West Palm Beach real estate boom luring people away from Miami, developers say
Welcome to The Dirt! I’m real estate reporter Kimberly Miller with the latest developments in the sizzling market.
It’s been a while since we’ve had a good ol’ multi million-dollar tear down story but what else are you going to do with a $27.5 million waterfront estate in Manalapan but tear it down? I mean, it’s from the 1980s! All that neon and jelly bracelets and Aqua Net and Crocket and Tubbs 💖. Nope, not going back, wrecking ball it is for 1960 S. Ocean Blvd.
The Miami-based Related Group is also letting the world know that grumpy consumers who can only shop for BOGO groceries and are griping about gas prices have got it all wrong. You haven’t had a raise in six years, you say? Bah humbug. The economy is booming! And Related Group is moving full steam ahead with its Ritz-Carlton Residences in West Palm Beach.
There’s also a new invasive creepy crawly for landscapers to worry about, a new fitness company in Delray Beach that moved from sunny California to sunny South Florida, and officials are debating what to do with a 40-year-old government building that has a bit of the 1980s curse on it too. So put on your Lululemon, lace up those HOKAs, top off your BPA-free water bottles and we’re off.
Manalapan knock down coming right up
One of the largest sea-to-lake parcels of land in Manalapan just sold for $27.5 million to real estate investor and former Manalapan mayor Stewart A. Satter, who may raze the mansion that perches above the Lake Worth Lagoon.
It’s not a done deal yet, but Satter could have unexpected free time after resigning in December with four commissioners in response to a new state law that demands elected officials reveal the worth of their assets in detail. Satter bought the property at a discount after it was listed originally for $38 million.
Ritz-Carlton residences in West Palm Beach moves ahead as people bypass Miami
It was a bit of a shock last summer when Census data revealed that Miami-Dade County was leaking people. Realtors and developers noticed the trend, seeing more wealthy people scooting north out of the hubbub of Magic City. That includes the Miami-based Related Group, which is moving forward with its 28-story tower at 1717 N. Flagler Dr. to cash in on some of those high-wealth transplants.
Related Chairman and Chief Executive Jorge Pérez said South American buyers who once had tunnel vision for Miami, are also now looking at West Palm Beach.
Ross Dress for Less leader sells Palm Beach house for nearly double what he paid
The executive chairman of the parent company of retailer Ross Dress for Less made a tidy sum on an ocean-block estate his ownership company bought in July 2020 for $6.56 million. The recent sale price of $13.075 million may be a teency bit lower than the original list price but it’s still nearly double what was paid less than four years ago.
Like many sales in Palm Beach, the transaction is clouded by LLCs but the buyer appears to at least be linked to Dorothy Lanier and financial executive Clifford Anderson Lanier III.
Renovating 1980s era government building jumps from $26 million to $160 million
The 40-year-old Robert Weisman Governmental Center building in downtown West Palm Beach needs a refresh, but the estimated costs are booming to somewhere near $160 million. Palm Beach County Commissioners are debating whether it’s worth continuing with renovations or to just knock the whole thing down and start over.
The building does have a bit of a Soviet-era aesthetic to it…no? Maybe it’s just me, but it looks a little brutal in a downtown teeming with new designs and new construction. That said, reuse, reduce and recycle.
Live lightly.
Kimberly Miller is a veteran journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate and how growth affects South Florida’s environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to [email protected]. Help support our local journalism, subscribe today.
