Developer David Martin is entering the downtown West Palm Beach market with plans for the city’s first Cipriani-branded project.
Terra, led by Martin, and the Palm Beach-based Morrison family’s Sympatico Real Estate want to build a 25-story Mr. C Hotel & Residences West Palm Beach at 320 Lakeview Avenue, according to a Terra news release. Designed by Arquitectonica, the building would consist of 110 hotel keys and 146 branded condos that owners can rent out through the hotel operator.
Douglas Elliman is expected to launch sales next month, with prices starting at $2 million, according to a spokesperson.
Construction is slated to start early next year, with completion expected in 2026, the release says.
The Morrison family assembled the 1.3-acre site, consisting of five lots, for $8.3 million in three deals in 2000, 2015 and 2021, records show. According to state corporate filings and property records, Coconut Grove-based Terra appears to have gained an ownership stake in the site through the merger of an affiliate of the Morrisons and of an entity tied to Terra.
The property now consists of retail and office real estate, including a former BB&T Bank branch.
The Morrison family’s Carlos Morrison and his son, Thomas Morrison, founded Sympatico Real Estate. Focused on real estate in Palm Beach and Martin counties, the firm’s portfolio includes Gatsby’s mixed-use building at 1609 South Dixie Highway and the Concourse Towers office development at 2090 Palm Beach Lakes Boulevard, both in West Palm Beach.
The Mr. C project in downtown West Palm isn’t Terra’s first Cipriani-branded development. The firm also is developing two 20-story Mr. C Residences buildings with 118 condos at 2655 South Bayshore Drive in Miami’s Coconut Grove. It is expected to be completed this year, with the project opening early next year. The condos are sold out, according to the release.
In 2019, the Cipriani brand, founded by brothers Ignazio and Maggio Cipriani, also opened a Mr. C hotel in Coconut Grove with 98 keys at 2988 McFarlane Road.
Downtown West Palm Beach has caught investors and developers’ eyes in recent years, partly due to the area’s growing office market. Steve Ross’ Related Companies, the biggest office landlord in downtown West Palm, plans the 25-story 515 Fern office building and the East Tower and West Tower at The Square mixed-use complex.
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Other planned residential projects include developers John Hoecker and Norbert Kent Wilmering proposal for a 25-story, 190-unit apartment building on nearly an acre at 315 South Dixie Highway and 411 Fern Street. In April, Estate Companies scored approval for a pair of eight-story buildings with 321 apartments, combined, at 520 North Rosemary Avenue.