Analyzing West Palm’s Downtown Building Boom
West Palm Beach’s somewhat erratic growth over the last 100 years has resulted in millions of dollars in approved-but-stalled projects. Formerly, a lack of collective vision and an unwieldy real estate market barred developers from completing their projects, but today, the city is poised for growth.
With more and more construction cranes popping up on West Palm’s skyline and between $2 billion and $2.5 billion of projects in the pipeline, the city is due for an economic boom and construction professionals will be the catalyst. In this article, a Boca Raton construction lawyer from Cotney Construction Law will analyze West Palm’s downtown building boom and take an intimate look at the future of the burgeoning Florida city.
Growth Indicators are Green in West Palm
“We’re getting a lot of redevelopment activity, people taking older buildings and refurbishing them, both downtown and on the South Dixie corridor,” said Rick Greene, director of development services, in a story by the Palm Beach Post.
According to Greene, the size of proposed projects in West Palm only tell a small part of the story. He watches the money the city procures from construction permits and inspection fees — two reliable growth indicators. These two metrics are important for determining the future growth of a city because developers rarely put up money for fees and permits without a strong degree of optimism motivating their actions.
For example, West Palm only collected $3.95 million for building permits in 2009 and $3.47 million in 2011. However, in four of the past five years, the city has collected upwards of $9 million. In the third quarter of 2018, collections were $272,000 more than the previous year — on track for another $9 million year. Meanwhile, the city’s take from inspection fees has more than doubled since 2011.
An Overview of West Palm’s Newest Projects
A variety of large projects are currently being constructed in West Palm’s growing downtown district including:
- The Bristol: the record-setting residence is being erected on the south edge of the downtown waterfront. With 69 luxury units that have already sold for as much as $10.4 million, the Bristol is already proven itself to be a successful addition.
- Park-Line Apartments: across from the new Brightline train station, these new apartments are designed for commuters who want to “live and travel smarter.”
- Clematis Street: the city is contributing $2 million to revitalize the 300 block of West Palm’s main strip of commercial property. The goal: to create a more comfortable public area composed of shops and sidewalk diners.
If you would like to speak with a Boca Raton construction attorney, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.