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Commentary Northern Palm Beaches (PB Financial Journal) Fall 1986J Y1 KV41-Itu-5:j DF4,AFX#J: 0, if1] W I R COMMENTARY NORTHERN PALM BEACHES A Historic and Future Perspective By Veronica E. Van Allen ach with a flair of distinct indi- viduality, the Northern Palm Beach County area is comprised of seven municipalities joined by a common bond, the Northern Palm Beach County/Palm Beach Gardens Chamber of Commerce. Geographically, the Chamber serves, Mangonia Park, Riviera Beach, Lake Park, Palm Beach Shores, Palm Beach Gardens, North Palm Beach, Juno Beach and adjoin- ing unincorporated areas of Palm Beach County. The Northern Palm Beaches stretch from the Port of Palm Beach north to Juno and from the ocean, west of Flori- da's Turnpike to the Beeline Highway. There is a delightful mix of fine homes, condominiums, town homes and apartments; business and light indus- try. The area has a rich, heritage, and if you want to go back far enough in time you will find that Indians lived here, Perhaps the single dominant force in the development of the Northern Palm Beaches, has been the late John D. MacArthur. and that Lake Worth was once a land- locked lagoon until early settler de- cided to cut a trough through the island; hence the inlet and the develop- ment of the Port of Palm Beach. Before the inlet was completed, the quaint Celestial Railroad served as a link between the Indian River and the northern end of Lake Worth for trans- shipments of waterborne goods. The railroad earned its name because it ran between Jupiter and Juno, which at one time was the county seat of Dade County. Development has come in spurts dating from the early boom days when Paris Singer, of sewing machine fame, discovered Singer Island, and Kelsey City (now Lake Park) was already a thriving community. Little did Paris Singer know when he began the development of Singer Island that today the island would have condominiums bringing hun- dreds of new residents to enjoy majes- tic views of both the ocean and the lake. Perhaps the single dominant force in the development of the Northern Palm Beaches, however, has been the late 10 Fall 1986 The Palm Beach Financial Journal About 75 percent said they neither live downtown or return after work for entertainment or shopping purposes. "Our main thrust," Clark said, "is to do whatever we can to make the down- town more viable, more attractive to shopper and basically a better urban area." According to Clark, over $10 million in road improvements alone are scheduled for downtown, in addi- tion to a new parking structure. "Downtown is still busting out all over, with office buildings here, and of- fice buildings there," adds Clark. Two major additions to the down- town area will be the second phase of the Phillips Point development, as well as a project from the Paul Hanna Management Group. According to Paul Hanna, his pro- ject, ro- ject, E sperante, will be a mixed use de- velopment. LJ An aggressive downtown marketing plan will also be implemented to rid the area of empty storefronts. Incorporated will be 215,000 square feet of office space, approximately 30,000 square feet of retail space, and eight townhouse condominiums. "This project, although it will take a while to lease, will be elegant and a substantial addition to the downtown that will ultimately yield a profit," Hanna said. E sperante will take up a whole city block, bordered by Lakeview, Okeechobee, Olive, and Chase Streets. Downtown West Palm Beach, in or- der to stay economically viable, will not only have to appeal to retail busi- nesses but must capture the attention of big -business tenants who may be in- clined to go west because of lower rents and better accessibility. $ Kathleen Gilstrap is a contributing ed- itor of this magazine. A VINTAGE YEAR In 1985, we concluded the sale of 13 partnerships with returns that set a new record in profits to our limited partners. It was a vintage year. Preferred Financial is now in its third decade of providing both public and private real estate limited partnerships. We have created nearly 200 partnerships and concluded 140. Our senior management are all in their second decade of association with PFC and are able to offer extraordinary strength and expertise. Sixty-three percent of Preferred's investors have made multiple investments. In fact, twenty percent of Preferred's investors are in ten or more programs. We believe this illustrates our investors' regard for the level of our performance. We invite you to inquire for specific details of our current performance track record. We'd like to help 1986 be another vintage year for you. This does not constitute an offer to sell nor a solicitation to buy any security. Such an offer can only be made by a current Prospectus of Preferred Financial Corporation. Is Preferred Finarrial Corporation 18321 Ventura Boulevard, Tarzana, CA 91356 • 00j 336-6667 • (8181881-9032 The Palm Beach Financial Journal Fall 1986 9 John D. MacArthur, insurance mag- nate, hotelier, land developer and bene- factor, who died in 1978. He did so much for the Northern Palm Beaches that he has become a legend in our time and has been called one of the last, if not the last, of Florida's rugged individualist developers. MacArthur was responsible for the development of Lake Park and North Palm Beach as well as the founding of Palm