WPB commission gives nod to Marina Village project on North Flagler

Miami /
Jun.June 07, 2016 12:00 PM

The Marina Village project planned for North Flagler Drive between 38th and 42nd Streets in West Palm Beach, a joint venture between Miami developer the Related Group and West Palm-based boat repair/refit company Rybovich, is starting to take shape.

The West Palm City Commission last month approved the site plan for the first of six residential towers on the 19-acre site next to Rybovich’s boat yard and headquarters at 4200 North Flagler Drive. The first building is 25 floors with 132 apartments and a four-story garage. The first phase also includes a 3,025 square-foot beach club with swimming pool and a public promenade.

Construction on the first building should begin late this year, with completion expected in 2018, Steve Patterson, CEO of Related, told The Real Deal via email. The rest of the project will be rolled out over six phases with a projected completion date of 2025. In addition to more than 1,000 residential units (future buildings are slated to house condominiums), the project includes 61,500 square feet of office space and 25,000 square feet of retail space.

“We aim to make Marina Village a place where residents will want to live, work and play,” Patterson said. “Our projects in urban, walkable destinations are seeing strong interest across all demographics, and we feel the trend will continue at this project.” That includes retirees, empty nesters and millennials looking for an urban environment. “There’s something here for everyone,” Patterson said.

Local real estate pros endorse the project. “In anticipation of it we bought an entire block front on Broadway across from the Rybovich facility for retail development,” West Palm developer Jonathan Gladstone told TRD. “This transforms the entire area.”

The neighborhood surrounding Rybovich isn’t a pretty sight. “The positive here is that the area has been blighted for decades, and this will stimulate redevelopment of the historic neighborhood and Broadway,” a major north-south street just west of Flagler Drive, Rick Gonzalez, president of West Palm-based REG Architects, told TRD. “The more difficult thing to accept is the scale.” It reminds him of the buildup of Biscayne Bay, he said, when he was growing up in Miami.

“But you have to look at the existing conditions: they’re horrible,” Gonzalez said. “This is a compromise. It’s just a shame that it will change the character of the area. That’s the history of Florida.” But the restoration of the waterfront will be a blessing for boaters like himself, Gonzalez said.

Meanwhile, he hopes the six residential buildings will have different designs, much like the buildings in the Battery Park waterfront section of New York City, to avoid a cookie-cutter look.

Neil Kozokoff, another West Palm developer, also is enthusiastic. “This is a game changer for the whole north end of West Palm Beach, bringing a critical mass of new development,” he told TRD. “If anyone can do this, it’s Related.”


Related Articles

arrow_forward_ios
Stephen Ross (Getty) with Esperanté Corporate Center at 222 Lakeview Avenue in West Palm Beach
Related Companies buys half ownership interest in West Palm office tower
Related Companies buys half ownership interest in West Palm office tower
Robert Rivani of Black Lion Investment Group and Wynwood Arcade. (LinkedIn, Cushman & Wakefield)
Black Lion doubles down on Miami with purchase of Wynwood Arcade, Amara at Paraiso
Black Lion doubles down on Miami with purchase of Wynwood Arcade, Amara at Paraiso
Daniel Sundheim and 2850 Tigertail Ave (Getty/Patrick McMullan, Related)
Daniel Sundheim’s D1 Capital Partners inks 10-year Miami office lease
Daniel Sundheim’s D1 Capital Partners inks 10-year Miami office lease
Nicholas and Caroline Rafferty and 6709 South Flagler Drive, West Palm Beach (Getty/Patrick McMullan, Google Maps)
Financial adviser and interior designer buy waterfront West Palm Beach house for $7M
Financial adviser and interior designer buy waterfront West Palm Beach house for $7M
Related's Jorge Perez, Metro's Daniel Hughes and Terra's David Martin with Two Park Grove
Commercial brokerage chief buys PH at Two Park Grove for $10M
Commercial brokerage chief buys PH at Two Park Grove for $10M
CityPlace Tower and Related Companies founder Stephen Ross (Related, Getty)
Related Companies buys West Palm Beach office tower for $175M
Related Companies buys West Palm Beach office tower for $175M
The complex at 10900 Town Circle with (from left) Group chair and CEO Jorge Pérez and President Jon Paul Pérez and Pantzer Properties co-CEOs Jason and Jordan Pantzer (The Point at Wellington, Related, Pantzer)
Related Group sells Royal Palm Beach apartments for $119M
Related Group sells Royal Palm Beach apartments for $119M
Joseph J. Plumeri and 1100 South Flagler Drive (Getty, The Bristol)
Former First Data honcho spends $17M for condo at The Bristol in West Palm
Former First Data honcho spends $17M for condo at The Bristol in West Palm
arrow_forward_ios

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

Loading...