Plans Unveiled for New Luxury Home in Palm Beach

A new luxury residence is set to rise in Palm Beach at 301 Polmer Park Road, where real estate developer Pat Carney plans to replace the current structure with a state-of-the-art, six-bedroom home. Priced at $22.8 million, the existing house is being marketed as the developer prepares for a complete overhaul of the property.

Current Situation and Development Plans

• Current Property: The existing home, a Regency-style residence built in 1973, spans roughly 8,500 square feet.
• New Plans: The new development will feature a 11,500-square-foot luxury home designed for modern buyers seeking "new" aesthetics and conveniences.

Timeline and Construction Details

Carney aims to clear the existing home by November to adhere to the town’s summer demolition deadlines, with the following construction timeline:

• Start of Construction: Expected shortly after land clearance.
• Construction Duration: Anticipated to take 18 to 20 months to complete.

Architectural Design and Features

The new residence will embrace a neo-classical architectural style, paying homage to the original designs featured on Polmer Park Road. Key elements include:

• Two Stories: The house will utilize the elevated topography of the lot to create a one-story visual illusion from Polmer Park, despite having a lower level.
• Features:
  • Three bedrooms and spacious public areas on the main level, including:
  • Living room
  • Dining room
  • Library
  • Family room
  • A lower level accommodating three additional bedrooms along with:
  • Billiards room
  • Sitting area
  • Home theater
• Outdoor Spaces: A pool area with a fountain and a lower-level garden will enhance the property’s appeal.
• Landscape Design: Crafted by Justin Mizel from Environment Design Group, the landscaping will complement the new home.

Development History

Pat Carney originally purchased the property in 2022 for $16.225 million and has been marketing the existing home intermittently since early 2023. His ability to secure approval for this latest design from the Palm Beach Architectural Commission came after a rigorous review process that spanned several months.

Previous Developments by Pat Carney

Carney has an extensive portfolio in the Palm Beach area, having successfully developed and sold several high-profile homes:

• 905 N. Ocean Blvd: Sold in February 2021 for $68.4 million.
• 1350 N. Lake Way: A lakefront custom home sold for $49 million in 2021.

Market Insights and Future Prospects

As real estate markets evolve, Carney noted that most buyers today prioritize contemporary living spaces. He remarked, “Most buyers want ‘new’… they want instant gratification.”

Pricing Strategy

While the final listing price for the new residence post-construction remains flexible, prospective buyers will be eager to see how features and location align with market trends in Palm Beach.

Conclusion

The transformation of 301 Polmer Park Road symbolizes the ongoing evolution of Palm Beach’s luxury real estate landscape. As the area continues to attract high-net-worth individuals, developments like this reflect a demand for modern, spacious, and stylish living quarters in an idyllic coastal setting.

For more information on luxury real estate in Palm Beach, explore this detailed guide.