Cohen Asks West Palm Beach for 17 More Months on Tent Site Tower

Cohen Brothers Realty has told West Palm Beach it cannot finish the 23-story West Palm Point tower on the downtown “tent site” until January 2029, and the city agency that owns the land was scheduled to vote Monday on the extension. Mayor Keith James called the delays “totally unacceptable” at the Sept. 14 meeting, according to the Palm Beach Post.

Why it matters

The tower sits at Okeechobee Boulevard and South Dixie Highway on land the city has tried to develop for three decades. Cohen’s company won a 49-year lease in 2020, and the city’s Community Redevelopment Agency (CRA) has since issued default notices. Its agenda for Sept. 14 says the developer advised that the tower will miss the contractual deadline, and the CRA hired Akerman LLP as counsel. The fight is over whether the city keeps a stalled anchor project or gives it more time.

The extension also unlocks money. The Post reported that an attorney for the city said Lendlease plans to partner with Cohen’s company and invest $350 million, but wants the deadline extended before it commits. Cohen has a record here: his company defaulted on a $535 million Fortress loan in 2024, and a $10 million preconstruction loan foreclosure suit against the project was later dismissed, per the Post. Our earlier story on his separate Dania Beach office plan covers how he resolved the Fortress judgment.

The numbers

The CRA agenda records a contractual completion deadline of June 24, 2027 (press reports cite August 2027). The CRA negotiated a proposed amendment granting 12 more months. The developer’s updated schedule needs 17, ending January 31, 2029, which the agenda says exceeds what the amendment contemplated and needs further negotiation. The lease runs about $1 million a year, with payments starting in September 2027 even before completion, according to the Post.

What’s next

The CRA was scheduled to vote Monday on the request. We could not confirm the outcome at publication and will update this story when the result is posted. Watch whether Lendlease’s $350 million follows a yes, and whether the CRA attaches new default or payment terms. For more, see our South Florida coverage.