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West Palm Beach (Wall Street South) NOW

They Just Can’t Stop Talking about West Palm Beach’s New Vibe

Having been admitted into the exclusive club of being newsworthy at the Wall Street Journal, Forbes, and Bloomberg, West Palm Beach, a.k.a. Wall Street South continues its small-town-made-good momentum.

Recent statistics confirm that the country’s elite continue to be drawn to the Sunshine State to live, work and play and Palm Beach County is one of its brightest beacons, reaching across state and nation to herald incoming enterprise. According to the Palm Beach County’s Business Development Board, 140 companies relocated or expanded their operations to Palm Beach County during the last five years, bringing with them over $1.12 billion in capital investment and 13,110 jobs.

And currently, the county’s largest city, West Palm Beach, is being buffed to a blinding lustre via its dynamic infrastructure transformation, rising luxury tower builds, and its incoming residential and commercial occupants.

The dynamic new vibe is due in a large part to the huge influx of wealth to the area from the financial sector, lending the city’s nickname “Wall Street South,” and triggering a construction and migratory explosion that shows no signs of slowing down anytime soon. Here’s a peek at what’s happening now.

Hip new NORA district takes off

West Palm’s posh “Nora” district is once again making headlines with a slate of new development. Plans in the works for new restaurants, bars, boutique gyms, a hotel and new housing.

The development is situated along North Railroad Avenue, stretching from 7th Street to Palm Beach Lake Blvd., just north of downtown West Palm.

Dubbed “NORA” (for North Railroad Avenue), the newly created $1 billion dining, business and residential project’s mission is to transform turn-of-the-century railway warehouses into community cornerstones of a dynamic new district with more than 150,000 square feet of unique commercial space, 55,000 square feet of creative office space, and a linear park.

Now underway, Phase I of the Nora project will be home to best-in-class hospitality, retail, and wellness. Phase II is actively being planned and will feature significant hotel, office, and residential development. In addition to the tenants set to lease announced in February, Cells Juice Bar, Juliana’s Pizzeria ot of Brooklyn, H&H Bagels, Loca Tacqueria Oyster Bar and a Garrett Group sports bar, last month, Nora announced four new tenants signed up, Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, and The Spot Barbershop. Phase One of NORA is set to open the first quarter of 2025.

New luxury towers are changing the skyline

Competing with the likes of Miami’s most expensive sky-high residences, which comprise some of the priciest real estate in the world, West Palm Beach’s skyline is undergoing a significant transition. Forward thinking developers have taken major steps to ensure Palm Beach Island’s sister city is stylishly outfitted in the most discriminating fashion.

  • Olara, 26 storeys of private residences and indoor/oudoor amenity spaces
    Construction has started on Olara. The massive waterfront luxury project includes a 192-foot private dock, two high-rise condo towers. It will feature a private marina and world-class restaurant by enowned chef José Andrés. and overlook the Atlantic Ocean, Palm Beach Island and the Intracoastal Waterway. The dock project will extend about 192 feet out into the Intracoastal Waterway. According to the developer, the Olara “blends luxury living, culinary excellence and waterfront lifestyle offerings to create an unmatched experience.”
  • Shorecrest, nearby the city’s most exciting entertainment, restaurants, and shopping
    Hailed as the newest luxury condo in West Palm Beach by Forbes, the publication agreed that “West Palm Beach is having its moment as individuals relocate to Florida.” The Shorecrest, on North Flagler Drive, opened in February of this year. The developer is Related Southeast, part of South Florida’s well-known Related Companies, with architecture by Roger Ferris + Partners. Bedroom. Homes include one-bedrooms starting at $1.3 million, to four bedrooms starting at $9 million, and also a select number of penthouses.
  • Forté on Flagler, last month, construction has topped out
    According to the its website, Forté offers breathtaking views, sunlit interiors and streamlined luxury that set a sophisticated new standard for Palm Beach living. The 25-story tower build was just completed in April. Designed by Bernardo Fort-Brescia of Arquitectonica with interiors by Jean-Louis Deniot and developed by a joint venture between Two Roads Development and Alpha Blue Ventures, the structure is 300-feet high and includes 41 residences.

More companies moving in

New office towers and already completed towers in downtown West Palm have acquired about 100 firms since 2019. According to Related Cos., the city’s larget owner of commercial real estate and owner of four existing towers and nears completion of its 5th, confirms new tenants finance giants JP Morgan, Paulson Capital Investment Management and Northwell Health, New Yorks’s largest health care provider.

The Palm Beach Gardens-based telecommunications giant Dycom Industries will be making its move in 2025 having signed a lease on the top two floors of 300 Banyan, a 12-story office building project known as Banyan & Olive currently under construction in downtown West Palm Beach.  Greenwich-based Alvarez & Marsal Capital has also acquired a 10,000-square-foot space in the building last year.

New York-based Related, which owns four existing office towers and is nearing completion of a fifth one, has just leased 50,000 square-feet

Sister-city Palm Beach Gardens reaping fallout

According to ABC WPBFN News, Palm Beach Gardens is also seeing a new influx of executives of “Wall Street South,” especially among the wealthier set, are choosing to live in the city. Real Estate experts say that while they’ve seen a lot of people move their businesses to West Palm Beach, especially those of the hedge fund industry, they are also seeing offices coming to Palm Beach Gardens and Jupiter because the cost of housing in northern Palm Beach County is less expensive as compared to nearby communities like Palm Beach Island and West Palm Beach.

Additionally, there’s less land available for housing with more communities already being built in Palm Beach Gardens, with availability only left in the community of Northlake and going west, where new-builds are booming.

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.

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