West Palm Beach, aka Wall Street South, is quickly becoming the new home for all things finance. With multiple new ‘downtown’ districts underway, and dozens of towers in the works.
West Palm Beach is undergoing a remarkable transformation, rapidly evolving into a vibrant hub for new development. The city's skyline is punctuated by a surge in mixed-use projects, seamlessly blending residential, commercial, and entertainment spaces to create dynamic urban environments. Office towers are rising to accommodate the influx of Wall Street firms relocating from New York City, drawn by the city's favorable business climate and attractive lifestyle. Alongside this commercial boom, the luxury real estate market is thriving, with hyper-luxury condominiums catering to affluent buyers seeking exclusivity and opulence. This multifaceted growth is reshaping West Palm Beach into a sought-after destination for businesses, residents, and investors alike.
1. Nora District
The Nora District, a dynamic 40-acre hospitality destination in Downtown West Palm Beach. Named after North Railroad Avenue, Nora is a vibrant pedestrian-friendly district curated with best-in-class food and beverage establishments, boutique fitness and wellness, lifestyle retail and creative office experiences.
Phase I of Nora, which will include over 150,000 square feet of adaptive reuse and new development, broke ground in June 2023 and is slated for completion in early 2025. Turn-of-the-century railway warehouses will be reimagined into ground-floor retail celebrating local and national talent with innovative open spaces and art in public places. Phase I will also include over 55,000 square feet of second-floor showroom and creative Class-A office space.
Confirmed retailers in Phase I include Loco Taqueria & Oyster Bar, New York City’s H&H Bagels, Van Leeuwen Ice Cream, New York City’s The Garret Group, Juliana’s Pizza, West Palm Beach’s Celis Juice Bar and Café, Del Mar Mediterranean Restaurant as well as Sana Skin Studio, Hamptons-based clothing boutique Mint, The Spot Barbershop and boutique fitness brands Rumble and [solidcore], with more to be announced.
The development’s future phases will include additional retail and office as well as multifamily residential offerings that will complement the existing neighborhood to support the rapidly expanding downtown core and The Nora Hotel, a brand new 201-key boutique hotel developed in partnership with BD Hotels and Sean MacPherson, behind some of New York City’s most iconic hotels like The Bowery, Mercer, Chelsea Hotel and others.
2. CityPlace
CityPlace is undergoing a significant redevelopment in the heart of West Palm Beach. The project includes two striking office towers, East and West, designed to attract major financial firms and businesses. The East Tower, set to be the tallest office building in the county, boasts a sleek design and modern amenities. The West Tower, while slightly smaller, offers equally impressive features and stunning views.
In addition to the office spaces, the redevelopment introduces "The Laurel," a luxurious residential tower with high-end apartments and top-notch amenities. The Square is also revitalizing its public spaces, creating a more vibrant and welcoming atmosphere for residents and visitors alike. With its mix of office, residential, and retail spaces, The Square is poised to become a premier destination in West Palm Beach.
3. The District at Northwood
A 4.6-acre area between 23rd and 25th streets, previously known as the "Anchor Site, property situated in the Northwood Village area of West Palm Beach is becoming anther central hub in West Palm Beach.
The District at Northwood includes a multifamily residential complex featuring 382 units spread across three buildings. Notably, ten percent (10%) of the units are designated for workforce housing.
The project allocates 63,000 square feet for commercial and retail purposes, introducing an array of dining, retail, and entertainment options. Over 12,000 square feet of public open space is intended to enhance the community environment.
4. West Palm Point
New York-based Cohen Brothers Realty Corporation is brining a 24-story Class A office tower to downtown West Palm Beach. Located at 801 South Dixie Highway, the tower aims to become a landmark gateway to the downtown area. The project, known as West Palm Point, is set to replace the existing Okeechobee "Tent Site" Parking Lot.
