SOUTH FLORIDA NEWS - August, 2024

Joe Farrell Unveils Exclusive Luxury Homes in Wellington’s Premier Equestrian Community

Developer Joe Farrell is set to introduce a new level of opulence to Wellington’s Palm Beach Polo & Country Club with the launch of 27 luxury single-family homes. Prices for these high-end residences start at $6 million and soar up to $11.5 million. Ranging from 5,300 to 8,900 square feet, these dream homes are anticipated to be completed by summer 2025.

Luxury in Full Swing: Farrell's High-Profile Marketing Strategy

To kick off sales, Farrell is taking the spotlight at the prestigious Hampton Classic in Bridgehampton, a premier event on the American horse show circuit. This strategic sponsorship and promotional tent is set to attract high-net-worth buyers looking for their next lavish investment.

Farrell acquired the 23-acre site at 11153…

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Another Delray Beach Home Hits The Market: The $33 Million Pinnacle of Modern Luxury and Elegance

In the elite enclave of Stone Creek Ranch, known as “Billionaire’s Row” in Delray Beach, the Sundara Estate stands out as a beacon of modern luxury. This extraordinary property, located at 9200 Rockybrook Way, is now on the market for a staggering $33 million. As one of the most distinguished residences in the United States, Sundara is a testament to contemporary elegance and unparalleled opulence.

A Grand Entrance to Luxury

The Sundara Estate spans a breathtaking 2.67 acres of prime lakefront property. Designed by the renowned Stuart Brenner Architects and constructed by AK Building, this estate epitomizes modern luxury living. Interiors, crafted with exquisite taste by Michael Gray, seamlessly blend sophistication with comfort, creating an…

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Tribune Publishing's Parent Company Expands West Palm Beach Industrial Portfolio

Twenty Lake Holdings, a subsidiary of Alden Global Capital, the firm behind Tribune Publishing, is ramping up its industrial real estate footprint in West Palm Beach.

Records and real estate database Vizzda reveal that Twenty Lake, headquartered in Stamford, Connecticut, has acquired five warehouses at 601 Roseland Drive. The 57,282-square-foot property was purchased at a rate of $262 per square foot.

The seller, managed by James Morris of West Palm Beach, originally bought the 2.7-acre site for $1 million in 1986. The site’s original building dates back to 1925, with the other four warehouses constructed between 1981 and 1987.

This new acquisition is part of Twenty Lake's broader investment strategy. Under the leadership of CEO Joe Miller, the…

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West Palm Beach’s NORA District Soon To Welcome Iconic Brasserie "Pastis"

Excitement is bubbling in West Palm Beach as The Nora District, the city’s newest and most vibrant pedestrian-friendly destination, gears up to unveil Pastis, the legendary Parisian-style brasserie by the acclaimed James Beard Award-winning restaurateur Stephen Starr. As the crown jewel of The Nora Hotel’s ground-floor dining, Pastis promises to be a cornerstone of this dynamic new district.

Stephen Starr, the mastermind behind STARR Restaurants, is not only bringing Pastis to The Nora Hotel but is also set to craft the hotel’s rooftop restaurant and lounge, along with operating in-room dining services. This marks Pastis’s fourth location, joining its celebrated outposts in Manhattan’s Meatpacking District, Washington D.C., and Miami.

The Nora…

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Luxury Condo Dreams on Hold: Developers Sued Over Delays in Mandarin Oriental Project

Larry Mastropieri visited the build site in August of 2023.

Frank and Nancy Scala’s dream of luxury living at the Mandarin Oriental in Boca Raton has hit a major roadblock. After eagerly signing a contract for a $4.1 million condo, the Scalas have faced a series of frustrating delays that have led them to take legal action.

The Scalas, who sold their waterfront home and made a hefty $1.3 million deposit, were expecting to close on their new condo by June 2021. However, as the deadline passed, their dream home remained unfinished. Their contract, with the developer Penn-Florida Companies, allowed up to three years from the initial closing date to complete the project. But even the extended deadline of June 30 this year has come and gone,…

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West Palm Beach: The Underdog City Now Winning Big with Luxe Towers and Big-Ticket Investments

Stephen Ross, the visionary behind Related Companies, now views West Palm Beach as his firm’s golden opportunity—28 years ahead of its time. The Florida city, once a tough sell for developers, is now undergoing a stunning transformation thanks to Ross's ambitious plans, which include a trio of sleek office towers, ultra-luxurious condos, and a future university.

This urban renaissance was spotlighted in April when Ross and West Palm Beach Mayor Keith A. James celebrated the groundbreaking of the South Flagler House, an opulent new condo project. Both are key figures in elevating West Palm Beach into a major South Florida hub for commerce, culture, and high-end living.

In the past, Ross's efforts to lease retail space downtown were a struggle due…

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South Florida's Apartment Market: A Booming Boomtown

South Florida is experiencing an unprecedented surge in its apartment market, with an impressive 14,177 new units slated for completion by the end of 2024. This influx of new housing positions the region as a major player in the national apartment landscape, placing it ninth in the country for new apartment completions this year. Miami, in particular, is at the forefront of this expansion, with 5,000 new units contributing significantly to the overall growth.

The surge in apartment construction reflects a broader trend of increasing demand for housing in South Florida. Despite the impressive number of new units being added, the demand for apartments remains incredibly high. Current data reveals a staggering 19 apartment seekers for every available…

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June Sees Record Home Purchase Cancellations: What’s Driving the Shift?

In June, a striking 56,000 home purchase agreements were canceled, marking the highest number for any June on record, according to a recent Redfin report. This dramatic increase has sparked concerns about a potential downturn in the housing market. So, why are buyers pulling out of deals at such unprecedented rates?

The Affordability Crisis

The main factor behind this surge in cancellations appears to be the skyrocketing cost of homes. In markets like South Florida, where home prices have reached unprecedented levels, many buyers are finding it difficult to commit. The Redfin report highlights that the cost of buying a home is now at an all-time high, causing buyers to reconsider their commitments once they fully grasp the financial implications.

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Vanderbilt University’s West Palm Beach Campus Could Generate $14 Billion Economic Boost

Vanderbilt University, a prestigious institution known for its rigorous academic programs, is proposing a transformative project in West Palm Beach that could significantly impact the local economy and real estate market. The proposed campus, featuring a business school, innovation hub, and a college for computer science and artificial intelligence, promises to inject over $7.1 billion into the local economy over the next 25 years. This figure could double to more than $14.2 billion when extended over 50 years, according to an economic impact statement expected to be presented to Palm Beach County commissioners.

Details of the Proposal

Vanderbilt’s ambitious plan involves creating a campus similar in scale to its main campus in Nashville. The West…

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Major Investment Shake-Up: The Press Complex in West Palm Beach Acquired for $80 Million

In a significant move for South Florida’s real estate market, Pebb Capital and Sabal Investment Holdings have acquired The Press, an office and retail complex in West Palm Beach, from Miami-based Tricera Capital. This off-market deal, involving a complex of properties at 2751 South Dixie Highway, marks a notable shift in the local commercial real estate landscape.

Details of the Acquisition

Pebb Capital, based in Boca Raton, and Sabal Investment Holdings, headquartered in Irvine, California, have purchased The Press for nearly $80 million, which includes both the acquisition cost and planned capital improvements. While the exact purchase price has been subject to some discrepancies, with sources suggesting a figure around $70.2 million and other…

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