An aging plaza on Belvedere Road just south of downtown West Palm Beach just sold for $11.4 million, a gain of more than 50% from the previous sale only four years ago.
Its new owner Casey Klein, a resident of El Cid and managing partner with the real estate investment firm Third Frontier Capital, bought the 15,000-square-foot plaza from the prior owners, an affiliate of Frisbie Group of Palm Beach.
The nearly 90-year-old property, at the northeast corner of Belvedere Road and Dixie Highway, is in the Historic El Cid District at the gateway to downtown.
Klein said the plan is to keep the shopping center as it is for now and that he’s working to improve it. He said he’s in talks to bring new tenants for the center, which he is calling the Belvedere Plaza.
The goal, he said, is to serve the neighborhood.
“This will be a high-end, neighborhood-focused retail,” he said.
For now, any redo of the prime property is off the table.
Last year, Klein submitted plans to the city of West Palm Beach to tear down the existing center and build an eight-story, mixed-use development featuring 32 residences and 4,131 square feet of nonresidential space.
But Klein said he has no plans to pursue that plan now, which he said also could change if he decides to redo the plaza in the future.
Klein praised the project’s prime location, in the El Cid neighborhood, which he called “arguably the one of the top neighborhoods in Palm Beach County.”
Prior plan for site included condos
The center’s previous owner, an affiliate of Frisbie Group, bought the site in 2022 for $6.8 million. The next year, the Palm Beach-based real estate firm proposed a mixed-use project featuring for-sale residences.
As part of that effort, Frisbie Group officials cleared out several tenants, including celebrated restaurants Sushi Jo and Jo Bistro, which relocated to a bigger location on South Dixie Highway.
But a site plan application submitted by The Frisbie Group was withdrawn after neighbors in the El Cid Historic District complained about the height and design of the proposed development.
In 2024, one tenant, Kitchen restaurant, sued the Frisbie Group to enforce its lease at the center through 2028.
Kitchen is owned by former Tiger Woods chef Matthew Byrne and his wife, Aliza Byrne. In September 2025, a Palm Beach County Circuit Court judge ruled in favor of Kitchen, which remains at the center.
Alexandra Clough is a business writer at The Palm Beach Post. You can reach her at aclough@pbpost.com. X: @acloughpbp. Help support our journalism. Subscribe today.
This article originally appeared on Palm Beach Post: ‘High-end’ shops for West Palm Beach plaza that sold for $11.4 million
Reporting by Alexandra Clough, Palm Beach Post / Palm Beach Post
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