WPB’s building boom: Vacant city block will become luxe apartments

West Palm Beach has hit the big time, attracting the attention of the nation’s largest apartment developer, which plans to build a luxury, 322-unit rental complex in the heart of downtown.

Alliance Residential Company of Phoenix, Ariz., is seeking the city’s OK for the project, tentatively known as Broadstone at Clematis. The property takes up a city block, a rare building opportunity. “West Palm Beach is an untapped market. It’s time to bring new luxury rentals to that market,” said Michael J. Ging, Alliance managing director.

The 326,000-square-foot apartment building would rise eight stories, except along Dixie Highway on the east side, where it would rise seven. The land is in the heart of the downtown, between Datura Street to the north and Evernia Street to the south, amid the city’s entertainment, dining and soon, transportation destination.

The city block sits across Quadrille Boulevard from the planned All Aboard Florida train station and mixed-used project.

Ging said the company became interested in West Palm Beach because of its growing vibrancy.

“We love West Palm Beach,” said Ging, who works in Alliance’s Boca Raton office. “There are several new hotels announced, the All Aboard Florida stop is across from our site…and we are one block south of Clematis Street and a walk to the Publix” at CityPlace, he said.

Broadstone at Clematis will have a parking garage; interiors featuring granite counters and stainless steel appliances; a resort style pool; expanded fitness studio and even a yoga studio. Some apartments will face a center courtyard, with the pool on the ground floor.

Prices are expected to range from $1,375 a month for one bedroom studios up to $2,300 for the largest two bedroom, two bathroom units. If approved, the apartment building could be ready for occupancy by summer 2017.

Alliance is a major apartment developer and manager, with projects throughout across the country. It was named the largest apartment developer in 2014 and 2013 by the National Multifamily Housing Council.

In South Florida, the privately owned company built Broadstone in North Boca Village, a 384-unit apartment complex in Boca Raton, and Broadstone Cypress Hammocks, a 396-unit apartment complex in Coconut Creek.

Harvey Oyer, a West Palm Beach lawyer for Alliance, said the project abides by the zoning code, which allows for a buiding rising as high as 10 stories. An appearance before the city’s downtown action committee, which handles the approval of large downtown projects, is set for this summer.

Phillips Point sale

Phillips Point, West Palm Beach’s signature waterfront office complex, is expected to be sold this week for about $250 million, a record for the city landmark.

The 777 S. Flagler Drive center, at the foot of the Royal Park Bridge, last sold in 2007 for $200 million, smashing previous record sales prices.

The buyer is AEW, a Boston-based real estate asset management company. AEW owns One Clearlake Center on Australian Avenue, real estate sources said.

Phillips Point was built in 1985 and has an east tower and a west tower. It is about 90 percent leased. Owner Colonnade Properties of New York began shopping the property in February.

Phillips Point tenants include law firms Gunster, Greenberg Traurig and Akerman Senterfitt & Eidson; investment banks Goldman Sachs and Morgan Stanley Smith Barney; and such companies as AMG and Reyes Holdings.

Rents are pricey. They start at $40 per square foot, with another $18 per square foot in taxes, insurance and maintenance. Parking costs extra, too.

Sources say the building attracted the attention of national institutional and investment buyers, further proof that the once-sleepy city of West Palm Beach is on the radar of some of the country’s biggest real estate players.

Greene’s $31 million deal

Palm Beach billionaire Jeff Greene has completed a deal to purchase virtually all the land around Currie Park in West Palm Beach, giving him a solid monopoly on vacant property near the Northwood neighborhood.

Greene, a major Palm Beach County real estate investor, on May 15 paid $31 million for two properties owned in part or in whole by BBX Capital of Fort Lauderdale, according to a statement issued by BBX. The properties once were slated for condominiums: One was the former Palladio Terrace site, the other was the Gramercy Court condo site.

The purchase was a strategic move by Greene, who acknowledged earlier this month he was the buyer. Greene said he wanted to remake the neighborhood into one filled with multifamily dwellings and stores, even a Publix supermarket.

Greene now controls nearly all the land on the west side of Flagler Drive along the waterfront, from Kent Street on the northern boundary, south to where Flagler Drive curves around Currie Park.

Alexandra Clough writes about the economy, real estate and the law.

Reader Comments ...

Next Up in Nation & World

NFL championship games 2018: What time, what channel, odds for Jags vs. Patriots and Vikings vs. Eagles
NFL championship games 2018: What time, what channel, odds for Jags vs. Patriots and Vikings vs. Eagles

We are one day out from “Championship Sunday,” where the teams who will play in the Super Bowl will be determined. The Minnesota Vikings will take on the Philadelphia Eagles for the NFC Championship, while the New England Patriots play the Jacksonville Jaguars for the AFC title. If the Vikings win, they will be the first team to ever play...
Mar-a-Lago fundraiser to go on as scheduled; Trump stays in D.C.
Mar-a-Lago fundraiser to go on as scheduled; Trump stays in D.C.

President Donald Trump will not attend a $100,000-per-couple political fundraiser at his Mar-a-Lago estate in Palm Beach tonight because of the federal government shutdown. “There is no plan to go to Florida while there is a shutdown,” White House Press Secretary Sarah Huckabee Sanders told The Palm Beach Post. The fundraiser will...
Hundreds of protesters gather in Palm Beach for president’s one-year in office
Hundreds of protesters gather in Palm Beach for president’s one-year in office

Update 2:00 p.m.: President Trump posted a tweet about today being “a perfect day for all Women to March” to celebrate lowest female unemployment in 18 years.  Women’s marches are happening this weekend in cities across the country in protest of Trump’s election.  <div></div><br><...
Congress at work on a Saturday as lawmakers try to end shutdown quickly
Congress at work on a Saturday as lawmakers try to end shutdown quickly

Hours after funding lapsed for the federal government at midnight, lawmakers in both parties returned for an unusual Saturday session of the House and Senate, as both parties quickly launched themselves into finger pointing over who is to blame for the first government shutdown since 2013, with few signs that a deal was near...
Drake makes surprise appearance at Memphis nightclub
Drake makes surprise appearance at Memphis nightclub

He may have started from the bottom, but rapper Drake is making headlines after doing one dance that started in the Bluff City. According to party promoter Curtis Givens, the Grammy winner called him wanting to have a private party at In LOVE Memphis, a popular nightclub. Givens said it was a last minute call, but he and his business partner were up...
More Stories