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        <title>Palm Beach Commercial Real Estate News</title>
        <link>https://www.svnwaterfront.com/blog/</link>
        <description></description>
<item>
    <guid>https://www.svnwaterfront.com/blog/orion-real-estate-group-sells-the-shoppes-at-jupiter/</guid>
    <link>https://www.svnwaterfront.com/blog/orion-real-estate-group-sells-the-shoppes-at-jupiter/</link>
        <author>carey.sweetser@svn.com (SVN Waterfront)</author>
        <title>Orion Real Estate Group Sells The Shoppes At Jupiter For $52.75 Million In Off-Market Transaction</title>
    <description> <![CDATA[ 
Miami-based Orion Real Estate Group has completed the sale of The Shoppes at Jupiter, a 197,000-square-foot shopping center at the intersection of Indiantown Road and U.S. Highway 1 in Jupiter.


The property sold for $52.75 million in an off-market transaction to Palm Beach Gardens-based Ram Realty Advisors.


Orion acquired the property in 2015 for $27.8 million. Built in 1981 and renovated in 2014, the shopping center benefited from a comprehensive repositioning strategy during Orion’s ownership, including capital improvements, tenant retention, and lease enhancements that strengthened long-term asset value.


The property is anchored by Cinépolis Luxury Cinemas, Palm Beach Sports Club Gym, Staples, and Bealls, along with a variety of dining and service providers. Whole Foods Market has been announced as a new anchor tenant, a move expected to further strengthen the center’s long-term performance.




“This transaction demonstrates Orion’s ability to acquire, improve, and monetize retail assets in high-demand markets,” said Chris Sanz, president of Orion Real Estate Group. “Over the past decade, we were able to add significant value to The Shoppes at Jupiter, and the recent addition of Whole Foods Market as a new anchor underscores the continued strength of this location. We are proud to have played a role in the property’s success and in Jupiter’s ongoing growth as one of South Florida’s premier retail corridors.”




The Shoppes at Jupiter occupies a highly visible location along U.S. Highway 1 and Indiantown Road, benefiting from strong demographics. More than 80,000 residents live within a five-mile radius, with household incomes well above the national average. The center’s mix of national brands, dining options, and service providers has made it a cornerstone of the Jupiter retail market.
 ]]> </description>
    <pubDate>Tue, 26 Aug 2025 10:36:00 -0400</pubDate>
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<item>
    <guid>https://www.svnwaterfront.com/blog/why-pro-golfers-are-flocking-to-a-quiet-town-on-floridas-atlantic-coast/</guid>
    <link>https://www.svnwaterfront.com/blog/why-pro-golfers-are-flocking-to-a-quiet-town-on-floridas-atlantic-coast/</link>
        <author>carey.sweetser@svn.com (SVN Waterfront)</author>
        <title>Why Pro Golfers Are Flocking to a Quiet Town on Florida’s Atlantic Coast</title>
    <description> <![CDATA[ 



On the surface, Jupiter looks a lot like many of the other upscale coastal enclaves along Florida‘s Atlantic coast: low-key streets lined with palm trees, yachts docked in tranquil waterways, and Mediterranean-style mansions tucked behind high hedges and security gates. But look closer and you’ll notice something else: a tight concentration of professional golf talent unlike anywhere else in the country.


Over the last few decades, this once-sleepy town in northern Palm Beach County has quietly become one of the most elite addresses in professional golf. Tiger Woods lives here. So do Rory McIlroy, Brooks Koepka, Rickie Fowler, and Dustin Johnson—along with more than a dozen other PGA and LIV Tour regulars.  


The appeal is straightforward. There are 69 golf courses within a 15-mile radius. The weather is reliably mild. Luxury homes offer privacy and space to build personal training facilities. And with no state income tax, Florida residency makes financial sense for athletes who play for multimillion-dollar purses. 


The rise of Jupiter as the golf elite’s preferred hometown didn’t happen overnight. And, in many ways, it started with Jack Nicklaus. The 18-time major winner moved to Palm Beach County with his wife Barbara in the 1960s. In 1999, they opened the Bear’s Club, a private golf community in Jupiter designed to offer pros the exclusivity and practice conditions they couldn’t get elsewhere. The club helped solidify the area’s status as a destination for serious players with serious means. 


A-listers and non-golfers alike have been drawn to the exclusive enclave, with past residents including Celine Dion, Serena Williams, and Michael Jordan. Five-time major winner Rory McIlroy picked up his Bear’s Club home from fellow major champion Ernie Els in 2017. The nine-bedroom Mediterranean-style estate, set on 2.4 acres, is now valued at over $18 million. It includes a tennis court, recording studio, home theater, gym, and a pool with views of the club’s private course. McIlroy, who recently completed the career Grand Slam with his win at the 2025 Masters, has announced plans to build a home in London—but he’s made clear the move isn’t permanent, keeping his Jupiter estate as a lasting base.


Woods lives just a few minutes away on a 12-acre waterfront property on Jupiter Island he purchased for $40 million in 2006. After razing the original house, he built a custom compound that includes two conjoined buildings—one for living, one for training—as well as a 100-foot lap pool and a four-hole practice course. The estate is now estimated to be worth around $60 million. Nearby, he built a home for his mother, Kultida, in 2010. That residence sits on two adjoining lots Woods purchased for a combined $2.4 million in 2007, a year after the passing of his father, Earl. Woods is a key figure in TGL, the tech-infused indoor golf league he co-founded with McIlroy, which hosts matches inside SoFi Center in Palm Beach Gardens.


