The West Palm Beach commercial real estate market has been active in recent months. With commercial and residential projects underway downtown and along the 45th Street Corridor, the city is seeing exciting growth and expansion. It looks like West Palm Beach’s bustling downtown scene will soon be adding a new senior residential project to its list of up-and-coming developments. Here is more on the latest senior living project on the rise in West Palm Beach.
The Watermark at West Palm Beach
It was recently announced that construction is beginning at 445 Datura St. to build The Watermark at West Palm Beach. The project’s developers, Zom Living and Watermark Retirement Communities are currently developing another property in Coral Gables. The new residential building will be similar to the Coral Gables senior living project.
The seven-story West Palm Beach Watermark property will offer residents a range of living space options, including independent living, assisted living, and memory care units. Six floors of the property will be used residential, and the property will include penthouse options. There will be 100 independent living spaces, 34 devoted to assisted living, and 20 memory care units. Independent living unit rates will be priced from $5,000 to $9,000 depending on whether the dwelling is a one- or two-bedroom apartment or a penthouse. The assisted living and memory care units will be priced from $6,000 to $10,000 per month, depending on the unit’s size and the care services required. The project’s expected completion date is scheduled for late 2022 or early 2023.
The Watermark at West Palm Beach will be within one block of the Brightline rail station, the Mandel Public Library, and the Clematis Street dining and entertainment district. Bryan Schachter, the chief investment officer of Tucson-based Watermark Retirement Communities, commented in a recent article that Watermark has been “gravitating toward a more urban, walkable environment.” According to a recent report, Watermark is one of the largest senior property operators in the United States. The company has 73 projects in 21 states, with two in development in South Florida.
The Watermark at West Palm Beach project is under construction amid numerous downtown developments. With projects such as One West Palm and 360 Rosemary in the works, the new senior residential housing project adds an exciting residential option to the expanding West Palm downtown landscape.
Sunset Lounge Connection
The Watermark project was reportedly made possible due to the sale and transfer of development rights from the property next to the former Sunset Lounge. According to a recent article, the sale earned the city and its Community Redevelopment Agency $366,000 while allowing an additional 27,000 square feet to be built at Datura Street for the new senior residential property. The city’s Sunset Lounge Revitalization Project remains under development. Upon completion, the site is expected to have a renovated bar and a new full-service restaurant, and a ballroom with a large elevated/floating stage and third-floor mezzanine. Plans also include adding a new, two-story 7,200 sq. ft. building with a roof garden on the east side of the property. According to the city website, the “new building will house the restaurant kitchen, bathrooms, dressing rooms for performers, lobby, office space, box office, and a broadcast facility.” Additional plans include a rooftop bar and patio and a gathering plaza.
Contact Our Palm Beach Real Estate Attorneys Today
At Rabideau Klein, David E. Klein, Esq. and Guy Rabideau, Esq. are Florida Bar Board-Certified Real Estate Attorneys with extensive experience in the Town of Palm Beach County and its surrounding areas. We have the experien and local knowledge you need to assist with all aspects of your Florida real estate matter. Contact Rabideau Klein today to discuss your real estate legal needs.