Sisters of Lake Worth real estate’s power trio
Young sisters are major Lake Worth landlords.
Ariana, Dresden and Dakota Peters have built what is believed to be the largest commercial property company in the city.
The ages. It’s the
LAKE WORTH — first thing you notice about the Peters sisters. You can’t help it.
Ariana, 24. Dresden, 22. Dakota, 19.
The women are young, attractive and smart. Kardashian-like.
Only one — Ariana — speaks with the media.
“As three young women running a successful real estate development company, the challenges are usually the misconception that comes with our age,” said Ariana, a managing partner at Peters Development, a company that
owns more than 40 properties in Lake Worth. “Often people don’t take us seriously until they meet us and realize we have not only the knowledge, but also the experience and backing to execute.”
The sisters opened a Lake Worth office on Lake Avenue about three years ago and have quickly built what is believed to be the largest commercial property company in the city. The sisters have bought more than 20 properties in the city since their father, Doug, the
man who started Peters Development 18 years ago, retired — sort of — to let his daughters run the company.
“People underestimate my daughters all the time,” said Doug, 54. “‘What do these girls know? They come from a fortunate family and don’t know anything.’ But that’s the furthest from the truth.”
Nonetheless, the sisters are facing a new challenge — backlash
from the rising rents in downtown Lake Worth.
60 percent rent hike
City Commissioner Andy Amoroso, who owns Studio 205, the gift and novelty shop off Lake Avenue, is moving after the Peterses increased his rent about 60 percent.
Amoroso’s rent is going up from $2,400 a month to $3,850 at his 2,980-square- foot place. The total rent will be $4,200 when sales taxes are added. Tacos al Carbon, a popular
“I don’t know when I’m Mexican restaurant on North moving, because I’m stuck Dixie Highway, said he pays in my lease until October,” $4,280 for his 3,600-squareAmoroso told The Palm foot space and is not comBeach Post in February. plaining.
“There’s nothing I can do “It’s perfect for me and about it. The landlord owns works for this location,” he the building, but I’m not said. “The Peters are great happy.” because they leave you alone
Ariana counters that Amo- and let you work.” roso hasn’t given much Gonzalez said his parents, thought to the upgrades to who run a Tacos al Carbon his site. on Lake Worth Road, said
“We buy it and update it, they have had issues with both aesthetically and struc- other landlords. turally,” she said. “Add in all “I know how some of them the new electrical, LED light- can be a little bit more in your ing, 4K cameras where tenbusiness and checking you ants can view the location out,” he said. “The Peters from their phone ... the list don’t really bother me.” can go on and on.” Brian Schlitz, who ran
Doug Peters called Amo- Arsty Fartsy, an eccentric roso a great tenant, but gift shop on Lucerne Avenue added he was stuck in the before closing a few months past on his old rent after ago, said the Peterses were Peters Development paid on top of their business. $675,000 for the site in 2016, “When I moved into according to the Palm Beach Lucerne, they had just County’s Property Appraisbought the building,” he ers website. said. “I was their first tenant
“When we moved in, we and the first thing they do is honored his rent.” Doug said. go over the roof, put tiles on “We didn’t want to shock the wall. Those girls know him, but now the girls are their own business.” renting spaces all around Schlitz said Ariana tried him ... and they’re paying donating three electric car the current value. It’s really chargers the company would unfair to us and it’s unfair pay for and put them in three to everyone for him to be parking spots so people could paying a rate you can’t get charge their engines. in Kansas.” “They were always fair
The alm Be a ch Post with me,” said Schlitz, who reached out to Amoroso sevpaid $1,500 in rent for his eral times, but he declined 350-square-foot space. “They to comment further. have legitimate investments
Marcos Gonzalez, a manin Lake Worth.” ager at Freeway Insurance, recently saw his rent jump Starting out young from $2,500 to $3,765 after Ariana Peters remembers Peters Development bought her and her sisters work- his 900-square-foot office at ing with her dad’s company 932 N. Dixie Highway. when she was a little girl.
“He was not happy or “My father retired many excited over this,” Ariana years ago, but we have been said. “But I’m sure after he in and around his business saw what the building looks since we were very young,” like now ... he understands she said. the new rent price.” She used to attend city
Ariana said Lake Worth is meetings in other towns with still way underpriced — rents her father since she was 5. are double in neighboring “I recall seeing (City Manmunicipalities West Palm ager) Michael Bornstein at Beach and Boynton Beach. a city meeting in Lantana “Let’s not even touch Delray when he was their city manBeach, as their rental rates ager at the time,” she said. are about four to five times The sisters’ mother, Gabrimore,” Ariana said. ela, died in a car accident
She added that because about 15 years ago.
Peters Development owns Now, Ariana is talking so many properties, deter- about her vision for Lake mining rents is an easy task. Worth.
Doug said the average rent She’d like to see the Gulf- is about $2,500 each month. stream Hotel restored. She “But there are rents as high wants more downtown parkas $7,000 per month near ing and more housing. The downtown,” he said. sisters would also love to see the Dixie Highway corridor increase its height restrictions to more than the current two stories.
“We’re doing our best by purchasing what we believe to be some of the best prop- erties in Lake Worth and bringing them up to current standards,” she said.
Four of the company’s sites — 502 Lucerne Ave.; 29 S. Dixie Highway; 928 N. Dixie Highway and 605 Lake Ave. — are vacant.
P‘Always fair with me’
Lake Worth Mayor Pam Tr i olo, who previously worked with the sisters, has taken notice of the situation.
“It’s their prerogative to charge or do what they want,” Triolo said. “We have no authority over that, but we just hope they’ll keep the local rates and keep the local entrepreneurs in mind when they create their rents.”
Victor Gonzalez, who runs
No one is more noticeable than the South Shores Tavern and Patio Bar site on Lucerne Avenue, which closed in the summer of 2015.
Ariana said the company is very selective with the location. “We could have rented it numerous times, but it wasn’t what we felt was the right fit,” she said. “Many of the large players in the restaurant field have passed on this site and Lake Worth downtown because of the lack of infrastructure, which includes a hotel, enough homes downtown and lack of parking.”
The sist e rs are also behind Chicks With Kicks, a 6,000-vintage-sneaker collection that includes Pumas, Converse All-Stars, and rare Nikes and Adidas.
Originally, the plan was to bring the prized collection into an innovative, interactive sneaker store they planned to open this year in a 3,500-square-foot space in downtown Lake Worth at 605 Lake Ave.
But those plans changed after the sisters got an offer for the site, Ariana said.
“My sisters and I would love to build the store in Lake Worth, but we recently had an offer to lease the space from a business we feel may be better suited to downtown,”Ariana said.
“We are exploring this before we make a final decision,” she added.
Residents skeptical
While residents are happy with the amount of money Peters Development has invested in the city, they’re still somewhat skeptical.
“My question is, what’s their exit strategy?” said Greg Rice, a Lake Worth resident. “What are your plans for Lake Worth? Are you longterm investors or are you just looking for the opportunity to move on where the grass might be greener?”
Rice said a lot of times when people have money and they’re investing, they buy properties they can develop and then flip.
“In downtown, they have some prime locations that are building a return,” Rice said.
Tammy Pansa said the sisters get a bad rep because of the rents they charge.
“The girls are at the beginning of their business careers and they’re quite young,” she said. “They’re new. Everybody hopes they do the right thing.”
When asked how the sisters handle the backlash, Ariana simply said they live by the motto, “You can not force someone to comprehend a message that they are not ready to receive, but you must never underestimate the power of planting a seed.”