Palm Beach has no shortage of beautiful communities to offer residential buyers, and Palm Beach Gardens is no exception. This popular city was recently reported to be ranked the “Top City to Live in Florida” for its quality of life and robust business and employment climate. With its expanding population, there have also been recent developments in the Palm Beach Gardens commercial real estate market.
According to a recent report, “one of the biggest developments in Palm Beach County right now is taking shape in Palm Beach Gardens.” The 650-acre Alton community has almost completed phase one of construction with nearly 1000 new homes in Palm Beach Gardens. Three-hundred of these properties have sold, with some residents having already moved in. The demand for homes in this community is high, and the builder has already finished construction of a recreational center with a pool and gym and a 360,000-square-foot retail complex. The community planners have designed a residential and commercial model which promotes neighborhood businesses.
According to FloridaInsider.com commercial real estate development is flourishing in Florida and recently in Palm Beach Gardens, “New York Life Insurance Co. purchased the 188,950-square-foot, 10-story Financial Center at the Gardens for $71.8 million from California-based KBS.” The article went on to report that “Palm Beach Gardens has proven to be a developing market with positive real estate dynamics which has made it easy to keep the building nearly 100 percent leased,” said Allen Aldridge, SVP for KBS and asset manager of the property.
With its array of luxury homes, new construction, emerging commercial market, and attractive amenities, there is good reason to believe that business real estate in this steadily expanding community will continue to show positive growth.
At Rabideau Klein, Guy Rabideau, Esq. and David E. Klein, Esq. are Florida Board-Certified Real Estate Attorneys with extensive experience with commercial real estate in the Palm Beach area. We have the expertise and local knowledge you need to consider your commercial real estate options in Palm Beach Gardens and throughout the Palm Beach area. Contact Rabideau Klein today to discuss your real estate legal needs.