Appraisal boosts value of old West Palm City Hall site

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
Affiliated Development’s Nick Rojo and Jeff Burns with a rendering of 2501 Spruce Avenue (Affiliated Development, Rinka)
Affiliated aiming higher on West Palm rental project
Affiliated aiming higher on West Palm rental project
Two Roads Development’s Reid Boren and Taylor Collins with Frisbie Group’s Dave, Rick and Robert Frisbie Sr. and renderings of South Flaglar House (Two Roads Development, Frisbie Group, The Boundary with Noe & Associates, Getty)
Two Roads’ suit spells trouble for Frisbie’s West Palm condo project
Two Roads’ suit spells trouble for Frisbie’s West Palm condo project
Related Companies' Stephen Ross with One Flagler, 360 Rosemary, and 515 Fern
Mapping out Steve Ross’ South Florida empire
Mapping out Steve Ross’ South Florida empire
Immocorp Capital's Gilbert Benhamou and a rendering of Northwood Square (LinkedIn; renderings via Kobi Karp)
West Palm approves Immocorp’s mixed-use project in Northwood
West Palm approves Immocorp’s mixed-use project in Northwood
BD Hotels' Richard Born with rendering of planned Nora district (Richard Born by Studio Scrivo, NDT, Getty)
New York hotelier joins West Palm Beach megaproject
New York hotelier joins West Palm Beach megaproject
Speaker Spotlight: Get to know Jeff Greene
Speaker Spotlight: Get to know Jeff Greene
Speaker Spotlight: Get to know Jeff Greene
Residential projects planned for West Palm Beach (Illustration by The Real Deal with Getty)
Here are the resi projects planned for West Palm Beach
Here are the resi projects planned for West Palm Beach
Jeff Greene and a rendering of the waterfront West Palm Beach condo towers (Herzog & de Meuron)
Jeff Greene plans waterfront West Palm Beach condo towers
Jeff Greene plans waterfront West Palm Beach condo towers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...