Compass has assumed sales responsibilities for the Olara condominium project in West Palm Beach, replacing Douglas Elliman Development Marketing after two years. The change comes as the New York-based developer Savanna continues work on the planned two-tower complex at 1919 North Flagler Drive.
The new Compass sales team will include Alison Newton and Chris Deitz. According to a press release, Newton joined Compass earlier this month following eight years with Elliman.
Olara’s development includes 287 condos and 170 rental units across its two 26-story towers. Sources indicate that about half of the condo units have been presold, which some market observers consider below expectations. Erin Sykes of Sykes Properties commented last month, “You would expect to have better sales or sales further down the road at this point in Olara.”
Billionaire Jeff Greene referenced Olara’s current pace of sales as a reason for delaying his own Herzog & de Meuron-designed condo project. “If Olara was at 75 percent, and South Flagler was 80 percent sold, of course we would just do whatever it takes [to launch],” he said.
Despite moderate presales, lenders have shown confidence in the project. In March, Savanna secured a $380 million construction loan for Olara from Zeckendorf Development, Sculptor Real Estate, One Investment Management (OneIM), and Octo Capital.
The design team features Bernardo Fort-Brescia’s Arquitectonica and Gabellini Sheppard Associates for interiors, with landscaping by EDEA. Units range from two to four bedrooms and span between 1,500 and 4,200 square feet. Prices start at $2 million. Planned amenities include a fitness center covering 13,000 square feet, a juice bar, two pools, spa facilities, a Japanese onsen, and a José Andrés Group restaurant. Buyers are also being offered a one-year membership to concierge medicine provider Sollis.
Olara is among more than twelve condo projects currently planned in West Palm Beach. More than 2,000 residential units are proposed along the waterfront Flagler Drive corridor.
