West Palm Beach’s growth spurt has ramped up as another tower has been proposed downtown.
The city received an application in December for Cosmopolitan West Palm Beach, a 19-story building with 201 hotel rooms, 125,191 square feet of office space and 364 parking spaces. It would be located on the 1.13-acre site at 419 to 435 Gardenia Street and 415 to 417 S. Dixie Highway.
The project was originally scheduled for the West Palm Beach Downtown Action Committee’s Jan. 13 meeting, but it was carried over to Feb. 10.
Those two properties are currently owned by 435 Gardenia LLC and Daniel S. Russo, respectively, and have one-story retail buildings. The applicant, who likely has the property under contract, is PC Palm Beach Acquisition #4 LLC, an affiliate of Boca Raton-based PrivCap Cos. led by Daniel Cohen.
The Cosmopolitan would total 269,825 square feet, with the developer proposing to purchase 134,785 square feet of transfer of development rights to achieve that density. The project would include a 4,883-square-foot bank space. One of the office spaces would be a separate one-story building.
The project was designed by Aventura-based Idea architecture.
This adds to a host of development proposed in West Palm Beach. Billionaire Jeff Greene’s One West Palm will be heard by the Downtown Action Committee on Jan. 13 with plans for 371,880 square feet of Class A office, 84 residential units, a 200-room hotel and 14,060 square feet of retail at 550 Quadrille Blvd. On the same day, the city’s Plans and Plats Review Committee will hear Time Equities’ plan to build 300 condos, 14,400 square feet of retail and 4,400 square feet of restaurants at 3111 S. Dixie Highway.
The 1.1 million-square-foot Transit Village project was approved and could break ground this year.
Greene is prepared plans for a second major mixed-use project at 419 Lakeview Ave. and for 2,300 residential units and a high-end grocery store on North Flagler Drive. Meanwhile, the Related Cos. is considering an expansion of CityPlace with office and retail.
All of that development is a reflection of the strong office and residential rents downtown.
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