West Palm Beach Tycoon Proposes Massive Development for Hutchinson Island

601 Seaway Drive, Fort Pierce, FL, USA - A new wave of development is stirring on Hutchinson Island in Fort Pierce, as 79-year-old financier Ashton DePeyster III moves forward with an ambitious and sizable plan. Proposed for a massive 42.8-acre site at 601 Seaway Drive, the development will feature a blend of residential and commercial spaces, including 1,066 condo units, 204 hotel rooms, and ample retail opportunities. However, this ambitious project doesn’t come without its nuances, particularly due to the implications of Florida’s newly enacted Live Local Act.

According to TCPalm, the Live Local Act enables developers like DePeyster to sidestep conventional zoning restrictions, provided a minimum of 40% of the units cater to affordable housing needs. This legislation was signed by Governor Ron DeSantis on March 29, 2023, and it represents the most significant step toward affordable housing efforts in Florida’s history, taking effect on July 1, 2023.

Navigating Zoning Density

The actual number of condos DePeyster can build is in a bit of a tug-of-war between dry land and submerged land calculations. If only the 17.4 acres of dry land are considered, he can construct up to 522 condos. However, if the entire 25.4 acres of the Indian River Lagoon bottom is included, that number skyrockets to as many as 1,284 condos, as reported by USA Today. Remarkably, DePeyster has put forth a proposal for 218 fewer condos than the maximum allowed, which raises questions about his strategic approach to public sentiment and community impact.

Under the Live Local Act, extensive public hearings and approvals typically required before such a project can proceed are drastically limited. The Technical Review Committee is all that’ll stand between DePeyster’s plans and realization, focusing largely on basic compliance with building standards and the Act’s provisions. This arrangement irks many locals who worry about the implications on community resources and the environment.

What the Future Holds

As it stands, DePeyster, who has no prior background in building affordable housing or managing large-scale projects, intends to sell a majority stake in the development to another developer after instigating the initial groundwork. With an estimated total cost exceeding $1 billion, his vision extends beyond just living spaces; he imagines a regional redevelopment that may one day include a history museum and a luxurious „super yacht“ marina. A repurposing of the nearby sewage treatment plant into „Sunrise Park“ is also on the agenda, featuring recreational facilities for the public.

Interestingly, within Fort Pierce, „affordable“ housing is defined by various income categories. For instance, individuals earning $105,360 or below annually may qualify as moderate-income, based on an area median income of $87,800, a fact highlighted by The National Law Review.

A Look at DePeyster

DePeyster’s portfolio is as colorful as it is extensive, stretching beyond the Sunshine State and into the realms of Texas. Since acquiring Causeway Cove Marina in 2003, he has seen the area transition from a mobile home park—a relic left by hurricanes—to a burgeoning hub ripe for redevelopment. Despite his past ties to philanthropy and political donations, his jump into development has raised eyebrows, especially among those familiar with his limited expertise in this sector.

What remains clear is that DePeyster’s development on Hutchinson Island could mirror broader themes of economic necessity and community responsiveness in Florida. With the fine line between profit and progress, one can only sit back and watch what unfolds as this ambitious project goes into its next phase. Will it deliver on affordable housing needs, as promised, or stir more controversy in a community uneasy about unchecked growth? Only time will tell.