A tony home in Palm Beach once meant a columned Mediterranean Revival estate flanked by century-old palm trees. These days, an apartment will do.
The island of Palm Beach and the city of West Palm Beach, fraternal twins separated by the Lake Worth Lagoon, have long been known for private homes ranging from 1920s bungalows to historic estate like Mar-a-Lago and the Whitehall mansion.
“The City of West Palm has its own rules and has a very different average demographic.”
John Cregan of Sotheby’s International Realty
But when a COVID boom lured real estate-obsessed billionaires like Ken Griffin to the area, the market experienced a transformation.
West Palm Beach in particular is experiencing a renaissance, via World Trade Center developer Stephen Ross and his new venture Related Ross. He coined its new nickname “Wall Street South,” while pouring money into education and office space there.
Unlike Palm Beach island, where buildings are capped at five stories, “the City of West Palm has its own rules and has a very different average demographic,” said John Cregan, a broker with Sotheby’s International Realty’s Palm Beach office.
He represents unit 2203 at 1100 South Flagler Drive, a nearly 5,000-square-foot condo listed for $22.9 million.
Dubbed the Bristol, the 2016 approval of the 25-story waterfront building led to a “high-rise phenomenon” along Flagler Drive, Cregan said.
The five-bedroom, six-bathroom apartment occupies the southern end of the building, offering 320-degree views to the east, south and west.
“The Bristol is on the water side of Flagler Drive, so nothing’s ever going to block the view,” Cregan said.
Adding to the new construction along the strip is South Flagler House at 1355 South Flagler Drive. The complex has two towers, each topped with a two-story penthouse.
Though still off-market, the north tower penthouse is currently priced at $72.5 million while the other, in the south tower, is at $70 million, said Bryan Cho, executive vice president of development at Related Ross, which counts this in its growing West Palm Beach portfolio. The project is slated for completion in early 2027.
Cho declined to confirm whether Elon Musk considered one of these penthouses when he reportedly eyed a $100 million condo in West Palm Beach late last year. However, they were the most expensive condos in Palm Beach County as of press time.
The duplexes will provide 360-degree views from “a whole collection of outdoor spaces both covered and uncovered,” Cho said, while each of their primary suites will occupy half a floor.
Up the street, a penthouse at Forté on Flagler, going up at 1309 South Flagler Drive, is listed for $47.5 million.
With 9,000 square feet of indoor space, plus 1,800 square feet of terraces and a rooftop pool, the nearby $70 million condos make this a steal, noted Christian Angle, president of Christian Angle Real Estate, which has the listing.
“This penthouse, as it compares to what they’re promoting in some of the preconstruction, is positioned as value,” Angle said, adding that the project aims to be done this spring.
To the west of the city, Ritz-Carlton is building a luxury development at 2200 PGA Boulevard in Palm Beach Gardens, a smaller locale known for sprawling golf courses and high-end shopping.
Asking $15.5 million, unit 301-302 is 8,890 square feet with water views, a poolside cabana and four parking spots. What makes the listing special, however, is the hotel-style amenities that come with the branded residence, said John Greene, a sales associate with Douglas Elliman. The development is expected to be finished next year.
“People automatically associate our partner brand, the Ritz-Carlton, with a certain standard and a level of service,” Greene said. “Imagine staying at a five-star resort. You won’t know you’re at a residential home.”
“We don’t want Palm Beach to turn into Miami — we want to keep it charming and smaller and exclusive.”
Jack Elkins of William Raveis South Florida
That’s not to say the island isn’t keeping up. Penthouse No. 4 at Two North Breakers Row is listed for $17.5 million. The apartment spans 3,560 square feet with three beds, six baths and 12-foot ceilings, and also includes a cabana.
Built in 1986, the complex is packed with as many amenities as can fit in five stories, from ball courts to a housekeeping service, beach access and more, said its listing agent Jack Elkins of William Raveis South Florida.
And while West Palm Beach is growing rapidly, the island of Palm Beach aims to preserve its quiet, historic character, Elkins noted.
“We don’t want Palm Beach to turn into Miami,” he said. “We want to keep it charming and smaller and exclusive.”
Cip’ on this
Take a tip from Mr. Cip and head to wondrous West Palm. That’s where hospo impresario bros Ignazio and Maggio Cipriani are raising their latest flag atop a new 27-story, 300-foot superstructure.
Selling under Cipriani’s Mr. C stamp (hello Miami; hey there, Dubai), the luxury address at 320 Lakeview Ave. will be filled with 110 hotel rooms and 146 condos (with four to-the-max penthouses) built by developers Terra and Sympatico Real Estate starting from $1.5 million.
“West Palm Beach is becoming a place that has culture and a certain prominence,” said Terra CEO David Martin, adding that Palm Beach development mastermind Stephen Ross lured the Ciprianis to the area. “The new offices, the new educational institutions, everything that’s happening there is trending in a direction that shows their brand is going to do well and be successful.”
Guests and residents of the new tower won’t have to go far to access all that glittering “new” — it’s walking distance to the Palm Beach Convention Center and the city’s downtown district. Additional perks include a banquet hall, a library, a spa, a children’s area, business and members-only lounges, plus the prerequisite pool, cabanas and a bar. There’s also in-house dining and catering services and a gym with yoga, Pilates and Peloton studios to work off the nosh.
“You’re seeing more urbanism and young families that are living in buildings so the playground element is going to be huge,” Martin said.
But don’t book your tickets yet — it won’t be completed until 2027. It’ll be worth the wait, Martin claims: “There will be amazing views.”
