New site hits market as West Palm Beach development heats up

CapasGroup president Brad Capas
CapasGroup president Brad Capas

As West Palm Beach is drawing increasing interest from developers, a new downtown site has hit the market.

CapasGroup Realty Advisors has reportedly just posted the listing for 303 Banyan, a 1.04-acre site that has an adjacent 41,000-plus-square-foot office building. Situated in downtown West Palm Beach, the development site is at the corner of Banyan Boulevard and Dixie Highway.

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The site is located across from City Hall, and its flexible zoning allows multiple uses with a maximum height of 15 stories, according to “Downtown West Palm Beach is on the cusp of an exciting renaissance such that the current market cycle will be transformational,” CapasGroup president Brad Capas told the website.

CapasGroup is partnering with Cushman & Wakefield for the marketing of the development site and office building. Cushman & Wakefield is the listing agent for the office building, which was recently renovated and is 95-percent occupied. []  Chris Guanche