The Estate Cos. Lands $73M for Florida Project
The developer will break ground in the fourth quarter.
The Estate Cos. has obtained $72.5 million in construction financing for the development of Soleste Palm Station, a 321-unit luxury community in West Palm Beach, Fla. Synovus Bank provided the note.
The two-building project is scheduled to break ground in the fourth quarter of this year. The developer acquired the 2.5-acre site in 2021 for $15.8 million, according to The Real Deal. Last year, the firm obtained final approvals from the West Palm Beach Downtown Action Committee.
The eight-story twin buildings will have studios, one-, two- and three-bedroom layouts, ranging from 330 to 1,265 square feet. Apartments will feature walk-in closets, stainless steel appliances and private balconies or patios.
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Common-area amenities are set to include a swimming pool with cabanas and a health club with yoga, spin and aerobics rooms, fitness center, as well as a social and gaming lounge. Additionally, the project will have a cyber lobby with coworking spaces, dog park and pet washing station, dry cleaning and laundry services, outdoor summer kitchen and EV charging stations.
The transit-oriented development will rise at 520 N. Rosemary Ave. in downtown West Palm Beach, close to the Brightline train station and less than a mile from Rosemary Square, a 72-acre neighborhood with office, retail and cultural destinations.
More communities underway in the metro
West Palm Beach-Boca Raton’s pipeline included 19 properties under construction as of July, encompassing more than 5,300 units, according to Yardi Matrix information. The market also had 134 projects in the planning and permitting stages.
In April, Vista Residential Partners received city council approvals for the development of Gardens Vista Apartments, a 221-unit luxury community in Palm Beach Gardens, Fla. The project is expected to start construction in December.
