The Allen Morris Company has acquired an approximately 1.4-acre site in West Palm Beach for $16.8 million and plans to develop a 14-story rental community called Pine Street Residences. The project, planned in partnership with Savanna, is expected to include 305 homes and ground-floor retail near the Intracoastal Waterway.
Key takeaways
- Allen Morris bought the site from Savanna for $16.8 million and will lead development as managing member.
- Pine Street Residences is planned as a 14-story, Class A rental community with 305 homes.
- Plans call for about 210,000 square feet of residential space and 5,000 square feet of retail.
A new rental project near the waterfront
The property sits along Pine Street between North Flagler Drive and U.S. 1, about one block from the Intracoastal Waterway. The assemblage includes 1830 North Dixie Highway and adjoining Pine Street parcels, within a West Palm Beach area described as an emerging residential corridor.
The planned development pairs rental housing with retail at street level. The retail component is intended to add activity along the street, while the residential portion will account for most of the project’s approximately 215,000 square feet of planned space.
Partnership and project team
The Allen Morris Company, a Coral Gables-based developer, acquired the site from Savanna and is set to manage the development. The firms are partnering on Pine Street Residences, with Allen Morris serving as managing member.
Oppenheim Architecture is designing the project, and Baker Barrios is the architect of record. The plans identify the development as a Class A rental community, though no construction schedule or anticipated opening date was included in the project details.
- Allen Morris Plans 305 Pine Street Rentals in West Palm Beach — PROFILEmiami South Florida Real Estate Development News, PROFILEmiami.