Avison Young has been engaged as the exclusive marketing agent for Transit Village, a planned transit-oriented, mixed-use development located at 150 Clearwater Drive in West Palm Beach.
Avison Young’s John K. Crotty, CCIM, Principal; Keith O’Donnell, Principal; and Michael T. Fay, Principal and Managing Director of the firm’s Miami operations, will serve as strategic capital advisors to ownership to structure a joint-venture partnership for the project.
City-approved for multiple uses to total 1,095,333 square feet, including residential, commercial office, retail, and hospitality, with the West Palm Beach Intermodal Transit Center (the Palm Beach County bus system’s – Palm Tran’s – master transit hub) on the ground floor, Transit Village presents a master condominium concept that allows each use to operate as separate elements, while creating a cohesive neighborhood making each use more valuable. The project is currently the largest development opportunity in downtown West Palm Beach with the tallest tower anticipated to stand at 25 stories.
“Transit Village creates a new standard for mixed-used development with live-work-play urban attributes that will contribute to the vibrancy of West Palm Beach, Palm Beach County, and the general Southeast Florida Region,” said Crotty. “Positive building incentives have already been put into place with the city and the county by existing ownership, as related to the transit-oriented development zoning to benefit the surrounding community. As such, this project offers a unique and winning opportunity for a master developer to lead as an operator and equity partner.”
Ideally and strategically located in Downtown West Palm Beach just north of Okeechobee Boulevard at the intersection of Banyan Boulevard and Clearwater Drive, Transit Village is one traffic signal from I-95 and under 3.0 miles from the Palm Beach International Airport. The development will surround and be directly above the West Palm Beach’s master transit hub, providing connectivity throughout Palm Beach, Broward and Miami-Dade, including easy access to All Aboard Florida’s express train station and the Tri-Rail Jupiter Extension rail connection of the CSX and FEC tracks.
“Palm Beach County is experiencing rapidly decreasing unemployment and office vacancy rates in a market where demand is outpacing new development,” continued Crotty. “With the current economic indications for Palm Beach County pointing to a vibrant and healthy economy – one that is growing and thriving – Transit Village is a city infrastructure-friendly concept that will fill a significant need in the area currently supported by limited residential and commercial facilities and an overall lack of retail in the immediate vicinity.”
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