Palm Beach County is experiencing a significant real estate transformation, marked by ambitious new condominium developments, a growing focus on affordable housing, and the revitalization of downtown areas. Major players in the development scene are investing heavily, reshaping the county’s landscape and offering diverse housing options.
Key Takeaways
- Developers Terra and BH Group are planning two 31-story condo towers in West Palm Beach.
- Billionaire Jeff Greene is developing a 25-story apartment tower utilizing a pre-fabricated mass timber system, incorporating workforce housing.
- Boynton Beach is undergoing a downtown revitalization with multiple mixed-use projects adding apartments, retail, and dining spaces.
- Affordable housing initiatives are gaining traction, with land donations and projects aimed at addressing the county’s housing costs.
- West Palm Beach continues to attract significant investment, with numerous condo projects and a growing commercial presence.
Waterfront Luxury and Urban Development in West Palm Beach
Terra and BH Group are set to acquire a prime waterfront site in West Palm Beach from billionaire Jeff Greene for approximately $100 million. The developers plan to construct two 31-story condominium towers on the 1.6-acre property at 2085 North Flagler Drive. These towers will feature 281 luxury condos, retail space, and extensive amenities, including a shared underground parking garage, multiple pools, and rooftop areas. This development is adjacent to another project by BH Group and Related Group, which is planned as a Rosewood Residences.
Meanwhile, Jeff Greene himself is advancing his first Live Local Act project in West Palm Beach. This 25-story apartment tower at 120 South Dixie Highway will offer 366 units, with 40% designated as workforce housing. Notably, the project will utilize a pre-fabricated mass timber system, aiming to reduce construction costs and timelines, potentially making it one of Florida’s tallest buildings constructed with this method. Greene emphasized the importance of integrating workforce housing seamlessly with market-rate units.
Boynton Beach’s Downtown Renaissance
Boynton Beach is emerging as a vibrant hub with several mixed-use projects transforming its downtown core. Developers are drawn to the city as an attractive alternative to more established markets like West Palm Beach and Boca Raton. Projects like Ocean One, a 3.5-acre development by Hyperion Group, will add 371 market-rate apartments and significant commercial space, including new restaurants and shops. Affiliated Development is constructing The Pierce, a workforce housing community with 300 rental apartments, half of which are designated for workforce housing. Time Equities is also developing the Octavia luxury apartment complex, featuring 465 units and upscale amenities.
Affordable Housing and Commercial Growth
Beyond luxury developments, Palm Beach County is making strides in affordable housing. The Quantum Foundation is advancing affordable housing initiatives, with West Palm Beach facilitating land donations for such projects. This focus aims to address the rising housing costs in the region and ensure housing options for residents across various income levels.
Commercially, West Palm Beach is also seeing growth. The law firm Fox Rothschild is relocating its West Palm Beach office to 15 CityPlace, indicating continued demand for office space in the city’s commercial centers. The influx of new residents and businesses is driving demand across the real estate spectrum, from high-end condominiums to essential workforce housing.
Sources
- Terra, BH Group Plan Condo Towers in West Palm Beach, The Real Deal.
- Jeff Greene Plans Live Local Act Project in West Palm Beach, The Real Deal.
- New restaurants, stores and homes planned for downtown Boynton Beach, The Palm Beach Post.
- Law firm Fox Rothschild to shift West Palm Beach office to 15 CityPlace, The Business Journals.
- West Palm Beach advances another land donation for affordable housing, The Business Journals.