The Allen Morris Company has closed on a roughly 1.4-acre assemblage in West Palm Beach for $16.8 million, clearing the way for a 14-story rental tower with 305 homes just a block from the Intracoastal Waterway. The planned project, called Pine Street Residences, would rise on Pine Street between North Flagler Drive and U.S. 1, folding in a landscaped park, ground-floor retail and curved balconies meant to give the building a design-forward edge.
The acquisition and development plans were first detailed by PROFILEmiami, which reported that the site includes 1830 North Dixie Highway along with adjoining Pine Street parcels. The Allen Morris Company is partnering with Savanna on the project and will lead development as managing member, according to the outlet.
What's Planned for the Pine Street Site
Pine Street Residences is slated to include approximately 210,000 square feet of residential space alongside 5,000 square feet of ground-floor retail, per the same report. The plan also calls for a curated dining concept and a landscaped park organized around a monumental banyan tree, with planted terraces and landscaped pedestrian areas woven throughout the property.
Oppenheim Architecture is designing the building, with Baker Barrios serving as architect of record, the report notes. The developer is marketing the community toward young professionals seeking design-focused homes at attainable rents, though no specific rental rates or detailed unit mix have been announced.
Financing and Timeline
The project identifies financing through HUD's Section 221(d)(4) program, according to PROFILEmiami's reporting. Construction is anticipated to begin in the fourth quarter of 2027, with completion targeted for the fourth quarter of 2029 — though the outlet's report notes those plans and dates remain subject to change.
Pine Street Residences would sit within what the report describes as West Palm Beach's emerging residential corridor, joining nearby projects Olara and Shorecrest. The Allen Morris Company's broader portfolio includes Ponce Park in Coral Gables and Ziggurat in Coconut Grove, both cited as part of the firm's track record heading into the Pine Street project.
A Crowded Pipeline Along Dixie Highway
The Pine Street proposal lands amid a broader wave of multifamily construction reshaping West Palm Beach's residential corridors. A few miles away, Kirksey Commons — a mixed-use project at 1515 N. Dixie Highway across from Good Samaritan Hospital — broke ground last November, according to WFLX. That 95,600-square-foot development, which includes 10,300 square feet of ground-floor commercial flex space on 1.5 acres between 14th and 15th Streets, is expected to be completed in early 2027, with Woodglen Investments managing director Scott Maslin involved in the project.
The flood of new supply is already drawing attention from commercial real estate analysts. West Palm Beach multifamily deliveries are expected to surge 80%, a trend that could pressure vacancy rates, according to GlobeSt. At the same time, market researchers at Marcus & Millichap have noted that Palm Beach County's professional workforce should bolster Class A fundamentals, pointing to vacancy that continued to compress late last year.
Whether Pine Street Residences ultimately breaks ground on schedule will depend on financing and approvals that remain unconfirmed beyond the developer's stated plans. For now, the project adds one more large-scale bet to a West Palm Beach rental market that developers clearly believe still has room to grow.
