WEST PALM BEACH, FL-Prior to groundbreaking in first quarter 2006, sales begin for City Palms, a 10-story, 288-unit residential condominium with 24,000 sf of ground-floor retail located on a 1.8-acre parcel at 408 Hibiscus St. The developer is Coral Gables-based H&H Development Co.

First National Bank & Trust provided a $10.9-million acquisition and pre-construction loan, which Harvey Hernandez, president of H&H, tells GlobeSt.com, "represents approximately 70% of the cost of acquiring the land and pre-development of the parcel." The sellers are Buck and Richard Limehouse of the Foundation for the Advancement of Cardiac Therapies, and Hernandez says the Downtown site formerly contained "a small, older apartment building." It is adjacent to CityPlace, a retail complex, and a short walk from Clematis Street, characterized by its boutiques, restaurants and entertainment venues.

One-, two- and three-bedroom units in City Palms range from 650 sf to 1,500 sf. Fort Lauderdale-based Picot & Co. Realty Advisors is handling the sales and marketing. Hernandez says prices begin in the $300,000s and reach to $600,000, "with the average at between $450,000 and $500,000." He expects to deliver in the first quarter of 2008.

The architect, Cohen, Freedman, Encinosa and Associates, uses "a Florida vernacular, more Key West, West Indies-inspired, in contrast to the many Mediterranean style properties," Hernandez says. The building contains a sixth-level palm court with pool, fitness center, WiFi and other amenities. All units have balconies or lanais and upscale fittings and finishes.

H&H currently has completed or is currently developing more than 1,600 condo units in South Florida at a cost of $825 million. Among them are Mondrian in Miami, Solaris in Brickell Village, and Central Parc in Dadeland.