More than a dozen condominium projects are underway or planned in West Palm Beach, totaling over 2,000 units, according to an analysis by The Real Deal. Construction loans for four of these projects amount to nearly $1.4 billion, with some developments already completing construction and others just beginning sales.
The city’s condo market has expanded beyond its core, with at least nine new projects slated for neighborhoods north of the Flagler Memorial Bridge. Gary Pohrer, an agent with Serhant., commented on this trend: “They are testing the North Flagler market.” He described the area as “unproven” but noted attractions like the Nora District.
Developers such as Steve Ross, Jeff Greene, David Martin, and Jorge Pérez have invested billions in West Palm Beach’s transformation. Despite significant investment, units are not selling as quickly as in other South Florida markets. Kenneth Baboun of BGI Companies observed: “It’s not the Miami pace that you sell half a building in one year, it’s a more patient market. We don’t have the investor market that Miami has, we have an end user market.”
Of more than twelve condo developments currently underway, only seven have launched sales and three confirmed their presales figures. Alba Palm Beach is over 60 percent presold and received $95 million in construction financing from Kriss Capital last year. Mr. C Residences West Palm Beach is 70 percent presold after securing a $285 million loan from Tyko Capital last month. The Ritz-Carlton Residences project is nearing 50 percent presold; construction is expected to start early next year.
Chris Leavitt of Douglas Elliman said regarding Ritz-Carlton Residences: “We were not expecting sales in July and August,” yet activity remained steady.
Some developers have experienced slower sales or delays due to redesigns or shifting buyer preferences. Erin Sykes of Sykes Properties noted that Olara’s roughly 50 percent presale rate was below expectations: “You would expect to have better sales or sales further down the road at this point in Olara.”
Jeff Greene is holding off on launching his Herzog & de Meuron-designed towers until more inventory is absorbed by buyers: “If Olara was at 75 percent, and South Flagler was 80 percent sold, of course we would just do whatever it takes [to launch]. We’re not in any hurry. I don’t think there’s enough buyers right now.” He cited high interest rates and unfamiliarity with pre-construction purchases among local buyers as contributing factors: “West Palm Beach has never been a pre-buy market,” Greene said.
Kenneth Baboun added that many buyers prefer immediate occupancy rather than waiting years for completion: “They want new, and they want now.”
A closer look at several key developments shows varying levels of progress:
– South Flagler House secured a $600 million construction loan—the largest single condo loan this year in Florida—and is nearly 50 percent presold.
– Shorecrest underwent two redesigns since its initial launch; current plans call for a 28-story tower with prices starting at $2.7 million.
– Ritz-Carlton Residences expects to begin construction next year on its waterfront tower designed by Arquitectonica.
– Apogee awaits city approval before launching sales.
– Alba Palm Beach nears completion with more than half its units sold.
– Olara began construction last year after receiving a $380 million loan.
– The Berkeley broke ground while simultaneously launching sales late last year.
– Mr. C Hotel & Residences reached 70 percent presales ahead of its planned completion in 2027.
– Jeff Greene’s two-tower project remains on hold until more existing units are sold.
– Flagler House gained city approval earlier this year; sales are set to launch soon.
– Great Gulf plans another high-rise following its La Clara project completed last year.
– Rybovich Marina’s proposed redevelopment includes four towers totaling up to 660 condos but remains in planning stages.
– The Nora District will feature an 11-story condominium; construction starts next year.
Developers continue to bet heavily on West Palm Beach despite challenges from higher interest rates and evolving buyer habits.