Other pros have followed suit. Rickie Fowler’s home, purchased for $14 million, features a Magnolia Lane–style driveway lined with trees, along with a pool, a private dock, and, of course, a putting green. The 11,500-square-foot spread, featured on Netflix’s Full Swing, contains six bedrooms, nine bathrooms, a games room, and a sports bar. 


Brooks Koepka’s home, which also appeared in the documentary series, sits near the Loxahatchee River. Designed to his specifications, the 13,000-square-foot manse has six bedrooms, 10 bathrooms, multiple garages, and a backyard putting area. Koepka acquired the lot in 2018 for just over $3 million; the home is now valued at closer to $6 million, according to Realtor.com.


For many of these players, Jupiter offers a unique combination of luxury, privacy, and practicality. According to Realtor.com, the median listing price in the still-slightly-under-the-radar community is $1.2 million, a substantial amount but still far less than Palm Beach’s $3 million. That said, there are currently more than 40 properties in Jupiter listed at $10 million or more. And for context, the median sale price in the area has more than doubled over the last two decades, signifying increased interest and demand from high-end buyers. But numbers aside, it’s really the easy access to a greens-centric lifestyle that entices golf’s elite to the area.


 
 ]]> </description>
    <pubDate>Thu, 22 May 2025 10:23:00 -0400</pubDate>
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    <guid>https://www.svnwaterfront.com/blog/history-the-origins-of-palm-beach-countys-town-names/</guid>
    <link>https://www.svnwaterfront.com/blog/history-the-origins-of-palm-beach-countys-town-names/</link>
        <author>carey.sweetser@svn.com (SVN Waterfront)</author>
        <title>HISTORY: The Origins of Palm Beach County's Town Names</title>
    <description> <![CDATA[ 



What's in a name? When it comes to towns and cities in Palm Beach County, the name could reflect its founder, or the place its original residents moved from — or the name could've been drawn out of a hat. (Can you guess which one that was without looking?)


The county's newest municipality, established in 2016, was named by the developers behind the community and a town more than a century old had its name amended by residential vote in 2019.


Here's a quick look at local town names, courtesy of The Palm Beach Post's &quot;Post Time&quot; local history column reported in 2019 by retired staffer Eliot Kleinberg:


Atlantis: Developers picked an exotic name, that of the lost continent, to attract buyers, and get the town at the top of alphabetical lists.


Belle Glade: Residents submitted names; the winner was a play off &quot;Belle of the Glades,&quot; or from &quot;Glade Bell,&quot; the name of a local ferry boat.


Boca Raton: Originally Boca de los Ratones, or &quot;mouth of the mice.&quot; Some say it was named for where sharp rocks gnawed at ships' docking ropes. According to the Boca Raton Historical Society, there is such an inlet, but it sits in what is present-day Miami Beach. Mapmakers goofed.


Boynton Beach: The town of Boynton was named for settler Nathan Smith Boynton. In 1931, the adjacent barrier island split from Boynton Beach and, in 1939, it renamed itself Ocean Ridge, for its high ground. Two years later, Boynton became Boynton Beach.


Briny Breezes: The mobile home park wanted to play off the adjacent ocean.


Cloud Lake: The tiny town near Palm Beach International Airport played off a description local indigenous people used for the area.


Delray Beach: It originally was named Linton but was renamed for a Detroit neighborhood believed to have been settled by a Mexican and named from the Spanish for &quot;of the king.&quot;


Glen Ridge: A resident of the tiny town near PBIA noted a canal bank formed a ridge and the main street was surrounded by trees that gave the appearance of a wooded glen.


Golf: The village near Boynton Beach was settled by former residents of Golf, Illinois, then home of the Western Golf Association.


Greenacres: When it was founded in 1926, the name was drawn from a hat. In 1987, residents suggested a change because of the television comedy &quot;Green Acres,&quot; but the Town Council declined. Residents voted in 1990 to remove &quot;City.&quot;


Gulf Stream: It's considered the closest land area to the famed offshore current.


Haverhill: It is named for Haverhill, Massachusetts, near Boston, the original home of some early settlers.


Highland Beach: The small town north of Boca Raton features a coastal ridge.


Hypoluxo: Once the name of Lake Worth, the body of water that's now the Intracoastal Waterway in central Palm Beach County, it's from a Seminole word for &quot;water all around, can't get out.&quot; Before the Palm Beach Inlet was dug, the lake was closed in.


Jupiter, Jupiter Inlet Colony and Juno Beach: Mapmakers noted the native settlement of Hobe (HO-bay) and thought it was the Spanish pronunciation of Jove, the Latin counterpart of the Greek god Zeus, who also went by Jupiter. When a sister settlement sprung up, it was named Juno for Jupiter's wife. It burned in 1894, and the town of Juno Beach formed in 1953. For a time, Jupiter and Juno were stops on a small rail line dubbed the Celestial Railroad, and in between were stops including Venus and Mars.


Lake Clarke Shores: In the late 19th century, a fishing lodge owned by the C.J. Clarke family of Pittsburgh overlooked the site.


