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WEST PALM BEACH, FL-The 518 rental apartments eventually slated for CityPlace will range from 766 sf for a one-bedroom/one bath layout to 2,659 sf in a live/work loft unit, reports the Related Group, the project’s Miami-based housing builder.

Monthly rents start at $950 and go to $5,680 for the largest live/work lofts. Related says 20% of the total 518 units at City Place are already leased.

The 128 rental units at Tower Apartments, slated for initial November occupancy, will feature one-bedroom/one-bath units of 1,120 sf to 1,385 sf and two-bedroom layouts with either one or two baths ranging from 1,360 sf to 1,745 sf. One-year leases are available.

In addition to the rental apartments, Related expects to complete 84 for-sale townhouse and condominium units on the CityPlace tract between February and May of next year.

All of the units have been sold. The developer says demand is so strong that some buyers have reportedly been approached about reselling at a profit prior to taking occupancy.

Pre-construction prices of two-bedroom-plus-den townhouses average $329,000, while straight three-bedroom product averages $379,000. Upfront prices of the one, two and three-bedroom condominium apartments start at $149,000 and climb to more than $300,000.

The developer reports the vast majority of both renters and buyer are young professionals seeking an urban lifestyle. Many work in nearby offices and are attracted by the walk-to-work advantage.

The rapidly developing CBD’s shopping, entertainment and cultural advantages are also seen as important drawing cards.

CityPlace will offer an array of retail, including a Macy’s department store, several restaurants and a 20-screen multiplex. Just across the street is Kravis Center, West Palm Beach’s live performance venue, while nearby a new theater for the Palm Beach Opera and a convention center are in the wings.

CityPlace is hardly the only new Downtown housing game. Watermark Communities is gearing up to erect a 15-story condominium apartment building. The $50-million One Watermark Tower will have 48 units of 5,300 sf to 10,000 sf in the penthouses, with prices ranging from $1.2 million to $5 million.

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