Designed by acclaimed firm Pelli Clarke Pelli, with support from Nichols Architects, the tower's design incorporates sleek features to complement the city skyline. Its transparent glass facade, adorned with vertical mullions and fins, is intended to interact dynamically with sunlight. The building's open lobbies on the east and west sides will further integrate it into the surrounding urban environment.
The tower will offer 447,484 square feet of office and ground-floor retail space. Additionally, a 10-story parking garage will accommodate approximately 1,200 cars and 120 bicycles and will feature amenities like a rooftop café and green zones.
West Palm Point aims to be more than just an office space. It will feature a pedestrian-friendly Paseo filled with retail stores and outdoor seating areas. A highlight is its 30-foot high ground floor lobby, envisioned as a grand entrance to the Paseo. Cohen Brothers Realty Corporation secured the lease for the entire block back in 2020 and anticipates tenant occupancy by Q3 2026. With the FAA permits under review, the project is expected to break ground soon, aligning with its construction timeline stretching from February 2024 to January 2026.
5. South Flagler House
Led by billionaire Stephen M. Ross, owner of the Miami Dolphins, The Related Cos. initiated construction on South Flagler House, a luxury condominium complex in West Palm Beach, a few months ago.
This marks the New York-based company's first luxury condo venture in South Florida, although they have previously collaborated on several condo projects in the region. The development, located at 1355 S. Flagler Drive along the Intracoastal Waterway, encompasses a 3.4-acre site formerly owned by Palm Beach Atlantic University. The project features two 28-story towers with a total of 108 units, an increase from an earlier design that included 89 units. The property, acquired for $194.57 million in August, saw its groundbreaking expedited to April from a planned summer 2024 start due to robust pre-sales.
Bryan Cho, executive VP at Related Cos., noted that the units, which range from 2,000 to over 13,000 square feet, are designed to mimic the expansive feel of single-family homes, catering to the needs of their Palm Beach clientele who are transitioning from private homes to high-rise living. With prices ranging from $5.9 million to $72.5 million, the project targets a high-end demographic, drawing significant interest from New Yorkers recently.
The architectural design is led by Robert A.M. Stern Architects, with Pembrooke & Ives handling the interior design. Cho highlighted that construction is currently managed in-house, with plans to appoint a general contractor later. The expected completion is spring 2027.
South Flagler House is set to offer a wide array of amenities including a 25-meter lap pool, guest suites, sports courts, a comprehensive wellness center, and various social and recreational facilities, ensuring a luxury lifestyle for its residents. Ross emphasized that this project will extend Related's legacy of delivering top-tier residential spaces with innovative designs and a rich array of services and amenities, promising an unmatched living experience in Florida. Suzanne Frisbie of Frisbie Palm Beach and the Corcoran Sunshine Marketing Group leads the project's marketing efforts.
6. Mr C. Residences
A new landmark is set to grace the streets of Downtown West Palm Beach. Slated for completion in late 2026, Mr. C Residences West Palm Beach promises a unique blend of sophisticated living and unparalleled hospitality experiences.
This 27-story architectural marvel, a collaboration between Terra, Sympatico Real Estate, and the esteemed Cipriani family, and designed by Arquitectonica, will offer 110 luxurious hotel rooms alongside 146 spacious branded residences.
Each residence, meticulously designed by Meyer Davis in partnership with the Cipriani family, boasts soaring 10-foot ceilings, premium finishes and appliances, and private outdoor terraces, creating an environment of unparalleled comfort and elegance. Residents will enjoy a vibrant social scene within the property. A chic café, featuring a blend of contemporary and timeless elements, beckons guests for a leisurely breakfast or afternoon tea.
For breathtaking cityscapes and an upscale ambiance, the rooftop restaurant promises an unforgettable dining experience. Exclusive to residents, the private members' club lounge will offer a sophisticated atmosphere to unwind and socialize.
Sign up for Florida of Tomorrow's free newsletter below to receive the latest real estate and new business information shaping the Florida of Tomorrow.
Comments