Related Companies is making progress on its redevelopment of CityPlace in West Palm Beach.
The New York developer announced it is officially changing the property’s name to “Rosemary Square” and is breaking ground on phase two of its plans for the mixed-use property. The project calls for a redesigned plaza, public spaces, green areas, outdoor dining venues, new stores and interactive art, according to a release.
Urban design firm Gehl, architect David Manfredi, landscaper Matt Hadden and sustainability consultant the Spinnaker Group are designing phase two.
Related is planning to invest nearly $550 million into projects in downtown West Palm, including a new mixed-use luxury residential tower, a second hotel next to the Hilton West Palm Beach, and 360 Rosemary, a new 300,000-square-foot office tower. The developer secured approval in November for a 21-story apartment building on the site of a former Macy’s building at CityPlace.
Related is also tied up in litigation with its lenders over CityPlace’s $150 million mortgage. In a counterclaim filed earlier this year, Wells Fargo, a trustee for CityPlace’s lender Credit Suisse Commercial Mortgage, is alleging that CityPlace’s appraisal for its loan was based on misleading and inaccurate information given to its appraiser.
The Rosemary Square project calls for the installation of “Water Pavilion West Palm Beach,” a sculpture by Danish artist Jeppe Hein; the opening of True Food Kitchen, a 6,000-square-foot restaurant that’s expected to open in late fall; seafood restaurant High Dive by Michelin-starred Jeremy Bearman, also set to open in the fall; Sur La Table; Barrio Sangria Bar; and the re-opening of The Shack.
Tacos & Hip Hop by DJ Steve Pershad and local taqueria Zipitios, owned by Ricky Perez, are also planning to open as pop-ups.