Since the Clematis Street Project successfully redeveloped downtown West Palm Beach Florida, enterprising investors appear eager to capitalize on further expansion of the district which is resonating with young professionals and luring the best and brightest employees to South Florida. Dubbed “the new Wall Street,” downtown West Palm even boasts the opening of Harry’s—just like it’s famous namesake in lower Manhattan, but this one is located on The Square, formerly Rosemary Square, which has recently also been reimagined into an upscale lifestyle center. These are just some of the new projects slated to contribute to an exciting lifestyle for forward-thinking new Florida residents.
A vacant lot at 512 Clematis Street could soon be home to micro-apartments, small yet hip spaces that are more affordable for people who want to live downtown. The lot is the former home of Spanky’s, a popular bar and music venue that once stood at the corner of Clematis Street and Quadrille Boulevard. The bar closed over a decade ago, and the building was leveled.
The location is considered prime real estate today, right on the western edge of the area’s entertainment district, sitting just one block north of the Brightline passenger train and the western boundary of the trendy restaurant district.
The group that owns the property submitted a proposal in February to the city to transform the site into a five-story micro-apartment complex with 89 units. The company, 512 Clematis LLC, is owned by Clematis Railyard LLC.
Micro-apartments are an expanding trend and could be an affordable option in pricey West Palm Beach. The apartments can be as small as 340 square feet.
Luxe Offices and Top-Shelf Employers at Nearby Rosemary
In a move set to take advantage of the influx of large financial firms relocating and expanding into South Florida, a partnership led by Brand Atlantic Real Estate Partners and Wheelock Street Capital is proposing a new 12-story Class A office building on a site at 300 Banyan Boulevard. Class A refers to office buildings that are high quality, top of the line and significant in size. The property, along with an adjacent site, was purchased in June for $20 million. The site at 300 Banyan is currently a parking lot.
300 Banyan would be the first new Class A office building in the Clematis Waterfront District in decades, according to Adam Demark, a managing partner of Wheelock. The project will include 142,000 square feet of office space, 18,000 square feet of ground-floor retail and restaurant space, and a 300-space parking garage. Amenities will include a 2,500 square-foot fitness center, 1,500 square-foot open-air lounge, and a terrace with water views.
Killer Night Life
All those young, hip professionals need a place to blow off steam after a hard day at the office, and the Clematis Street development project has also attracted exciting new wining and dining venues for after hours.
One of them is Clematis Social, a new nightlife experience that “matches the sophisticated energy of its downtown surroundings,” according to a press release. The club, located at 219 Clematis Street, is adorned with a three-story floral mural painted by renowned street artist Amanda Valdez. Inside, guests will enjoy ping pong, pool, and even giant chess boards as they rock out to the sounds of South Florida’s best guest DJs.
There are also several bars and restaurants that have opened, offering a wide range of choices, whether its Mexican cuisine at Rocco’s Tacos or Cuban-style food at Don Ramone’s. There’s something for every taste, from giant burgers to Asian-inspired eateries, wine bars, and gastropubs.
Developers are rushing to fill the needs of young professionals flocking to South Florida to work for financial titans like Goldman Sachs and Blackstone, and that means great places to live, shop and eat. Whatever they’re craving, Clematis Street is becoming the place to be.
Contact Florida Bar Board-Certified Attorneys David E. Klein, Esq. and Guy Rabideau at Rabideauklein.com. They have the expertise and experience you need to ensure that your interests are protected throughout your real estate transactions in the Town of Palm Beach, across the Palm Beaches and throughout Florida. Contact Rabideau Klein today to discuss the legal implications of your Florida property transactions.