On the eighth floor of a shiny new glass office tower, employees of Goldman Sachs and a variety of hedge funds walk past security with fingerprint recognition. Inside, concerned bosses Stephen Ross and Ken Himmel, two of New York’s most powerful real estate moguls, convened with financial titans. But this isn’t Lower Manhattan – this is West Palm Beach.
West Palm, once considered a down-market and dangerous area, is now earning the nickname “Wall Street South”.
But it’s not just the financial and commercial sectors that are flourishing: apartments are now selling for up to $25 million.
Ross and Himmel are a driving force behind the rapid transformation of the field. They have eight commercial and four residential properties either open or in the pipeline in West Palm, and they’re developing the neighborhood’s central retail area: The Square.
Iconic NYC restaurants like Milo’s, Felice’s, and Harry’s, Wall Street hangouts, have had space snatched up in their buildings.
“We are providing a lifestyle [and] trying to make West Palm Beach a model community for America,” Ross told The Post.
But it didn’t happen overnight. Won the RFP to develop the concerned area way back in 1996.
“Everyone says how lucky we are, but we were already here to take advantage of the opportunities,” Himmel said.
“Our project will help drive 1,000 jobs a year.”
Andrew Kurd, Co-Chief Investment Officer of Savannah
While locals worry about further congestion when some new buildings open, developers say they are conscious of their civic responsibility. Landscaping, public green space, and art are being added, while both Related and developer Jeff Green are building affordable housing rental buildings, and have donated land and money to the University of Florida, which will build 1 million square feet of it. is building a satellite complex of graduate students.
“Grad school will be a total game changer,” said Green, who is unveiling two commercial and residential towers at One West Palm Beach that will be the tallest in the area. “In addition to all the jobs that will be added, those students will be staying in West Palm and building their businesses.”
As West Palm’s population grows, so will medical needs. Top medical providers such as HSS, NYU Langone, and Mount Sinai have located themselves in the area.
Developer Ned Grace is also making an impact. His company NDT is part of a conglomerate behind NORA (an acronym for North of Railroad Avenue), a 40-acre “neighborhood” with a cobblestone Main Street and a 15-acre new development that just broke ground and will open in phases.
“We think there is a real opportunity to provide a cohesive, curated commercial area,” Grace said.
Savannah co-chief investment officer Andrew Kurd is also leading the north end of West Palm, which is developing the luxury tower Olara. He noted that in addition to the tax-friendly environment, West Palm is very welcoming to all developments. “The city is committed to working with the developers and we are working with the city to support the infrastructure,” he said. “Our project will help drive 1,000 jobs a year.”
Kurd is confident that his building will be hit. “Our three competitors – Bristol, La Clara and Forte – are all sold, and Alba is half sold,” he said.
Besides Bristol, Alba is the only condo tower that sits on the Intracoastal, and will feature penthouses asking $25 million.
“Despite building, there is a demand for housing that we haven’t been able to meet,” said Kenneth Baboon, the developer of Alba.
Baboon said he especially sees demand for waterfront living, and that his building will have its own marina.
“From 2006 to 2019, there were only 60 units actually built on the water in West Palm,” he said. “If you live in our building, you can swim to Palm Beach.”
block busters
alba
4714 N Flagler Drive
Located on the Intracoastal, it has its own marina and access to water sports. There are 55 units that start at $2.5 million, four townhouses that will go for $20 million each and the penthouse for $25 million. Some 25,000 square feet of amenities, including sunrise and sunset pools, a bungee cord, and zoom rooms.
a flag bearer
154 Lakeview Ave.
The associated office building will be at the entrance to West Palm, overlooking Palm Beach Island, all the way to the ocean, and will have a Milos Estiatorio on its ground floor. There will be a 1.25-acre park in its plaza.
360 henna
360 S Rosemary Ave.
The office building, with its 10-foot ceilings and walls of glass, already houses employees from and Goldman Sachs, along with several other financial and technology firms. There’s a fitness center and roof deck, and workers have no transportation problems because the building has garages and bike racks.
One West Palm
550 North Quadrille Blvd.
Real estate developer Jeff Green is expected to unveil the tallest buildings in the area later this year. Two David Rockwell designed 30-story towers across the water from The Breakers to the north will house office space, a 5-star hotel, and luxury apartments that will be either condos or rentals. There will also be two outdoor and a 25-metre indoor pool, a gym and spa, as well as indoor tennis courts.
nora
The area around One West Palm just broke ground and will open in phases that include a stone main street with retail; the 175-room hotel from Richard Bourne, Ira Drukier and Sean McPherson; A residential building and, most likely, a second hotel.
Olara
1919 N Flagler Drive
An as-yet-unknown L.A. restaurateur will oversee food and beverages, a gourmet market will sell organic foods and flowers, and pets will have their own spa at this residential building on Flagler’s north end, which will span 2 acres resort-style. Amenities including a lap pool, kayaks and six marina slips. 275 units will range from $2 to $10 million, and 170 units will be for rent.