New Luxury Home Development Planned for North End of Palm Beach
A notable shift is on the horizon for the North End of Palm Beach as real estate investor Patrick "Pat" Carney receives approval from the town’s Architectural Commission for a new home project at 301 Polmer Park Road. The approval comes after a comprehensive seven-month review process that emphasizes the commitment to preserving the architectural integrity of the area.
Project Overview
Carney’s upcoming six-bedroom residence is designed in the Palm Beach Regency style and will replace a structure that has existed on the property since 1973. This prime lot, situated on the southwest corner of North Lake Way, encompasses roughly a third of an acre.
Key Details
- Purchase Price: Carney acquired the property for $16.225 million in 2022.
- Listing Price: The existing home is listed at $22.8 million, including the approved construction plans.
- Living Space: The new home is poised to offer approximately 11,500 square feet of luxury living, a significant upgrade from the current 8,500-square-foot home.
According to Carney’s real estate agent, Jim McCann of Premier Estate Properties, the extensive renovations will ensure the new house meets the desires of prospective buyers who increasingly seek modern, newly constructed homes.
Timeline and Construction Plans
Carney plans to begin clearing the lot by November to adhere to Palm Beach’s summer demolition deadline. Following this, construction is anticipated to take between 18 to 20 months.
Features of the New Home
- Dimensions: The two-story house will utilize the lot’s elevation for optimal aesthetics, appearing as a one-story structure from Polmer Park.
- Interior Layout:
- The main floor will comprise three bedrooms and common areas such as a living room, dining room, library, and family room.
- The lower level will house an additional three bedrooms, a billiards room, a sitting area, and a home theater.
Landscape and Outdoor Amenities
Designed by landscape architect Justin Mizel from Environment Design Group, the outdoor area will feature:
- A pool with a fountain
- A lower-level garden providing lush greenery and relaxation options
Architectural Journey
The path to the new design was not straightforward. The initial plans proposed in December 2024 faced significant criticism, prompting a complete redesign.
- The revised blueprint, presented in March, embraced the Palm Beach Regency style, harmonizing with neighboring homes.
- The Architectural Commission provided feedback for multiple adjustments before granting final approval in June.
Market Context and Investment Insights
Carney has a rich history in the Palm Beach real estate market. His previous successful projects contribute to his reputation as a seasoned investor:
- In February 2021, he sold a newly built oceanfront home for a record $68.4 million.
- Another notable sale includes a custom lakefront home sold in 2021 for $49 million.
These impressive transactions highlight the lucrative opportunities within the Palm Beach real estate market.
Conclusion
The imminent development at 301 Polmer Park Road is set to not only modernize the local landscape but also cater to the desires of high-end buyers looking for new luxury homes in Palm Beach. As construction unfolds, it will be exciting to see how this new residence contributes to the area’s prestigious real estate profile.
For additional information on luxury homes in Palm Beach and ongoing real estate developments, visit Palm Beach Daily News.