Lake Park: Originally named Kelsey City, for developer Harry Kelsey. When he went bust and left, residents opted for a name that reflected adjacent Lake Worth and a nearby park.


Lake Worth Beach: William Jenkins Worth, leader of American troops in the Second Seminole War (1835-42), ended the conflict by summarily declaring it over. The city's original name was Lake Worth; residents voted to add &quot;Beach&quot; in March 2019.


Lantana: Incorporated in 1921, it was named for wild flower common to the region.


Loxahatchee Groves: Named for the nearby waterway. In Seminole and related languages, Loxa is &quot;turtle&quot; and Hatchee &quot;river.&quot;


Manalapan: Named by settlers from the New Jersey town of the same name established more than 80 years prior.


Mangonia Park: The original settlement was near West Palm Beach's Northwood neighborhood. It later was swallowed by the city. The present town, about 2 miles to the northwest, was founded in 1953, and wanted &quot;Magnolia Park,&quot; but the state said the name was taken and unilaterally assigned Mangonia Park, for the nearby lake.


Pahokee: The town on Lake Okeechobee comes from the Seminole for &quot;grassy waters.&quot;


Palm Beach: It was named in 1886 for the many palm trees that sprang up after the Spanish ship Providencia wrecked in 1878 and some 20,000 coconuts were sold as salvage. West Palm Beach, North Palm Beach and South Palm Beach are variations.


Palm Beach Gardens: John D. MacArthur played off his &quot;garden city&quot; vision.


Palm Beach Shores: British hotelier A.O. Edwards wanted a tie to Palm Beach and had a summer home at the Detroit suburb of St. Clair Shores.


Palm Springs: Probably for the resort town of Palm Springs, California.


Riviera Beach: Developers wanted to conjure up images of Europe's coastal resort area.


Royal Palm Beach: Developers planted dozens of royal palms along what they named Royal Palm Beach Boulevard.


South Bay: Believed named for its position at the south end of Lake Okeechobee.


Tequesta: In the 1950s, when the developer created the neighborhood, historians explained the native Americans known as the Tequesta never came that far north, but he said he'd already printed promotional material and wouldn't budge.


Wellington: It's named not for the duke who defeated Napoleon but for the area's settler, New England accountant C. Oliver Wellington (1886-1959). An aviator, Wellington's initials (C.O.W.) are the origins of Flying Cow Ranch road which served as a landing strip for his planes, according to the village's historical society.


Westlake: The county's newest municipality (2016); developers Minto Communities successfully petitioned for incorporation, and picked the name, even before the first shovel was turned.


 


 
 ]]> </description>
    <pubDate>Mon, 07 Apr 2025 14:11:00 -0400</pubDate>
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<item>
    <guid>https://www.svnwaterfront.com/blog/supercars-are-stored-in-ultimate-man-cave-in-hobe-sound/</guid>
    <link>https://www.svnwaterfront.com/blog/supercars-are-stored-in-ultimate-man-cave-in-hobe-sound/</link>
        <author>carey.sweetser@svn.com (SVN Waterfront)</author>
        <title>Supercars are stored in ‘ultimate man cave’ in Hobe Sound</title>
    <description> <![CDATA[ 
Auto Art Gallery is where Wealthy Car Collectors can Stash their Toys


The sports car’s engine roared as Justin Angel, a Jupiter real estate developer, zipped down Old Dixie Highway in his Lamborghini, a 2025 reptilian-green Revuelto.


“It’s like a spaceship,” Angel said grinning, accelerating past cars in the left lane.


After taking his whip for a spin, Angel parked the Revuelto at his latest real estate venture, the Auto Art Gallery, a luxury storage unit complex at 11720 S.E. Shell Ave.





The Auto Art Gallery promotes itself to collectors as a “condo for your car” and the “ultimate man cave.”


Angel is the lead developer and landlord of Auto Art Gallery, and he managed to save one unit for himself. It’s where he houses several antique vehicles, including his 3352 R Lamborghini tractor. Lamborghini, before delving into the supercar business, originally manufactured agricultural machinery.


Angel is a “big Lambo guy.” He owns two Uruses, which are high-performance luxury SUVs, and the Revuelto that he said he custom-ordered for $900,000.


The Revuelto — a sleek V12/electric hybrid accentuated by its angular, Y shaped LED headlights — can accelerate from 0 to 60 mph in 2.5 seconds and has a top speed of about 220 mph. For context, a passenger plane lifts off the runway around 180 mph.


“There’s a thrill factor for sure,” he said, explaining what drew him to the Lamborghini brand. “Plus, they look kind of radical.”


The Auto Art Gallery broke ground in 2023 and wrapped up construction in November. There are 12 units; three remaining for purchase. Each unit comes with a bar, bathroom and wine cellar. There’s a $15,000 initiation fee and then monthly fees starting at $600. The most recent unit was sold Dec. 12 for $750,000, according to Realtor Robert Hamman.





The property is protected by electronic gates and video surveillance monitoring, Hamman said. It’s no coincidence that the Auto Art Gallery is on the other end of Bridge Road from Jupiter Island, considered one of the wealthiest beachside communities in the United States.





