July 31, 2005
Related Group plans condo tower in West Palm 800-819-5466
The Related Group, which helped build West Palm Beach's CityPlace, is about to bring its real estate magic to the city's sleepy north end.
The Miami development company plans to build a luxury high-rise condo on North Flagler Drive, just south of 45th Street in a section known as Northwood Shores. The still unnamed project will consist of a 20-story, 148-unit tower, four townhouses along Flagler and a 277-space parking garage, according to preliminary plans filed with the city.
Fueling Related's interest in the region is Rybovich Spencer's $100 million marina face-lift, located just south of the Related land, said Barbara Salk, Related senior vice president. Rybovich Spencer plans an upgraded marina with space for mega-yachts, waterfront condos and retail space. Also in the works: A public marina.
Partnering with Related in the project is Stephen Kornfeld, chairman of Nagelbush Mechanical, a plumbing, heating and air-conditioning company in Sunrise. Salk said Kornfeld is the one who found the Flagler Drive property, which now consists of vacant land and two homes.
Up until now, most of the condo action in West Palm Beach has been in and around its downtown. But as land disappears, developers are starting to look outside the city's core. For instance, T-Rex Capital also plans a luxury condo on North Flagler Drive, at 57th Street.
Related's Salk cautioned that plans for the company's project are still so preliminary she doesn't even have prices for the condos yet. And, to make sure the neighbors are on board with this tall tower project, Salk said Related plans to meet with neighborhood groups soon.
In the meantime, Related is busy wrapping up its other condos in West Palm Beach by closing sales.
By year's end, Salk calculates Related will be responsible for 938 condo sales closings in the city. "That's going to bring a huge influx of tax money to the city," Salk said.
In the works right now are closings at The Slade, one of the first condos announced during the start of West Palm Beach's condo craze. Already, some 100 of its 200 units have closed, Salk said.
Other Related closings have taken place at its condo conversions at The Tower Condominiums and The Courtyards at CityPlace. And coming in the fall: Sales closings at The Prado and Villa Lofts.
For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com
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