Image: Capstone Realty Group - 1551 Forum Place
Capstone Realty Group could demolish a West Beach office building in order to build apartments featuring workforce housing.
The local developer, through affiliate 1551 Forum Place LLC, filed plans with the city to redevelop the 3.74-acre site at 1551 Forum Place, just north of Palm Beach Lakes Boulevard. It currently has a 39,124-square-foot office building that was constructed in 1980.
The developer acquired the property for $6.95 million in 2022. It fronts part of Lake Mangonia.
“The Palm Beach Lakes neighborhood has improved significantly in the past 10 years with the new Palm Beach Outlets, restaurants, Whole Foods, and Hilton Garden Inn,” said Mitchell Adelstein, managing partner of Capstone Realty Group. “And it’s a mile from the new Nora District and 2.2 miles from downtown West Palm Beach.”
The developer proposed replacing the office with an eight-story apartment building with 237 units. In order to tap the city’s workforce housing density program, Adelstein said 25% of the apartments would be workforce units for people making between 80% and 120% of area median income.
The median household income in Palm Beach County is $68,874.
The building would feature 22 studio apartments, 122 one-bedroom units and 94 two-bedroom units. Amenities would include a pool, a courtyard, a pickleball court, a dog park, a gym, a lounge and storage lockers. The site plan shows a 388-space parking garage. The entire project would total 326,656 square feet.
“Our meetings with mayor and city commissions were very constructive regarding creating quality housing in particular workforce housing that would provide badly needed housing for the city’s first responders, such as police, fire, ambulance workers and nurses that serve the community,” Adelstein said.
The developer is working with Deerfield Beach-based CES Architecture, West Palm Beach-based planning firm Schmidt Nichols and attorney Don Dufresne at Fox Rothschild.
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