Ed O’Sullivan, of Jupiter, is one of the tenants of Auto Art Gallery. He owns two whole units to hold a portion of his automobile collection, his 1956 Austin-Healey 100 being one of his favorites.


O’Sullivan was Auto Art Gallery’s original developer. He sold the development to Angel for $10 million.


“It was a passion project,” Angel said. “I truly have a passion for cars.”
 ]]> </description>
    <pubDate>Wed, 15 Jan 2025 10:43:00 -0500</pubDate>
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    <guid>https://www.svnwaterfront.com/blog/abacus-capital-acquires-multifamily-development-site-off-pga-blvd/</guid>
    <link>https://www.svnwaterfront.com/blog/abacus-capital-acquires-multifamily-development-site-off-pga-blvd/</link>
        <author>carey.sweetser@svn.com (SVN Waterfront)</author>
        <title>Abacus Capital Pays $33M for a Multi-Family Development Site off PGA Blvd</title>
    <description> <![CDATA[ 




Abacus Capital Group paid $32.5 million for a multifamily development site within Catalfumo Companies’ mixed-use PGA Station project in Palm Beach Gardens. 


New York-based Abacus Capital bought the site at 3701 Catalfumo Way South, which is approved for a pair of 13-story buildings with a total of 620 units, according to records and real estate database Vizzda. 


Palm Beach Gardens-based Catalfumo Companies, the master developer of the 37.6-acre PGA Station, sold the development site to Abacus. 


The 4.7-acre property now consists of two three-story office buildings completed in 2007 and 2009, according to records. Abacus Capital has recorded a notice of commencement of demolition. 


Catalfumo, led by Daniel Catalfumo, scored approval in February for the 620-unit apartment project on Abacus’ site. 


As a whole, PGA Station will have 1,016 apartments; a 122-key hotel; 16,000 square feet of retail; 12,500 square feet of restaurant space; 110,000 square feet of medical offices and 358,000 square feet of other office space, according to a project site plan.


Gatsby FL, an affiliate of New York-based Gatsby Enterprises, is expected to develop an eight-story office building with 7,000 square feet of retail at 11200 RCA Center Drive at PGA Station. The firm, led by Nader Shalom and Babak Ebrahimzadeh’s Master Mind, paid $17.5 million for the site in 2022. 


Catalfumo and The Richman Group of Companies already are developing the first apartment project, consisting of 396 units at 11025 RCA Center Drive. 


Led by CEO Ben Friedman, Abacus is a multifamily investment and development firm founded in 2004, according to its website. It has invested $4.8 billion into apartments over the past decade. 


In September, Abacus paid $110 million for the 268-unit Marela Apartments complex at 250 Northwest 130th Avenue in Pembroke Pines. The price marked a 9 percent discount from seller Rreef Property Trust’s purchase price in 2021. 


Catalfumo, founded in 1978 and based at PGA Station, is a real estate development firm with a completed portfolio of 75 million square feet valued at over $8 billion, according to its website.


The firm is developing the 106-unit Ritz-Carlton Residences, Palm Beach Gardens, condominium with three seven-story buildings south of PGA Boulevard, along the Intracoastal Waterway. The developer scored a $340 million construction loan last year, when the project had pre-sold about $75 million worth of units. 


South Florida’s multifamily market boomed over the past four years due to an influx of residents and record rent growth, prompting developers to build new projects. This year, demand has calmed and rent increases have flatlined. At the same time, developers that started projects last year or this year are expected to complete a record number of units amid a slower market. 


By year-end, 23,863 new units, the most since at least 2002, are expected to be completed across the tri-county region, according to a Berkadia report. 
 ]]> </description>
    <pubDate>Thu, 14 Nov 2024 14:05:00 -0500</pubDate>
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    <guid>https://www.svnwaterfront.com/blog/new-tenants-announced-for-wall-street-south/</guid>
    <link>https://www.svnwaterfront.com/blog/new-tenants-announced-for-wall-street-south/</link>
        <author>carey.sweetser@svn.com (SVN Waterfront)</author>
        <title>'Wall Street South' grows: Related Ross announces new tenants to West Palm office towers</title>
    <description> <![CDATA[ 
Related Ross announced several new office leases for its West Palm Beach buildings, including three for its newest property, the 25-story One Flagler office tower facing the Intracoastal Waterway.


The leases, spanning the finance, technology and professional service fields, reflect the &quot;strong demand&quot; for new, highly-amenitized office space, according to Jordan Rathlev, senior vice president of Related Ross, based in West Palm Beach.


The transactions also further reinforce the county's transformation into &quot;Wall Street South,&quot; a hub of financial and corporate offices that began forming 15 years ago but that has grown dramatically during and after the COVID pandemic.


Related Ross is led by Stephen Ross, owner of the NFL's Miami Dolphins and a resident of Palm Beach.


Previously, Ross led New York-based Related Cos., which built CityPlace, the 360 Rosemary and the CityPlace Tower office buildings, and several residences, including a newly opened luxury apartment complex, The Laurel.


This year, Ross peeled off Related Co.'s Southeast properties into the new Related Ross company.


Related Ross announced companies that will lease from its One Flagler tower, a 270,000-square-foot luxury office building nearing final construction at 154 Lakeview Ave. The 25-story office complex is at the corner of Lakeview Avenue and Flagler Drive, just behind the First Church of Christ, Scientist.


