Related Cos. wins approval to build 21-story apartment building at CityPlace in downtown West Palm Beach

The 21-story apartment building would replace a 5-story building that Macy's vacated, and Related would charge below-market rents for 15% of the apartments

Nov.November 11, 2018 10:20 AM

Macy’s former location at CityPlace in downtown West Palm Beach

New York-based Related Companies won city approval to build a 21-story apartment building on the site of a five-story building in downtown West Palm Beach that Macy’s formerly occupied.

Macy’s vacated the five-story building at Related’s mixed-use CityPlace property in January 2017. The former Macy’s location is now used as a space for art exhibitions.

City commissioners approved a resolution allowing a taller structure on the site of the former Macy’s department store in exchange for Related’s agreement to charge below-market rents for 15 percent of the apartments.

Related has not submitted a site plan or a construction schedule for the planned apartment building, which is expected to have approximately 300 to 400 apartments.

Under its agreement with the city, Related would charge below-market rents for 15 percent of the planned apartments for 10 years. The maximum monthly rents for these apartments would range from $1,443 to $2,021.

Related’s agreement with the city also allows the company to lease a building just north of the former Macy’s store as office space rather than retail space if a bowling alley that now occupies the building moves out. [Palm Beach Post]Mike Seemuth

Related Articles

Daily Digest Miami

Quiksilver signs a lease in Miami Beach, Delray Beach’s Atlantic Crossing announces first retail and office tenants: Daily digest

The Bristol and Thomas J. Healey

Financial mogul pays $6.5 million for unit at the Bristol in West Palm

2751 South Dixie Highway, Scott Sherman and Ben Mandell

Tricera reveals plans for redevelopment of Palm Beach Post building

Daily Digest Miami

The trade war could hurt the industrial real estate boom, Hurricane Dorian’s impact on Florida’s hotels: Daily digest

James Harpel and The Bristol in West Palm Beach

South Florida developer pays $8M for condo at the Bristol

A rendering of The Bristol

NJ car dealer buys Bristol unit for $11M

The Bristol

Channel Islands businessman buys unit at The Bristol in West Palm

HGreg Auto and the former Toyota dealership (Credit: HGreg, Google Maps)

HGreg finds a spot in West Palm Beach at former Toyota dealership