Like everywhere else in South Florida, developers are betting big on West Palm Beach, and there’s plenty of construction financing for projects, too.
Developers have dropped at least $186.2 million on land purchases for development since 2015, according to an analysis by The Real Deal. During the same timeframe, big-name financiers like J.P. Morgan Chase put up $422.4 million in construction financing so developers can build condos, apartments and townhomes.
TRD’s analysis shows that nearly a dozen projects with 682 condos, 1,414 apartments, and 727 townhomes are in the works in West Palm Beach.
Much of South Florida is undergoing a boom in residential construction. An analysis of ongoing projects in Miami’s Brickell, Edgewater, Wynwood, downtown Miami, and downtown Fort Lauderdale also show significant developer activity.
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Here are some of the residential projects planned for West Palm Beach:
2121 North Flagler Drive | Jeff Greene
Billionaire Jeff Greene wants to build two 30-story condominium towers totaling 321 units. Entities linked to Greene bought the property for $20 million in 2015. Greene retained Basel, Switzerland-based architecture firm Herzog & de Meuron for the project. Prices for the units have not yet been set.
550 North Rosemary Avenue | Estate Companies
South Miami-based Estate Companies proposed a 321-apartment building. Estate filed plans for an eight-story project on 2.5 acres at 410 and 510-560 North Rosemary Avenue. Named Soleste Palm Station, the project will have 78 micro-units, 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 paid $15.8 million for the property in December.
418-444 Nottingham Boulevard | NDT Development
Ned Grace and Damien Barr’s West Palm Beach-based NDT Development assembled 1.6 acres on the south side of Nottingham Boulevard, from South Dixie Highway west to the Florida East Coast Railroad tracks, with plans to build 16 townhomes. The townhomes will range from 2,500 square feet to 3,000 square feet. The developer paid over $3 million for the property in August.
1919 North Flagler Drive | Savanna
New York City-based Savanna plans Olara, a residential complex with 275 two- to four- bedroom condos, designed by Miami-based Arquitectonica. Sales for Olara will launch in early 2023, according to a spokesperson.
1355 South Flagler Drive | Hines and Frisbie Group
Houston-based Hines and Palm Beach-based Frisbie Group plan a pair of 28-story buildings totaling 89 condos. The buyers took out a $33.5M loan from the seller, Palm Beach Atlantic University. Condo prices start at $10 million, and the two duplex penthouses start at about $75 million. The developers paid $41.5 million for the property in July.
2750 Golf Club Cir | Kolter Group
Delray Beach-based Kolter Group and Arlington, Texas-based homebuilder D.R. Horton proposed the 707-home Reflection Bay community. D.R. Horton would build the single-family homes and Kolter would develop the lots. Kolter Group paid $36.9 million for the property in July.
740 and 840 North Dixie Highway | Tortoise Properties
West Palm Beach-based Tortoise Properties plans a pair of eight-story buildings with 264 apartments. It obtained permits and approvals from the city after buying the 2.5-acre vacant site in December for $18.8 million. The project will offer studio, one- and two-bedroom apartments.
415 South Dixie Highway | 13th Floor Investments and Wexford Real Estate Investors
Coconut Grove-based 13th Floor Investments and West Palm Beach-based Wexford Real Estate Investors proposed a 25-story, 372-unit apartment building. The project, named Residences of Palm Beach West, will offer studios, and one- to four-bedroom units. The developers paid $26.1 million in September for the site.
201 Clearwater Drive | Starwood Capital Group, Hyperion Group and Winter Properties
A joint venture among Starwood Capital Group, Hyperion Group, and Winter Properties plan a 457-unit apartment complex on a 1.3-acre vacant lot. The developers paid $18.3 million for the property in September of last year. J.P. Morgan Chase provided a $96.4 million construction loan.
4714 North Flagler | BGI
Miami-based BGI plans a 22-story tower with 55 condos and four townhomes. The developer paid $5.8 million for the property in 2020. In April, BGI scored an $82 million construction loan from Trez Capital.
1309 South Flagler Drive | Two Roads, Alpha Blue
Two Roads Development and Alpha Blue Ventures, scored a $121.5 million construction loan to build a 24-story, 41-unit condo tower at 1309 South Flagler Drive. Two Roads has offices in Miami and West Palm Beach. Alpha Blue has offices in New York and Palm Beach.