According to the New York Post, Palm Beach's real estate market is experiencing a renaissance, led by visionary developers like Stephen Ross. Twenty-eight years after first arriving in the area, Ross, founder of Related Companies, is transforming West Palm Beach with new office towers, ultra-luxury condos, and plans for a university.
Reflecting on the past, Ross mentioned how difficult it was to keep businesses in downtown West Palm Beach two decades ago. “You couldn’t keep tenants because there wasn’t enough year-round business,” said Kenneth Himmel, president of Related Ross. But today, the story is vastly different.
West Palm Beach is rapidly becoming a hub for the nation's wealthy, drawing attention not just for its natural beauty but for its booming economy. The area has seen a 93% increase in millionaires over the past decade, with Palm Beach County leading the nation in attracting new wealth. Between 2020 and 2021, the county gained $7.03 billion in new taxable income—more than any other U.S. region.
This influx of affluent residents is driving a surge in both commercial and residential real estate. Companies like JPMorgan Chase are establishing significant presences in West Palm Beach, and developers are responding with high-end projects. For instance, Richard Born, a renowned hotelier from New York, is opening his first non-New York property in the area, a 201-room hotel in the new 40-acre Nora district.
Nora, a pedestrian-friendly neighborhood along North Railroad Avenue, is attracting top-notch tenants and retailers from across the country, further solidifying West Palm Beach's transformation into a vibrant urban center. “There’s a real city that’s emerged where people can live and work in the downtown that didn’t exist. And really it has existed since COVID,’’ said Ned Grace, co-founder of NDT Development.
The residential market has also evolved dramatically. Luxury homes in West Palm Beach, once defined as anything above $680,000, now start at $1.75 million. New ultra-luxury condos are being developed at eye-popping prices, including the 108-unit South Flagler House, where the priciest unit is listed at $72.5 million.
Stephen Ross’s commitment to the area is evident as he steps away from his New York firm to focus on expanding West Palm Beach's potential. Related Ross has ambitious plans, including additional office towers, a 400-room Hilton Signia hotel, and efforts to enhance the city’s medical and educational offerings.
West Palm Beach’s future looks brighter than ever, with its blend of luxury, culture, and business opportunities making it a premier destination for both living and investing. And as developers continue to flock to Palm Beach, the city’s transformation is just beginning.
Source: nypost.com
