim Barnes said.
“For me, the letter of interest from Related is a game-changer,” Councilman Michael Drahos said. “I think it would be frivolous to move ahead with the Wards and not at least explore what Related has to offer.”
Councilman John McGovern said the $54 million is higher than the appraised value and could help avoid tax increases for residents.
But he and others, including Mayor Anne Gerwig, expressed uneasiness about a quick deal on a village-owned property whose ultimate, best purpose has not proved an easy source of consensus for many years. Proposals have included everything from a public park and botanical gardens to a prep school run by a London-based group.
The $54 million offer from Ward’s group would be contingent on development approvals or it would become null and void.
In contract discussions, Village Attorney Laurie Cohen said an initial deposit from the prospective buyer would be $500,000, with $75,000 of that not refundable. Another $500,000 deposit would follow six months after that, with the $53 million balance due upon a successful closing.
Councilwoman Tanya Siskind said that K-Park and the future of the Mall at Wellington Green have remained topics of high interest for a long time. She said she still does not see it as an issue to be rushed.
As for Related’s interest, Vice Mayor Michael Napoleone told Barnes to ask for “more detail and a price” to buy the land.
In other business:
- By proclamation, the council recognized 12-year-old resident Austen MacMillan with a “Hometown Hero” award. In September, he saved a man from drowning by using a CPR technique he said he learned by watching the TV show “Stranger Things.”
In addition, MacMillan received awards from the Palm Beach County Sheriff’s Office and Palm Beach County Fire-Rescue.
- The council approved changes to Wellington’s ordinances to reflect state revisions effective in 2024 for building codes. Among other things, it beefs up rules for “milestone” inspections of certain structures in the wake of the Surfside condominium collapse in 2021. Wellington has about 21 buildings affected based on factors including structure use, size and age, with six requiring inspections in 2024, staff members said.
