LD&D JV Breaks Ground on West Palm Beach Mixed-Use Project
It's the first high-rise project to break ground in the area in nearly five years.
A joint venture between LD&D and IGEQ has started construction on Alida Residences, a 181-unit multifamily community in Downtown West Palm Beach, Fla. The developers are collaborating with investment partner FrontRange Capital on the project. A completion date was not disclosed.
Alida will offer studios, one-, two- and three-bedroom units ranging from 500 square feet to more than 2,000 square feet, with unobstructed views in three directions. Its 21st-floor pool deck will offer views of the Intracoastal Canal, the Breakers and the ocean.
The site will also also be home to a 112-key hotel under Marriott’s Tribute Portfolio flag. Both properties will be developed simultaneously as distinct residential and hospitality assets.
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Alida Residences will be the first high-rise multifamily project to break ground in Downtown West Palm Beach since the Laurel, a 322-unit luxury project built by Related Ross. That community started construction in 2021, and came online in 2024.
The overall development has been some time coming. The developers assembled the site’s three parcels in 2019, drawn to the area’s potential to support a mixed-use development. A multi-year process followed, one that included a rezoning and a pause through the pandemic, as well as a full redesign.
As part of that rezoning, the site’s floor-area ratio increased from 2.75 to 6.5 in exchange for incorporating a hospitality component, a change that allowed more housing to be delivered at the site. The property will also be located adjacent to the West Palm Beach Brightline station.
Sun Belt shines on
Downtown West Palm Beach has seen strong office and hospitality investment, but very little new multifamily, FrontRange Capital Partners CEO David Robertson said in a statement, calling the development opportunity at the site “compelling.”
In the wider Miami market, a fair amount of multifamily development is underway. With 2,649 units, or 0.7 percent of existing stock, delivered this year through April, South Florida comes in at 20 basis points above the national figure, according to Yardi Matrix data.
Sunbeam Properties, along with Fort Lauderdale-based developer Stiles, broke ground in May on Miramar Cove, a $1 billion, 125-acre mixed-use community in Miramar, Fla. The development will feature residential, retail and office components, slated to open in the fourth quarter of 2028. Plans call for the construction of 2,874 residences, including 200 townhomes.
