New Mixed-Use Development Coming to West Palm Beach

New Mixed-Use Development Coming to West Palm Beach

Recently, the South Florida and New York-based real estate investment and development firm Hyperion Group announced that the company had entered into a joint venture with the U.S. and global investment real estate firm Winter Properties. Hyperion and Winter plan to invest in and develop residential and mixed-use properties in South Florida and New York and other markets. Here is more on the new mixed-use development coming to West Palm Beach:

The West Palm Beach Project

Winter and Hyperion’s first collaboration will be a $100 million mixed-use development in West Palm Beach. The site will be located at 350 South Australian Avenue and will include over 300 multi-family residences. The property has flexible as-of-right zoning, is zoned for up to 25 stories, and is within the city’s downtown master plan.

Mixed-Use Developments During the Pandemic

Mixed-used development projects have been successful in South Florida, and there are other projects like these in Palm Beach County. Although the coronavirus pandemic has brought challenges, mixed-use projects continue to move forward and adapt to the needs of their surrounding communities.

Recently, a $27 million construction loan was secured for a Boyton Beach mixed-use project. At the northeast corner of West Boynton Beach Boulevard and Jog Road, the Main Street at Boynton is under development. The property is planned to include residential units, a Sprouts grocery store, and several retail properties.  As of April 2020, the project was 85% pre-leased. The retail space will be approximately 68,000 square feet, and the residential space is 117,000 square feet. The project has a unique feature for the area—its age-restricted residential component. This part of the mixed-use development will be a 130-unit residential facility with living environments designed to meet the needs of those ages 55 and older.  Construction is underway and is anticipated to be completed during the second quarter of 2021.

Time Equities originally planned to construct a luxury high-rise towers on the site at 3111 S. Dixie Highway. However, these plans changed when property neighbors objected. The development converted to the low-rise apartment buildings that would eventually become the CasaMara Apartments. In July, the new mixed-used residential luxury apartments began scheduling leasing appointments. CasaMara has three buildings that are three stories tall. The ground floor space will be for retail shops such as wine and coffee sellers, while the remaining stories are for residential use. CasaMara offers numerous family-friendly amenities such as a two-story clubhouse, children’s park and pool, children’s room, gaming area, and dog park. There is also a gym, community garden, infinity pool, and private dining room. Studio apartments are $1,750, a one-bedroom unit is $1,900, a two-bedroom apartment is $2,500 and a three-bedroom unit is $3,350.

No one could have predicted the changes that COVID-19 would bring. Fortunately, the developer’s flexibility paid off. Instead of high-dollar penthouses, CasaMara’s10-acre property offers 300 Class A apartments spread out over an open campus, with outdoor lounge areas, wide breezeways. Not only are these properties more affordable, but they also don’t subject residents to crowded lobbies. People moving away from urban centers, or looking to social distance, want these kinds of features in their new residences.

At Rabideau Klein, Guy Rabideau, Esq. and David E. Klein, Esq. are dedicated, Florida Bar Board-Certified Real Estate Attorneys with the local expertise and experience you need to ensure that your interests are protected during your Palm Beach County real estate transaction. Contact Rabideau Klein today to discuss your real estate legal needs.

 

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