Major Financing Secured for Luxury Residential Development in West Palm Beach

Savanna Secures $380 Million for Olara

New York-based developer Savanna has successfully secured $380 million in financing for its stunning new project, Olara, located at 1919 N. Flagler Drive in West Palm Beach. This luxury development is set to transform the skyline and offer an array of upscale amenities for its future residents.

Financing Partners

A consortium including Zeckendorf Development, Sculptor Real Estate, One Investment Management, and Octo Capital provided the financing for this ambitious residential project. Notably, Zeckendorf Development is renowned for its iconic condo projects in New York City, further solidifying the project’s credibility. One Investment Management, led by former SoftBank Vision Fund chief Rajeev Misra, adds significant financial backing from Middle Eastern wealth funds.

Project Details

• Height: 26-story tower
• Unit Composition:
  • 287 condominiums
  • 170 apartments
• Design: Crafted by Bernardo Fort-Brescia of Arquitectonica
• Size of Units:
  • Two to four bedrooms
  • Ranging from 1,500 to 4,200 square feet

Prices for these exclusive residences start at $2 million and can soar up to $10 million. Douglas Elliman is at the forefront of sales, having launched in 2023.

Amenities to Enhance Lifestyles

Olara promises to offer a lavish lifestyle with its numerous amenities, including:

• A 13,000 square foot fitness center
• A Japanese-style onsen (hot spring)
• Sauna and cold plunge facilities

Additionally, through a partnership with Sollis Health of New York, residents will have access to medical professionals right within the building.

Construction Timeline

Construction for Olara commenced in August 2023, under the management of Gilbane Building Company and SavCon. The completion date is projected for late 2027 or early 2028.

Other Notable Developments in South Florida

Lotis Wellington in Boca Raton recently secured a $28.3 million construction loan from Amerant Bank. This mixed-use development will feature:

• 372 rental units
• 13,000 square feet of office space
• 60,000 square feet of medical space
• 54,000 square feet of retail space

Recent Financing Milestones

Other significant financing activity includes:

• A $103.2 million inventory loan secured by Terra and Russell Galbut for the Five Park high-rise condo tower in South Beach.
• Completion of 72 Park, a 22-story condo tower in North Beach, which has sold 90% of its 266 units.

Strategic Acquisitions

• FCP and BMC Investments have acquired the Arium Sunrise complex for $90 million, with plans to renovate select units.
• The Kolter Group recently purchased land for $66.7 million, aimed at developing 534 residential units, including workforce housing.

Conclusion

As luxury developments like Olara reshape West Palm Beach’s residential landscape, the collaboration between prominent developers and investors signals a booming real estate market. With high-end amenities and a strategic location, Olara is poised to become a centerpiece of luxury living in the area.

For further insights into West Palm Beach’s real estate trends, contact us at Douglas Elliman, or check our latest updates on luxury developments in South Florida.