July 26, 2022
485 luxury residential units with private marina proposed in West Palm Beach
By Brian Bandell –
New York – based Savanna revealed plans for a three – tower residential project across from the Intracoastal Waterway in West Palm Beach.
Olara Residences would have 315 condos and 170 apartments . The project would have over 70 , 000 square feet of amenities, including two pools, a fitness center, a waterfront restaurant, a lounge, a coworking space, and a marina with boat slips.
Savanna retained Douglas Elliman as the broker and anticipates launching sales this fall . It has not announced floor plans nor pricing for the condominiums.
Olara Residences would rise on the 1 . 82 – acre lot at 1919 and 1911 N . Flagler Drive, plus 209 , 223 and 301 Pine St . Several affiliates of Savanna assembled those lots for a combined $ 15 . 9 million between June 2021 and June 2022 . They currently have one – and two – story office buildings, which would be demolished to make way for the project.
The developer is working with Miami – based Arquitectonica as the architect and New York – based Gabellini Sheppard Associates as its interior designer . The project has yet to receive final approval from the city.
There has been a push by developers to build luxury condos along the Intracoastal Waterway in West Palm Beach after the developers of Bristol Palm Beach obtained record – breaking prices for its units several years ago.
More wealthy people have relocated to South Florida from high – tax states, but homes in the town of Palm Beach, across the waterway, are decades old . The developers are catering to buyers who prefer condos with modern amenities, which can often be sold at a lower price per square foot compared to the older condos in Palm Beach.