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

Miami /
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

arrow_forward_ios
Charles Cohen and 2000 S Dixie Hwy, West Palm Beach (Getty, Google Maps)

Charles Cohen’s Carefree Theater redevelopment advances

Charles Cohen’s Carefree Theater redevelopment advances
Tony Robbins and 2951 Electronics Way, West Palm Beach (Getty, Google Maps)

Tony Robbins buys West Palm Beach warehouse for production studio

Tony Robbins buys West Palm Beach warehouse for production studio
Pebb’s Ian Weiner and 5544 Okeechobee Boulevard, West Palm Beach (Pebb Enterprises)

Pebb sells West Palm Tesla dealership for $13M

Pebb sells West Palm Tesla dealership for $13M
From left: Steve Bisciotti, Jim Davis with  Jim and John Arrigo, with 5901 Madison Avenue, Tamarac and 2250 North State Road 7, Margate (Getty, Arrigo Auto Group, Google Maps)

Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $91M

Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $91M
Kasperi Kapanen and 2603 Embassy Drive (Credit: Jeff Zelevansky/Getty Images)

Pittsburgh Penguins’ Kasperi Kapanen scores West Palm Beach home

Pittsburgh Penguins’ Kasperi Kapanen scores West Palm Beach home
827 South SR 7, Fort Lauderdale & 1200 South Congress Ave, West Palm Beach (Credit: Google Maps)

Off Lease Only sells two South Florida locations for $50M

Off Lease Only sells two South Florida locations for $50M
The Bristol (iStock)

Insurance exec sells Bristol condo in West Palm for $8M

Insurance exec sells Bristol condo in West Palm for $8M
750 Malibu Bay Drive, West Palm Beach, Jeremy Bronfman, and Matthew Rieger of HTG

Seagram scion pays $38M for West Palm affordable housing

Seagram scion pays $38M for West Palm affordable housing
arrow_forward_ios

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

Loading...