Related Ross did not disclose the size of the new or renewed office leases, which total 100,000 square feet.


One of the entities coming to the One Flagler building is OceanSound Partners of New York, an established firm that is new to the market. The private equity firm invests in technology and tech-enabled service companies. The West Palm Beach office is the company's first expansion outside New York.


Another new lease is with Vipertec, a new company. Vipertec is part of Vista Investments, owed by Tom Tisbo, executive chairman of Suncast Corp., a maker of outdoor storage and entertainment items. Vipertec helps develop ideas into products, according to its website.


A third lease at One Flagler is with GoldenTree Asset Management, a New York-based global asset management with offices in several U.S. cities.


The company, led by billionaire hedge fund manager Steven Tananbaum, appears to be making a move from another office complex in West Palm Beach. According to the company's website, GoldenTree's current downtown office is at the Phillips Point office complex, which also is owned by Related Ross.


In a statement, Tananbaum said the move to the prominent One Flagler is an important step as the firm nears its 25th anniversary.


“The significant growth of the financial industry in West Palm Beach has allowed it to reach critical mass and One Flagler will support and facilitate additional growth,&quot; Tananbaum said.


OceanSound Managing Partner Joe Benavies said in a statement that the company's expansion to West Palm Beach &quot;is a natural evolution of our business&quot; to establish a presence in the area.


“We believe this expansion will augment and diversify our access to talent and investment opportunities, and we look forward to helping drive economic development and innovation in the region and the West Palm Beach community,” Benavies said.


Other previously announced tenants at One Flagler include the Paulson Capital investment management services firm; banking giant JP Morgan Chase; and Bessemer Trust, which is moving to the new office tower from Palm Beach.


The One Flagler tower also will host the first Florida office of Northwell Health, New York's largest healthcare provider.


The tiered tower's grand opening is expected within weeks. Rents in the upscale building are $100 to $140 per square foot, not including taxes, insurance and maintenance.


For that money, tenants will enjoy the perks of an upscale hotel. Amenities include a fitness center, shared and private landscaped terraces, happy hours and executive boardrooms. The building also will offer concierge services that will help tenants with any number of tasks.


In addition to the One Flagler leases, Related Ross also announced that several of its other properties also signed or re-signed leases.


The statewide law firm of Holland &amp; Knight just inked a new lease at the Phillips Point complex. Across the street, an unspecified private equity firm just renewed its lease at the Esperante Corporate Center.


At CityPlace, the CityPlace Tower office building has a new financial tenant: Amerant Bank, a subsidiary of Amerant Bancorp of Coral Gables. This location is the bank's first Palm Beach County office. It is expected to open in early 2025.


In addition, Cordis US Corp., a provider of cardiovascular technologies, is expanding to Palm Beach County and will open its office in the fall in the CityPlace Tower.


Beyond growing its existing roster of office buildings, Related Ross also plans to break ground this fall on two more office buildings: 10 and 15 CityPlace.


These towers will deliver nearly 1 million square feet of new office space to Related Ross' existing office portfolio of 1.6 million square feet.


 
 ]]> </description>
    <pubDate>Tue, 12 Nov 2024 10:10:00 -0500</pubDate>
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    <guid>https://www.svnwaterfront.com/blog/west-palm-beach-broadway-corridor-slated-for-changes/</guid>
    <link>https://www.svnwaterfront.com/blog/west-palm-beach-broadway-corridor-slated-for-changes/</link>
        <author>carey.sweetser@svn.com (SVN Waterfront)</author>
        <title>West Palm Beach Broadway Corridor Slated for Changes</title>
    <description> <![CDATA[ 
Vision for Broadway: 6 Stories Not 30





Planners rolled out proposed new rules last week for future construction along West Palm Beach’s distressed Broadway corridor.


Why it matters: If the march of redevelopment reaches the busy street, it has the potential to destroy its urban character.


What’s happening: The city’s Community Redevelopment Agency hired planners Dover Kohl of Coral Gables to modify the development code for the area from 26th Street north to the city limit.


Goals include:






Redesigning Broadway to make it safer for pedestrians and bicyclists.






Encouraging affordable housing.






Attracting and marketing businesses.






What they’re saying: “Our goal is to make the ordinance to guide the neighborhood to what you want it to be,” Joseph Kohl of Dover Kohl told about 100 people who gathered Wednesday at Manatee Lagoon to review the draft that will be submitted to the city for approval.






The meeting was the fifth community session about the corridor plans.






The key features for new buildings facing Broadway would be:






A requirement that buildings be set back 17 feet from the curb. That allows for landscaping, a clear pedestrian path and room for outdoor seating and shade.






The nominal building height limit would be three stories.






The height could be increased to six stories for residential buildings if half of the additional units created by the greater height are devoted to affordable housing.






A developer can stretch that rule to seven stories if the building is no taller than 76 feet.






In addition, the code would limit the types of businesses permitted to operate in the Broadway corridor. (Permitted uses are on Page 66 of this PDF.)


Also new: The proposed code would expand the Broadway district to include requirements for the redevelopment of property just east and west of the road. 






The rules would limit the height and use of that land (residential only) to buffer nearby neighborhoods.






