A joint venture between affiliates of Starwood Capital Group, Hyperion Group, and Winter Properties has secured $96.4 million in construction financing from JP Morgan for the development of a 22-story residential building at 201 Clearwater Drive in downtown West Palm Beach, Fla.
The project, which is being developed by Hyperion, will have 457 apartments, 7,000 square feet of ground floor retail, a 628-space parking garage, and over 34,000 square feet of indoor and outdoor amenities. With financing in place, construction is set to begin, and the project will lease to renters in early 2024.
West Palm Beach is experiencing substantial growth in office and residential activity, driven by demographic changes including a 17.5% population increase in Palm Beach County since 2010, which is almost double the rate of the national average, according to the US Census. The county is home to 2,500 financial service firms according to the Business Development Board of Palm Beach County including major national firms such as Goldman Sachs. Additional demand would be fueled by the University of Florida campus planned near the project.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
