Compass has taken over the sales for Savanna’s waterfront Olara condominium project in West Palm Beach, according to information obtained by The Real Deal. The New York-based developer had originally launched sales two years ago with Douglas Elliman Development Marketing leading the effort. Compass’ new sales team includes Alison Newton and Chris Deitz. Newton recently joined Compass after spending eight years at Elliman.
The Olara development, located at 1919 North Flagler Drive, is planned as a two-tower complex featuring 287 condos and 170 rental units across 26 stories. Sources familiar with the project indicate that about half of the condo units have been presold, a figure that some in the industry find disappointing.
Erin Sykes of Sykes Properties commented last month, “You would expect to have better sales or sales further down the road at this point in Olara.”
Developer Jeff Greene cited Olara’s pace of sales as a reason for delaying his own condo project designed by Herzog & de Meuron. He said, “If Olara was at 75 percent, and South Flagler was 80 percent sold, of course we would just do whatever it takes [to launch].”
Despite these concerns, Savanna secured a $380 million construction loan for Olara in March. The financing was provided by Zeckendorf Development, Sculptor Real Estate, One Investment Management (OneIM), and Octo Capital.
Design for the towers comes from Bernardo Fort-Brescia’s Arquitectonica and Gabellini Sheppard Associates is handling interiors. EDEA is responsible for landscaping. Units will range from two to four bedrooms and span between 1,500 and 4,200 square feet. Prices start at $2 million.
Amenities include a fitness center measuring 13,000 square feet, juice bar, two pools, spa facilities including a Japanese onsen bath area, and buyers are being offered a one-year membership to concierge medicine provider Sollis. The property will also feature a restaurant operated by José Andrés Group.
Olara joins more than twelve other condominium projects proposed for West Palm Beach. More than 2,000 units are currently planned or under development in the city’s waterfront Flagler Drive corridor.
