As the recession finally appears to be in the rearview mirror, development has returned to Palm Beach County, the Palm Beach Post reported, starting with the long-stalled Cannery Row development.
The plan was for a townhouse development in Pineapple Grove at the site of an old shopping center. But prolific Palm Beach developer Ironwood Properties stalled the project in 2007, along with several others it had forged, as the recession hit.
But now the Cannery Row plans are back from the dead, as a clubhouse and pool were already built on the site and the first of three townhouse buildings, each with four units, will be completed this spring.
Ironwood was inspired to build by what it saw to be growing confidence in the real estate market. That move has paid off as six Cannery Row homes, each asking about $600,000, are already sold. According to the Post, lenders are taking note of the success, and are beginning to loosen the shackles on loans.
The real estate rebound is spreading throughout Palm Beach County, the Post said. Two developers have preliminary plans to build two condos in the county, one high-end one mid-tier, according to Premier Sales Group. Meanwhile, in the commercial sector, West Palm Beach-based McCraney Property Company was finally able to refinance its industrial portfolio and has found new tenants for 250,000 square feet of vacancines in its 2 million-square-foot portfolio. [Palm Beach Post]