Unit sales at The Bristol condominium, an ultra-luxury condo being built on West Palm Beach’s waterfront, are up to 70 percent, according to development partner Al Adelson. The high-end condominium is ahead of schedule and set to begin pouring its fifth floor in May.
The 25-story, 69-unit building at 1112 S. Flagler Drive is the most expensive condominium ever built in Palm Beach County. The average size of a unit at The Bristol is about 4,500 square feet and costs $10 million.
The project’s success is prompting a minor expansion of its footprint, with The Bristol planning to lease a garage that will be built on land across the street.
The land, at 901 S. Flagler Drive, is owned by First Baptist Church and occupied by Samaritan Gardens. That’s an old apartment complex now being used by Palm Beach Atlantic University for male student housing. About 80 students live there.
Samaritan Gardens will be torn down to make way for the garage at the end of PBAU’s school year in May 2018, said Kevin Mahoney, First Baptist associate pastor.
“The buildings at this point are in disrepair,” Mahoney said. “Something needs to be done with this it.”
So that something will be a garage.
The idea came about after the The Bristol approached the church about using the land for parking. The church agreed to build the garage and lease it to the Bristol for 25 years.
The exact number of parking spots could not be determined, but one source said it could be about 70.
Adelson said the Bristol needs extra parking for event space it has along the Intracoastal Waterway. “We could seat up to 200 people for a party or charity event, and it dawned on us: Where are we going to park?”
Sources say that an additional reason the garage is needed is so that the Bristol’s unit owners can park their valuable luxury cars in what would be an air-conditioned, enclosed, secure building. Only valets would have access to the building.
Plans are to build a one-story parking garage with a roof. The property will be surrounded by trees and shrubs, Adelson said.
After the 25-year lease ends, who knows what will happen with the property? Mahoney joked that the garage might not be needed because people might not even be driving cars by then.