Once a revised code is in place, the CRA intends to seek proposals for a project that would demonstrate the new rules and, ideally, spark more development, Executive Director Chris Roog said at the meeting.


What’s next: The rules must be approved by the West Palm Beach Planning Board and City Commission.






The planning board hearing is 6 pm Nov. 19 at City Hall.






The commission’s first reading is expected to be at 5 pm Dec. 9 at City Hall.






SOURCE: Carolyn DiPaolo, Stet News
 ]]> </description>
    <pubDate>Wed, 30 Oct 2024 11:59:00 -0400</pubDate>
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    <guid>https://www.svnwaterfront.com/blog/initial-approval-received-for-former-twin-city-mall-site-in-north-palm-beach/</guid>
    <link>https://www.svnwaterfront.com/blog/initial-approval-received-for-former-twin-city-mall-site-in-north-palm-beach/</link>
        <author>carey.sweetser@svn.com (SVN Waterfront)</author>
        <title>Initial Approval Received for former Twin City Mall Site in North Palm Beach</title>
    <description> <![CDATA[ 



The village has given initial approval to a master plan for the old Twin City Mall site that makes a counteroffer of sorts to the developer who wants to build a complex of restaurants, retail spaces and high-rise residences there.


North Palm Beach will allow Cypress Realty to construct buildings of seven stories along U.S. 1 and 14 stories in the middle of the 13-acre site off Northlake Boulevard, not the nine the developer originally proposed for the project, known as Village Place.


In return, Cypress must agree to include enough “public benefit” — which might include workforce housing, sustainable building certifications and public art — before the Village Council votes on the plan a second and final time. That vote could happen in September, Village Manager Chuck Huff said.


The changes led Mayor Susan Bickel and council member Lisa Interlandi to vote in favor of the plan. Both had expressed reservations about the heights of buildings, especially along U.S. 1. Both also acknowledged the need to redevelop the site and for North Palm Beach to benefit from the tax revenue Village Place would generate.


“I have struggled with this because I believe in infill and I understand the tax implications, but I have grave concerns about changing the character of our village,” Bickel said before voting on Thursday, Aug. 22. “I hate nine (stories).”


The village did not meet with the developer between the Aug. 8 council meeting, when the council first discussed the plan, and the Aug. 22 session. Nader Salour, Cypress Realty's principal, attended both meetings and issued a statement Friday, Aug. 23, saying his company would review &quot;the latest comments made by the Village Council to determine what is feasible and to ensure the project can still be successful.&quot;


&quot;Our proposal demonstrates that the Village Place mixed-use project would bring tremendous public and economic benefits to the Village of North Palm Beach and surrounding community,&quot; Salour's statement said.


Salour offered to cap the buildings near U.S. 1 at eight stories at the Aug. 8 meeting. Cypress has said it needs a certain number of stories per building to put parking areas on their bottom floors and make the project financially viable.


North Palm Beach is discussing the future of the Twin City site as the pattern of development is changing in Palm Beach County.


The COVID pandemic brought in an influx of wealthy newcomers — many of them professionals working remotely — to areas long dominated by retirees. Instead of single-family homes, developers are proposing taller buildings of high-end condominiums and apartments to house them, with &quot;mini-downtowns&quot; of stores and restaurants nearby.


The trend has begun to spread toward north county from West Palm Beach. Lake Park, North Palm Beach's neighbor, already is home to Nautilus 220, a 24-story condominium complex, and other projects are proposed for its downtown.


The North Palm Beach Village Council's conversation on Aug. 22 centered around “trade-offs,” the idea of granting height if the developer includes elements for the good of the village.


“You’re saying, ‘How dare you come in front of us and ask to guarantee the height?’ Folks, that’s the bargain,” said  Harvey Oyer, Cypress Realty’s attorney.


Interlandi noted that the developer would likely drop the project if the council didn’t give them a guarantee that night. Council member Deborah Searcy said the “prudent thing to do” would be to lock in height maximums then.


“Let’s not kick the can down the road for someone else to do it,” Searcy said. She joined Bickel, Interlandi and council member Kristin Garrison in approving the master plan.


Then, the council voted to cut the building height maximum off U.S. 1 down to seven stories. Orlando Puyol, who wanted the developer to change the project even more than the other council members had proposed, was the lone council member to vote against it. 


The seven-story buildings would be built with a tiered effect. Three stories would line U.S. 1 and then, 10 feet in from its eastern edge, the building would rise to seven stories, Oyer said. Other buildings in the center of the property would top off at 14 stories.


Oyer also told the council that the property line starts in the middle of a tree on the site, so the complex will be built about 45 feet away from U.S. 1, an outcome with which Interlandi said she was “very happy.&quot;


The master plan for Village Place outlines uses on the site, at the northwest corner of Palmetto Drive and U.S. 1 south of Northlake Boulevard. It does not include construction plans for any of its buildings, all of which would go to separate council votes.


Cypress, which built the 2,055-acre Abacoa neighborhood in Jupiter, bought the property for $19 million in 2022 and expects Village Place to take a decade to build. Salour has said he will assess what the market might support and adjust the project accordingly before his team submits any site plans for village approval.


Buildings along Northlake would be set back 242 feet, nearly the length of a football field. Trees would line its nearby roadways and more than 1 acre of open space would stand at its center. Its residential buildings will feature hidden parking garages on at least their first three floors, Oyer said.


