Estate Companies proposes a 321-unit apartment project, marking its first Soleste-branded multifamily development in downtown West Palm Beach.
Estate filed plans for an eight-story project on 2.5 acres at 410 and 510-560 North Rosemary Avenue, according to the application submitted to the city this month. Renderings show two buildings connected by an overpass. The project, called Soleste Palm Station, will have 78 microunits, 34 one-bedroom units, 102 one-bedroom units with a den, 99 two-bedroom units, seven three-bedroom units and one live-work unit.
Estate scooped up the development site for $15.8 million in December.
The South Miami-based company is a prolific multifamily developer that has largely focused on Miami-Dade County, but has lately expanded northward to Broward and Palm Beach counties. The company is led by Robert Suris and Jeffrey Ardizon.
In Pompano Beach, Estate scored final city approval in June for a 253-unit project at 208 North Federal Highway. The same month, Estate also secured an $80 million construction loan for a 324-unit downtown Hollywood apartment building at 2001 Hollywood Boulevard. Both Soleste-branded developments will be eight stories.
In Miami-Dade, Estate won city approval in August for its second North Miami Beach apartment development, the 28-story, 363-unit building at 16375 Biscayne Boulevard.
The site is immediately south of Estate’s 23-story, 367-unit Soleste NoMi building that is under construction.
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Although this is Estate’s first Soleste-branded multifamily development in West Palm Beach, the firm has built townhouses and single-family homes in West Palm Beach.
The community is in the northern part of downtown West Palm, where Place Projects and NDT Development have partnered on the 40-acre Nora District mixed-use project.
South Florida’s multifamily market is in for a cooling of rising rents, after over a year of experiencing unprecedented hikes.
In June, the region’s median rose 37 percent, year-over-year, marking a slowdown from May’s annual increase of 46 percent.
Overall, a Berkadia mid-year report shows that more than 15,000 apartments are slated to be completed in South Florida by the end of the year.