Two of South Florida’s busiest developers are lining up a blockbuster waterfront play in West Palm Beach, with a price tag that would make even seasoned condo watchers do a double take.
David Martin’s Terra Group and Aventura-based BH Group are preparing to acquire a prime site at 2085 North Flagler Drive from billionaire Jeff Greene for roughly $100 million. The waterfront parcel, across from Currie Park, is slated for two high-rise condo towers that would extend a growing cluster of branded luxury projects along the North Flagler corridor.
According to The Real Deal, Greene is selling the roughly 1.6-acre property as Terra and BH team up on a luxury condominium project immediately adjacent to the ongoing overhaul of Currie Park.
Plans call for twin 31-story towers
South Florida Business Journal reports that the partners are proposing a pair of 31-story towers, a scale that would noticeably crank up the skyline along this stretch of downtown. The plan includes ground-floor retail and a shared underground garage that would serve both buildings.
Unit mix, amenities and price history
The Real Deal notes that the project is expected to span about 438,300 square feet, with roughly 281 condos, about 4,400 square feet of retail and an underground garage with around 362 parking spaces. Units are slated to range from approximately 1,065 to 4,510 square feet, with an average near 1,760 square feet. Plans also call for third-floor amenity space, a ninth-floor pool and a rooftop amenity deck on one of the towers.
Records cited by the outlet show Greene’s LLC bought the land for about $1.5 million in 2014, a jump the publication pegs at roughly a 6,567 percent increase in value. That is quite a return for a once-sleepy slice of North Flagler.
Greene's land play and Currie Park
South Florida Business Journal reports that Greene reached a land-swap agreement with the city that will allow Currie Park to expand north, and that he agreed to pay about $6 million in exchange for added building height. The park is in the midst of an extensive renovation, and the Journal notes that these public-space upgrades are a big part of why developers are circling nearby waterfront parcels.
Where this fits in West Palm’s condo boom
Local real estate trackers show a dense pipeline of branded and luxury condo projects working through permitting and financing along the North Flagler corridor, with lenders active on several marquee developments. Condo-report points out that Terra’s Mr. C Residences secured a reported $285 million construction loan, and industry publications have noted several other major financings nearby, signaling that lenders still have an appetite for high-end waterfront product.
If it closes, the Greene-to-Terra-BH deal would mark another high-profile conversion of waterfront land into branded condo product in Palm Beach County, part of a trend that city planners and neighbors will continue to scrutinize as proposals wind through design review and permitting. Financing details, final designs and a development timeline have yet to be released publicly.