Cypress wants some buildings tall enough to afford water views to its top-floor residents, Oyer said. The 14-story buildings at the center of the property would provide them.


The open space, which makes up about 30 of the complex, would host community events including live music, outdoor yoga and farmers' markets. 


The project includes 100,000 square feet of commercial space and is expected to generate around $1.5 million in property tax revenue for the village in its first year, records show.


The Twin City Mall was northern Palm Beach County's first indoor shopping area. It opened to fanfare in 1971 but struggled after The Gardens Mall opened in 1988 and closed in the early 1990s. A shopping plaza anchored by a Publix supermarket stands on the property today.


The master plan sees Village Place as becoming a hub of North Palm Beach in a different way than the old mall was. It sees it as a place where residents not only can live but also shop and dine out closer to home instead of traveling to West Palm Beach or other nearby cities.


Not all residents saw the project that way at meetings this year. Several said at a session in January that they wanted the shortest buildings possible on the site, for fears over the added traffic and residents the complex would bring. Some said they wanted to keep the village's smaller-town feel and thought this project would diminish that.


Others, however, supported the project. They say the village needs more restaurants, stores and family friendly gathering places. One council member said it will improve residents' quality of life in ways that have little to do with shopping and restaurants.


“It’s walkable, and you can take your golf cart there,” Searcy said, noting that the mix of businesses will diversify North Palm Beach's tax base. &quot;All additional housing helps with supply and demand. The more the supply of housing, the less prices will creep up.”
 ]]> </description>
    <pubDate>Mon, 26 Aug 2024 13:20:00 -0400</pubDate>
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    <guid>https://www.svnwaterfront.com/blog/how-north-county-is-growing/</guid>
    <link>https://www.svnwaterfront.com/blog/how-north-county-is-growing/</link>
        <author>carey.sweetser@svn.com (SVN Waterfront)</author>
        <title>How north county is growing: Wealthy newcomers, luxury homes changing family-friendly area</title>
    <description> <![CDATA[ 
 Northern Palm Beach County is changing from a patchwork of middle-class suburbs along Interstate 95 to a place that looks more like a city that carries big-city prices, often paid by wealthy new residents to South Florida.


Plans before governments from Tequesta to Lake Park show developers are interested in taller buildings, especially east of the highway. Many would house hundreds of market-priced apartments — renting for $2,500 per month or more — built with retail and office spaces, turning pockets of available land into mini-downtowns. 


Other high-end developments geared to new, wealthy residents are rising beyond Florida’s Turnpike, led by Avenir at the western edge of Palm Beach Gardens. It will bring more than 4,000 luxury-priced homes to the area by the time it’s complete.


The transformation comes as the region's population has swelled with high-income residents — many of them younger than the typical new Floridian — from the Northeast freed to work remotely during the COVID-19 pandemic. The trend has led to a surge in demand for luxury apartments and urban-style living in an area long dominated by single-family homes and car trips everywhere.


“The significant increase in population has been driving pricing up for housing, so the face of Palm Beach County is changing,” said Ken Tuma, who represents developers with Urban Design Studio.


Few of these new developments include any workforce housing, or residences priced so that first responders, teachers and people in similar professions can afford them. Developers and city officials say making workforce housing happen will require incentives and negotiations — and may not be easy to achieve on a big scale. 


Jupiter Mayor Jim Kuretski and his wife raised three daughters in town. He said he finds it “troubling” that many local families and people who grew up in the area can't afford to live there anymore. 


“The demand is coming from people up north, paying cash for homes,” Kuretski said. “I've never seen anything like this, and I don’t know how we are going to get out of it.”


Luxury living bring high-rise developments to Lake Park, North Palm


West Palm Beach has seen a boom in high-rise developments geared to wealthy newcomers. Lake Park and North Palm Beach, low-rise waterfront neighbors, will be the first north county communities to feel its ripple effects. 


Both have qualities that make them desirable to new residents. They hug the Intracoastal Waterway. Northlake Boulevard and I-95 link them to West Palm Beach and Palm Beach International Airport. Lake Park has its own marina, and North Palm Beach its own country club, both along U.S. 1. 


The push to build in Lake Park started with the 24-story, 330-unit Nautilus 220 condominium towers along U.S. 1, which the town approved in 2021. It is now selling million-dollar residences in a town of mid-priced single-family homes. 


Forest Development, which built Nautilus, has proposed the 16-story Residences at 10th &amp; Park a mile west. Its 595 apartments, all of them renting at market rates, would rise at the downtown’s west edge. A similar apartment complex is proposed nearby.


A mile north of Nautilus on U.S. 1 is the old Twin City Mall site, where a seven-story tower featuring 279 market-rate apartments is nearing approval and a grander project is under review by North Palm Beach officials. 


That plan, called Village Place, would combine luxury apartments and condominiums with retail and commercial spaces. Some buildings could rise as tall as 14 stories in a village that long favored a four-story height limit. 


Those seeking a single-family home can look to westernmost Palm Beach Gardens — so far west on Northlake that it’s nearly 15 miles from City Hall. 


When it’s complete, Avenir will bring nearly 4,000 luxury homes and townhomes on about 4,800 acres, many of which will sell at prices of $3 million or more. Some in its Panther National subdivision even come with built-in Tesla chargers.