Beach Gardens. In addition, he was responsi- ble for the relocation of the Profes- sional Golfers' Association of America to the area with prestigious PGA championships, World Cup and Na- tional 4 -ball championships. The nation saw our area in the only network outdoor daily television show, "Treasure Island", produced at MacArthur's Colonnades Beach Ho- tel. With the orderly growth over the past decade has come the need for more services. Riviera Beach, home of the Port of Palm Beach, is the largest municipal- ity in the area, and the largest city be- tween West Palm Beach and Fort Pierce, with a population of approxi- mately 30,000; Palm Beach Gardens is the second largest city with a popula- tion of 20,339. North Palm Beach is third with 12,379. Other municipali- ties include Lake Park, 7,180; Palm Beach Shores, 1,251 and Juno Beach 1,731. Thanks to such industries as Pratt & Whitney Aircraft, Solitron, Si- korsky Aircraft, Perry Oceanograph- ics, Otis Elevator, Northern Telecom, Foundation Land Company, Florida Power & Light Co., Southern Bell and many smaller firms, the Northern Palm Beaches has a strong and solid industrial base. It is the type of clean industry that we encourage and are proud to have. With the orderly growth over the past decade has come the need for more services. As a result, Palm Beach Gardens Medical Center and Humana Hospital -Palm Beaches opened, new schools — both public and private — preschool through graduate level — have been established and new roads have been built. Today, a 65 -foot -high bridge spans the Intracoastal Water- way linking Riviera Beach and Singer Island. Tourism has become a natural, as Singer Island, just north of Lake Worth Inlet, provides some of the fin- est beaches in Florida. Just off shore is the Gulf Stream, which cools us in the summer and warms us in the winter. Singer Island is the closest mainland point to the course of the Gulf Stream in the nation. There is the world's finest deep sea fishing in the Gulf Stream. Anglers also find good fishing in Lake Worth from bridges and piers, as well as in- land in the lakes of the back country. For other sportsminded people, there are many golf courses and tennis The Palm Beach Financial Journal Fall 1986 11 courts. Sailing, surfcasting from the ocean shore, racquetball and many other sports are also popular. The Port of Palm Beach, the second largest and busiest containerized port in Florida, has now become home base for Crown Cruise Lines, increasing the attraction of tourists to the area. The area is also attracting additional elec- tronics firms, light manufacturing, as- sembly, high tech and research industries. Our excellent air, rail, wa- ter and highway transportation sys- tems provide a gateway to the world. Indicative of the phenomenal growth we are experiencing are the many varied residential areas spring- ing up in park like surroundings with all the amenities for a true Florida life- style. On the drawing board for late 1988 is one of the largest and finest malls that will be found anywhere in the United States — location to be just west of Chamber headquarters on PGA Blvd. Included in the twenty year project will be hotels, office build- ings and residential developments. 12 Fall 1986 1 The Northern Palm Beach County/Palm Beach Gardens Chamber of Commerce is a focal point in this business community. Directly across PGA Blvd. from the Chamber office will be another fine of- fice complex with shops, restaurants and an athletic club. The Northern Palm Beach County/ Palm Beach Gardens Chamber of Commerce is a focal point in this com- munity of business, promoting the free enterprise system and providing business information and involvement to those seeking it. %1IFE'911LEe�iviLYi3ca MLLER DISEASE SOMEOFIYS OWN MEDICINE* A disease that once put an end to its victims, may soon be put to an end itself. The disease, carnitine defi- ciency, destroys the body's ability to produce camitine, a muscle -fuel- ing substance. Until recently, car- nitine deficiency meant certain disability. Often, it meant death. In the past year, though, car- nitine replacement therapy—devel- oped with funding from the Muscular Dystrophy Association— The Chamber's Economic — evelop- ment Committee has an audio/visual presentation on the business commu- nity and available written material de- scribing the north county area. Small enough to create a personal atmosphere, yet large enough to pro- vide an international climate, the busi- ness sector is privileged to prosper in a lifestyle that belongs to the north county area. Northern Palm Beach County offers a climate unequalled anywhere in the world for business and pleasure. If you are considering moving your business, please call, write or come to the Northern Palm Beach County/ Palm Beach Gardens Chamber of Commerce, 1983 PGA Boulevard, Suite 104, North Palm Beach, FL 33408. Phone (305) 694-2300. $ Veronica E. Van Allen is Executive Vice President of the Northern Palm Beach County/Palm Beach Gardens Chamber of Commerce. has allowed fully half the patients treated to resume normal lives. Camitine replacement ther- apy is one of the most encouraging developments in MDA's fight against 40 neuromuscular diseases. And for one of those dread diseases, it could be the beginning of the end. TAM Muscular Dystrophy y� Association jerry Lewis, National Chairman The Palm Beach Financial Journal