Phoenix, Arizona-based Alliance Residential Co. has just closed on a development site in West Palm Beach and secured a $50 million loan.
Records show the multifamily developer and management company paid about $10 million for the 2.57-acre assemblage at 410 and 424 Datura Street, 427 Evernia Street and 207 South Dixie Highway, which covers about two blocks in downtown West Palm Beach.
Broadstone City Center LLC, a company tied to Alliance and AIG Global Real Estate, is the new owner of the land. Citizens Bank provided the $50.4 million in financing for the land.
Alliance filed plans with the city last year to build a 322-unit, eight-story apartment building on the development site, which is across from All Aboard Florida’s West Palm Beach station scheduled to open next year.
All Aboard’s location between CityPlace and Clematis Street/downtown has created development buzz. Nearby, All Aboard’s parent company, Florida East Coast Industries, has plans for a 275-unit, 23-story apartment building on Evernia just west of Quadrille.
Alliance has spent more than $10 billion on properties throughout the United States and manages a $14 billion portfolio, according to its website. The company has projects in Broward, including a planned 400-unit apartment development in Plantation and completed developments in Boca Raton and Coconut Creek, plus an upcoming Broadstone-branded complex in Fort Lauderdale on the site of the former Art Institute campus.