West Palm Beach, Fla. – Transwestern Development Company (TDC®) announces it has broken ground on Boutique West Palm, a 217-unit community at 695 Olive Ave. in West Palm Beach, Florida. Slated for completion in first quarter 2022, the eight-story building will include a large concentration of studio units with many including custom furnishings. The project will also include 6,000 square feet of ground-floor retail.
“West Palm Beach is quietly emerging as a tech and innovation hub, which is attracting an increasing number of young professionals to the area,” said Josh Haywood, Development Manager at Transwestern. “This influx is creating demand for furnished studio apartments, which appeal to young professionals that have not yet accumulated much in the way of material possessions. We look forward to meeting that demand with a state-of-the-art community at a per unit price point that is more attainable than what currently exists in the market.”
Boutique West Palm will offer a mix of floorplans including studio, one- and two-bedroom units, with more than half the apartments providing direct views of the ocean. Each will feature Class A finishes, full-size stainless steel appliances, simulated wood flooring, quartz countertops, multi-purpose cabinetry and storage, Murphy beds with luxury mattresses, and custom-made Italian furniture. The majority of residents who choose studio units are single, young professionals, and the design of the apartments caters to that demographic.
The community amenities are of utmost importance to provide spaces for socializing and fill the needs of luxury living. Boutique West Palm will include a resident co-working lounge, bike storage, laundry facilities, resort-style pool, package lockers, fitness center, and a controlled-access garage.
Boutique West Palm has a walk score of 94 and a bike score of 87, qualifying it as a “Walker’s Paradise” where daily errands do not require a vehicle. The site is surrounded by some of the city’s most popular nightlife destinations, as well as Clematis Street, the historical heart of downtown West Palm Beach. Colorful boutiques, art galleries, night clubs, live music venues, restaurants, antique shops and historical landmarks line Clematis Street from the waterfront at Flagler Drive to Rosemary Avenue on the western end of downtown.
West Palm Beach has experienced strong population growth, especially from the millennial age group. Palm Beach County added 19,655 jobs in 2018, pushing the county-wide unemployment rate to 3.0%, down 80 basis points from year-end 2017. Market rate vacancy in the multifamily market is down 60 basis points year over year, at 4.9%, and only 510 units were scheduled to be delivered in 2019, the lowest level of scheduled deliveries since 2011.
Boutique West Palm is Transwestern’s second new construction start in Florida this year, with The Independent having broken ground in Tampa in the first quarter. Locally based Kast Construction is the general contractor for Boutique West Palm, and Atlanta-based Preston Partnership is the architect.
About Transwestern Development Company
Transwestern Development Company (TDC®) creates real estate landmarks for itself, its partners and valued customers throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $5.6 billion.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.
Media Contact:
Stefanie Lewis
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stefanie.lewis@transwestern.com
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