Developers are reshaping the skyline of West Palm Beach with more than a dozen condominium projects in various stages of planning and construction, according to an analysis by The Real Deal. Over 2,000 new units are planned, and nearly $1.4 billion in construction loans have been secured for four major developments.
Sales activity varies across projects. Two Roads Development and Alpha Blue Ventures began closings for Forté on Flagler earlier this summer after achieving over $289 million in presales. In addition to established areas, development is expanding northward from the city center, with at least nine new projects slated for neighborhoods beyond Flagler Memorial Bridge.
“They are testing the North Flagler market,” said Gary Pohrer of Serhant, who noted the Nora District’s appeal but described the area as “unproven.”
West Palm Beach has become a focus for high-profile developers such as Steve Ross, Jeff Greene, David Martin, and Jorge Pérez. Despite significant investment, sales velocity remains moderate compared to other markets like Miami.
“It’s not the Miami pace that you sell half a building in one year, it’s a more patient market,” said Kenneth Baboun of BGI Companies and developer of Alba Palm Beach. “We don’t have the investor market that Miami has, we have an end user market.”
Only seven out of more than twelve active condo developments have launched sales; three confirmed their presale numbers for this story. Alba Palm Beach is over 60 percent presold and expects completion by spring 2026 following a $95 million loan from Kriss Capital last year. Mr. C Residences West Palm Beach reports being 70 percent presold after securing a $285 million loan from Tyko Capital last month. The Ritz-Carlton Residences project is nearing 50 percent presold with construction expected to start early next year.
“We were not expecting sales in July and August,” said Chris Leavitt from Douglas Elliman’s marketing team for Ritz-Carlton Residences, “yet the sales office stayed busy.”
Some projects have faced challenges with design changes or slow buyer uptake. For example, Related Ross’ Shorecrest has undergone two redesigns since launching sales last year.
“Early on there was some conversation… Once you make a lot of changes… the changes became the topic of conversation, and not the project,” said Erin Sykes with Sykes Properties.
Jeff Greene plans to wait before launching his own towers until existing inventory is absorbed: “If Olara was at 75 percent, and South Flagler was 80 percent sold… We’re not in any hurry. I don’t think there’s enough buyers right now.” He attributes slower sales partly to high interest rates and unfamiliarity among local buyers with pre-construction purchases: “West Palm Beach has never been a pre-buy market… People don’t really get the idea of buying a condo until they see it being built.”
Buyers’ desire for immediate occupancy also impacts demand: “They want new, and they want now,” Baboun added.
Among key developments:
– South Flagler House (Related Ross) received Florida’s largest single condo loan this year at $600 million; it is nearly half presold.
– Shorecrest (Related Ross) will be a 28-story tower; its design has changed twice since initial launch.
– Ritz-Carlton Residences (Related Group/BH Group) is close to half presold; construction begins early next year.
– Apogee (Related Group/BH Group), designed by Arquitectonica, awaits sales launch.
– Alba Palm Beach (BGI Capital/Blue Road) nears completion with over 60 percent units sold.
– Olara (Savanna) secured $380 million financing; about half its units are reportedly sold.
– The Berkeley (Al Adelson/Sympatico Real Estate) broke ground recently; prices range from $2 million to $10 million.
– Mr. C Hotel & Residences West Palm Beach (Terra/Sympatico Real Estate) reached 70 percent presales after obtaining financing last month.
– Jeff Greene’s twin towers remain on hold pending further absorption of current inventory.
– Additional upcoming projects include Flagler House (Perko Development/Kolter Urban), Great Gulf’s new tower at 5400 North Flagler Drive, Rybovich Marina redevelopment by Integra Investments/Huizenga Holdings featuring four proposed towers totaling 660 units—with sales starting late next year—and an unnamed condominium within Nora District by NDT Development and partners.
The coming years will reveal whether these investments meet buyer demand as West Palm Beach undergoes rapid transformation.
