South Florida Luxury Project Gets Green Light

Vista Residential bought the land for the project in 2022.

Property at 12450 Central Boulevard, Palm Beach Gardens, Fla.
The Mediterranean-influenced community will rise at the conflux of Central and Victoria Falls boulevards. Image courtesy of Vista Residential Partners

Vista Residential Partners has received city council approval to build Gardens Vista Apartments, a 221-unit luxury community in Palm Beach Gardens, Fla. The development team will include Urban Design Studio, Kimley-Horn & Associates and Niles Bolton Associates.

The developer purchased the 16-acre site for $15 million in 2022, according to Super News. Vista agreed to reserve 10 percent of the units for residents earning no more than 120 percent of the area median income—translating to 22 units—to comply with the city’s workforce housing requirements. Palm Beach County’s AMI is $104,000.

READ ALSO: Why New Supply Won’t Dampen Housing Demand

Set to start construction in December, the development will comprise one- to three-bedroom floorplans. Community amenities will feature two pickleball courts, a swimming pool, walking trails, a gym, a game room, golf simulators, coworking spaces, as well as EV charges.

The project will take shape at 12450 Central Blvd., The Real Deal shows. Interstate 95 is less than 1 mile west, while downtown West Palm Beach is some 15 miles southeast. The 160-store Gardens Mall is 4 miles away, while The Gardens North County District Park—an 82-acre, $13.7 million project—is less than 2 miles away.

Watching West Palm Beach’s multifamily pipeline

The wider West Palm Beach – Boca Raton area’s supply pipeline had 5,841 units under construction as of April—roughly 7.5 percent of existing stock, according to Yardi Matrix data. Last year, developers broke ground on 1,730 units while also bringing online 3,197 across West Palm Beach – Boca Raton, the same data provider shows.

One community to recently start preleasing in West Palm Beach is ECI Group’s Inscription. The 191-unit property secured a $51 million construction loan originated by Wells Fargo.

You May Also Like