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