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Miami real estate news
West Palm Beach is set to welcome a new addition to its skyline with the proposal of a 25-story condo tower overlooking Clear Lake, a collaborative venture between developer Al Adelson and the Morrison family's Sympatico Real Estate. This ambitious project, which aims to enhance the city's residential offerings, underscores the growing appeal of West Palm Beach as a prime destination for luxury living and investment.
A Vision for Luxury Living
Al Adelson, renowned for developing The Bristol condo, alongside the father-son real estate duo Carlos Morrison and Thomas Morrison, have set their sights on transforming the 2-acre site at 601 and 621 Clearwater Park Road into a high-rise haven for potential residents. The proposed tower is expected to house 191 units, complemented by 2,700 square feet of ground-floor commercial space and a six-level garage offering 402 parking spaces, catering to the modern homeowner's needs and preferences.
Strategic Site Assembly and Partnerships
The Morrison family, through affiliates, strategically assembled the development site for a combined total of $13.8 million in 2021 and 2022. The site currently houses a two-story, 15,000-square-foot office building, and a three-story, 21,000-square-foot office building, previously an American Cancer Society branch. Al Adelson has since acquired an ownership stake in the site, with Toronto-based Windsor Private Capital also partnering on the project, signaling strong confidence in the venture's success.
Sympatico's Growing Footprint
Sympatico Real Estate, based in Lake Worth Beach, has been actively expanding its development footprint in West Palm Beach. In collaboration with David Martin’s Terra, Sympatico is working on the Mr. C Hotel & Residences at 320 Lakeview Avenue, set to be the city's first Cipriani-branded development. This project will feature 110 hotel keys and 146 branded condos, offering owners the flexibility to rent out their condos through the hotel operator, blending luxury living with investment potential.
The Bristol: A Benchmark of Success
Al Adelson's completion of The Bristol in 2019, a 25-story, 69-unit luxury waterfront condo project at 1100 South Flagler Drive, stands as a testament to his ability to deliver high-end residential spaces that resonate with discerning buyers. The success of The Bristol has undoubtedly set a high benchmark for the proposed Clear Lake condo tower.
West Palm Beach: A Hub of Development Activity
Downtown West Palm Beach has witnessed a construction boom in recent years, fueled by an influx of out-of-state residents and businesses since late 2020. The proposed condo tower at Clear Lake represents a strategic move to capitalize on this momentum, extending development activity beyond the downtown core and into surrounding neighborhoods.
Conclusion
The proposed 25-story condo tower at Clear Lake is a clear indicator of West Palm Beach's growing stature as a desirable location for luxury residential development. With the combined expertise of Al Adelson, the Morrison family, and their partners, this project is poised to offer a unique living experience that blends luxury, convenience, and style.
For those interested in exploring the opportunities within West Palm Beach's dynamic real estate market, my team and I at Prestige Realty Group are here to provide expert guidance and insights. Whether you're considering an investment or looking for your next luxury home, feel free to text me with any questions. My commitment to discreet and professional representation ensures a seamless experience for all our clients.
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