On the eighth story of a gleaming new glass office tower, Goldman Sachs and hedge fund employees circumvent security using fingerprint recognition. Inside, Related executives Stephen Ross and Ken Himmel, two of the most prominent real estate magnates in New York, meet with banking titans. But this is West Palm Beach, not Lower Manhattan.
Formerly regarded to be undesirable and violent neighborhoods, West Palm is currently gaining the moniker “Wall Street South”
Not just the financial and commercial sectors are thriving, though; apartments are now selling for up to $25 million.
Ross and Himmel are instrumental in the region’s rapid change. In West Palm, they own or are developing eight commercial and four residential properties, as well as The Square, the neighborhood’s major retail district.
Wall Street hangouts like Milos, Felice, and Harry’s have taken up residence in their towers.
West Palm Beach has been transformed by Related into an upscale financial and residential powerhouse. The Square, a luxury retail strip, is located in the center of the district.
Ross told The Post, “We are providing a lifestyle and attempting to make West Palm Beach a model community for the United States.”
Yet, this did not occur overnight. In 1996, Related won the RFP to develop the region.
Himmel stated, “Everyone says how fortunate we are, but we were already here to take advantage of the opportunities.”
Locals are concerned that the opening of certain new buildings would exacerbate traffic congestion, but the developers insist they are aware of their civic responsibilities. Landscaping, public green space, and art are being added, while Related and developer Jeff Greene create affordable housing rental structures and gift land and funds to the University of Florida, which is creating a 1 million-square-foot graduate satellite campus.
“The graduate school will be a complete game-changer,” said Greene, who is unveiling the area’s tallest commercial and residential towers at One West Palm Beach. In addition to the new jobs that will be created, these students will establish enterprises in West Palm.
As West Palm’s population rises, its medical demands will also increase. Major medical providers such as HSS, NYU Langone, and Mt. Sinai have taken up residence in the region.
NORA, a brand-new neighborhood, features 15 acres of brand-new buildings.
The developer Ned Grace is also influential. NORA (an acronym for North of Railroad Avenue) is a 40-acre “neighborhood” with a cobblestone Main Street and 15 acres of new construction that just broke ground and will open in phases. His company, NDT, is part of the consortium driving NORA.
Grace stated, “We believe there is a real opportunity to provide a cohesive, curated commercial area.”
Andrew Kurd, co-chief investment officer of Savanna, is also a pioneer in the northern area of West Palm Beach, where he is constructing the luxury skyscraper Olara. In addition to the tax-friendly climate, he emphasizes that West Palm is particularly receptive to growth. “The city is committed to working with developers, and we are committed to supporting the city’s infrastructure,” he said. Our initiative will generate 1,000 employment each year.
The residential tower Olara is rising at the northernmost tip of the city.
Kurd is convinced that his structure will be a success. “Our three competitors, Bristol, La Clara, and Forte, are completely sold out, while Alba is only fifty percent sold,” he stated.
Alba is the only condo skyscraper on the Intracoastal other than Bristol, and its penthouses will cost $25 million.
Alba’s developer, Kenneth Baboun, remarked, “Despite all the construction, there is such a demand for housing that we have not caught up.”
Alba will use a $25 million penthouse to entice her.
Thanks to Alba
Baboun stated that beachfront housing is in high demand, and his development would have its own marina.
From 2006 to 2019, only sixty condos were constructed on the water in West Palm, he added. If you are a resident of our building, you can swim to Palm Beach.
Best sellers
Alba 4714 N Flagler Drive
It is situated on the Intracoastal and offers a marina and access to water sports. There are 55 condos priced at a minimum of $2.5 million, four townhouses priced at $20 million each, and penthouses priced at $25 million apiece. There are around 25,000 square feet of attractions, such as sunrise and sunset swimming pools, a bungee cord, and Zoom rooms.
The address of One Flagler 154 Lakeview Avenue.
The Milos Estiatorio will be located on the ground floor of the Related office building, which will be situated at the entrance to West Palm, facing Palm Beach island, with ocean views extending all the way to the horizon. It will contain a 1.25-acre park on its plaza.360 South Rosemary Street
The office building, with its 10-foot ceilings and glass walls, is already occupied by Related, Goldman Sachs, and numerous other financial and technology companies. In addition to a fitness center and roof deck, the building also offers a garage and bike racks, so employees have no transit difficulties.
One West Palm is located at 550 North Quadrille Boulevard.
Developer Jeff Greene anticipates unveiling the region’s tallest structures before the end of the year. The two 30-story towers, designed by David Rockwell and located across the water from the Breakers on the North side, will house office space, a 5-star hotel, and condo or rental luxury apartments. In addition to two outdoor and one indoor pool with a length of 25 meters, a gym, and a spa, there will be indoor tennis courts.
NORA
The community opposite One West Palm has just broken ground and will open in phases, with a cobblestone main street with retail, a 175-room hotel designed by Richard Born, Ira Drukier, and Sean MacPherson, a residential structure, and most likely a second hotel.
Olara 1919 N Flagler Drive
An unnamed Los Angeles restaurateur will oversee the food and beverage, a gourmet market will sell organic foods and flowers, and pets will have their own spa at this residential building at the northern end of Flagler, which features 2 acres of resort-style amenities such as a lap pool, kayaks, and six marina slips. There will be 275 units priced between $2 and $10 million, 170 of which will be available for rent.
»Transformation of West Palm Beach into ‘Wall Street South’«