Appraisal boosts value of old West Palm City Hall site

Property assessed at $15.8 million, up from $12.2 million in July 2013

TRD MIAMI /
Aug.August 14, 2014 12:00 PM

The former City Hall site in West Palm Beach gained $3.6 million in appraised value in the last 13 months.

Anderson & Carr assessed the property at $16.8 million and subtracted $1 million from the final figure to account for the cost of asbestos removal. A July 2013 appraisal pegged the site’s value at $12.2 million. The city is looking for someone to redevelop the property into a hotel or condo with ground-floor commercial space.

The appraisal firm cited several recent downtown West Palm transactions and expected developments in its valuation. That includes the planned Chapel-by-the-Lake condo project and land acquisitions by Palm Beach billionaire Jeff Greene.

West Palm opened a replacement City Hall at 401 Clematis Street five years ago, according to the Palm Beach Post. The former venue, which is located east of Olive Avenue between Banyan Boulevard and Second Street, has been vacant since then. [Palm Beach Post]Eric Kalis


Related Articles

arrow_forward_ios
Howard Lorber and Barry Zubrow with unit 1601 at The Bristol (Credit: Getty Images)

Howard Lorber flips condo at the Bristol to investment banker Barry Zubrow

From left: 3716 Embassy Drive in West Palm Beach and 80 Nottingham Place in Boynton Beach

South Florida properties involved in $85M debt relief scheme head to auction

603 Village Boulevard (Credit: Google Maps)

AmTrust Bank building in West Palm sells for $8M

Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

One West Palm rendering and Jeff Greene

Construction worker injured at Jeff Greene’s project in West Palm

Al Adelson and the Bristol

High on his own supply: The Bristol developer buys a unit at his condo tower

Jason Hochman, Greg Miller, Scott O'Donnell, Michael Ciadella and 901 Northpoint Parkway 

West Palm office parks sells for $12M in tight market

Roger Hertog and The Bristol in West Palm Beach (Credit: Getty Images)

Investment honcho pays $14M for condo at The Bristol

arrow_forward_ios
Loading...