Breakfast at Tiffany’s? Palm Beach property owner plans luxury condo atop jeweler

Fortress Investment Group owns the building

TRD MIAMI /
Nov.November 21, 2019 09:45 AM
Tiffany at 259 Worth Avenue

Tiffany at 259 Worth Avenue

The owner of the Tiffany & Co. building on Palm Beach’s Worth Avenue is one step closer to converting the second floor space into a luxury condo with a rooftop terrace.

The town council approved the plan to build a third floor spa and pergola on the two-story building at 259 Worth Avenue, according to the Palm Beach Daily News. A year ago, Fortress Investment Group’s Kean Development Co. and Hyde Retail Partners, paid $20 million for the 16,374-square-foot building.

Since then, Tiffany downsized, moving to the ground floor with plans to close for a major renovation. As a result, the new owners proposed converting the 7,000-square-foot second floor into a 10,000-square-foot condo, including a terrace on the third floor.

The new rooftop would be nearly invisible to pedestrians and drivers, architect Keith Spina said, according to the Palm Beach Daily News.

Worth Avenue is one of the most expensive retail streets in the United States.

The town council deferred a decision on a variance that would increase the allowable lot coverage of the third floor terrace to 33 percent from 25 percent. The council will reconsider the variance in early December.

[Palm Beach Daily News] – Katherine Kallergis


Related Articles

arrow_forward_ios
Anthony Lomangino and the home (Credit: Google Maps)

Garbage tycoon scoops up second Palm Beach home for $10M

From left: Ashley McIntosh, and John Moran, with 100 Regents Park Road

GOP fundraiser buys Palm Beach home near Mar-a-Lago

The Breakers in Palm Beach

The Breakers in Palm Beach is closing amid coronavirus pandemic

Jazz musician Bob Merrill and 500 Regents Park Road (Credit: Compass)

Jazz musician snags Palm Beach home near Mar-a-Lago for $8M

1296 South Ocean Boulevard (Credit: Google Maps and iStock)

Palm Beach mansion across from Ken Griffin’s assemblage sells for $40M

110 Clarendon Avenue (Credit: Sotheby's)

Founder of private preschool sells Palm Beach estate for $10M

630 Island Drive and Mark Biondi

Related Beal exec linked to purchase of $19M Palm Beach estate

Carl Panattoni, Raymond G. Perelman and 965 North Ocean Boulevard in Palm Beach (Credit: Panattoni, PennToday, and Google Maps)

Developer Carl Panattoni drops $29M on Palm Beach estate

arrow_forward_ios
Loading...