Avenir is becoming a community unto itself. It will feature a downtown-style Town Center where residents can shop. Work has begun on a Publix supermarket, and developers have secured contacts with a couple of restaurants, according to Tuma, the developer’s agent. There also will be a micro-hospital, a charter school and medical offices.


North county has been on an upscale path at least since the 1990s, when Abacoa sprung from land owned by the John D. MacArthur Foundation along Donald Ross Road and the lands near The Gardens Mall began to swell with new subdivisions and residents. 


The latest change, one that is luring an even wealthier crowd to the area, draws a range of reactions from local officials, many of whom have lived there for decades. 


Susan Bickel is mayor of North Palm Beach, where she grew up and is raising her daughter. She said new families moving there are older and wealthier than those who moved there in the past.


“I’m concerned about young families not being able to afford our community,” Bickel said. “The change makes me sad and nostalgic for the old days.”


Young families have long chosen to buy homes in Jupiter, Kuretski said. He fears this trend is changing with “skyrocketing” property values and that affordable homes the town tried to create are “no longer affordable.” 


The issue arose in March at a public meeting about a proposed apartment complex on the last undeveloped parcels in Downtown Abacoa. The developer pitched the community as “affordable” because some of its apartments would be rented at workforce prices. 


Neighbors took issue with that label, noting that the non-workforce units would carry hefty rents, including $2,675 a month for a one-bedroom apartment.


“That’s what younger people are paying when they move to Jupiter,” Donaldson Hearing, a representative of the developer, said at the meeting. 


Palm Beach Gardens residents also took note of a plan to transform Plant Drive Park in one of the city’s older neighborhoods into an ice-rink complex, removing its skate park in the process. 


Opponents of the change say parents in the area cannot afford to send their children to play hockey there, given the sport’s cost. One said the situation reflects how north county is changing. 


“This is going in an elitist direction, and I feel like the city has been heading that way,” said Tom Kern, 61, who plays basketball at the park. “It’s difficult for working-class people in this area to start with, let alone take away the few amenities that we can enjoy.” 


Others say they are taking a more hopeful view of the change.


&quot;In the 12 years that I have been on the commission, I've been waiting for investors to notice the town and build here,&quot; Lake Park Commissioner Kimberly Glas-Castro said. &quot;I'm excited that time has come.&quot;


Deborah Searcy, a North Palm Beach council member, said her village of older single-family homes is “far more expensive” than when her family moved there in 2009 and that any increase in the housing supply should eventually help prices. 


“More affordable housing would be wonderful. If no one's willing to do it, any (new) housing increases the overall supply. This should reduce the pressure for rising prices,” said Searcy, a Florida Atlantic University business professor. 


Bert Premuroso grew up in Palm Beach Gardens, became a banker and now serves on its city council. He says the key is to watch how northern Palm Beach County’s economy grows as the new residents move to it. 


“Hopefully, there's a lot of influx of new businesses that will develop, hire people and keep the whole economy going,” Premuroso said. “That's really the goal.”


 
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    <pubDate>Wed, 21 Aug 2024 13:52:00 -0400</pubDate>
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    <guid>https://www.svnwaterfront.com/blog/billionaire-ellison-buys-posh-hotel-in-palm-beach-enclave/</guid>
    <link>https://www.svnwaterfront.com/blog/billionaire-ellison-buys-posh-hotel-in-palm-beach-enclave/</link>
        <author>carey.sweetser@svn.com (SVN Waterfront)</author>
        <title>Billionaire Ellison Buys Posh Hotel in Palm Beach Enclave</title>
    <description> <![CDATA[ 
Larry Ellison is purchasing a luxury hotel in the same Palm Beach area enclave where he dropped $173 million on a residential compound two years ago. The billionaire Oracle Corp. co-founder bought the Eau Palm Beach Resort &amp; Spa for an undisclosed amount, according to a statement. The resort was sold by the Lewis family, who purchased it in 2003. 


The property, just south of Palm Beach in the town of Manalapan, dates back to the 1950s and was originally known as La Coquille Club. It has long been a retreat for prominent families, including the Vanderbilts, Fords and Rockefellers. Read More: Larry Ellison’s Hawaii Paradise Is Infuriating Locals. The purchase adds to Ellison’s sprawling real estate holdings, which span South Florida, Malibu and the Hawaiian island of Lanai, where he relocated during the pandemic. 


In 2022, Ellison paid $173 million for a 16-acre oceanfront compound in Manalapan, the highest residential sale price in Florida’s history. Ellison is the seventh-richest person in the world with an estimated net worth of more than $143 billion, according to the Bloomberg Billionaires Index. “Ellison’s extensive experience in luxury hospitality brings a new level of innovation to the resort,” said Tim Nardi, general manager of the Eau Palm Beach resort, in a statement. 


Besides the Manalapan hotel, Ellison’s portfolio includes Nobu hotels in Malibu and Palo Alto, the Hyatt Regency Lake Tahoe, and the Sensei Porcupine Creek, among others. Ellison plans to invest in upgrades at the Eau Palm Beach resort and the current team of hoteliers will remain on staff, according to the statement. 
 ]]> </description>
    <pubDate>Fri, 09 Aug 2024 10:35:00 -0400</pubDate>
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