K&K Developers Wins $56.1M Auction for Don King Mangonia Park Site
A New Jersey developer affiliated with Garden Communities bid $56.1M for the roughly 53-acre Palm Beach Kennel Club and jai-alai site in Mangonia Park.
- Source Briefing
- Public record
- Also reported by CBS12
K&K Developers, an affiliate of Garden Communities, a New Jersey housing company, submitted the winning bid at the bankruptcy auction for the former Don King jai-alai fronton site in Mangonia Park with a $56.1 million bid, CBS12 reported on November 10. The bid was made at an auction held on a Friday, and the report does not give the exact date.
The winning price topped the $55 million stalking-horse bid from Palm 50 Acres, an affiliate of the lender, which SPE Specialists described before the auction. We covered the earlier foreclosure setup in our October story on the DK Arena auction.
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Why it matters
The roughly 53-acre tract is one of the largest redevelopable parcels in central Palm Beach County. DK Arena Inc. filed Chapter 11 on May 15, days before a scheduled foreclosure auction, and The Real Deal reported liabilities of $50 million to $100 million. Bankruptcy court has now produced a buyer above the lender-affiliated opening bid. For readers tracking South Florida land, a New Jersey housing developer is the new name to watch.
The numbers
- Winning bid: $56.1 million from K&K Developers, per CBS12.
- Stalking-horse bid: $55 million from Palm 50 Acres.
- Site: about 53 acres in Mangonia Park, per CBS12.
- Closing: expected November 30, per CBS12.
- Zoning: planned commerce center, which allows residential use. The town manager estimated current zoning could support roughly 700 to 800 units, CBS12 reported.
What’s next
The sale is not final. CBS12 reported it is set for a hearing before a bankruptcy judge on a Thursday, and it had not closed when the story ran. Court approval has not been reported.
The buyer’s plan is not public. Earlier discussions described a mixed-use project with up to 2,000 residences, but town officials say they have received nothing from K&K. Town Manager Ken Metcalf told CBS12, “We’re finding out like everybody else.” Any residential count above what current zoning allows would need town approval.
More in Foreclosure & Distress News. See the upcoming commercial foreclosure auctions. Every South Florida foreclosure case, with the debt and the case file, is on the Deal Board.
Quick answers
- What is the latest on K&K Developers in South Florida?
- A New Jersey developer affiliated with Garden Communities bid $56.1M for the roughly 53-acre Palm Beach Kennel Club and jai-alai site in Mangonia Park.
- What are the key numbers for K&K Developers?
- winning bid: $56.1M; opening bid: $55M; site size: 53 acres.
- Where does the information on K&K Developers come from?
- The story cites CBS12, The Real Deal and SPE Specialists.
On the record
We first reported the foreclosure auction on this site in October, before the Chapter 11 sale process produced a winning bid.
Our coverage · Read our earlier story
Primary record
Also reported by