Estate scores approval for downtown West Palm rental project
Pair of 8-story buildings will have 321 units combined
Estate Companies scored approval for its first apartment project in downtown West Palm Beach.
The 321-unit development will consist of a pair of eight-story buildings at 520 North Rosemary Avenue, a half-mile walk from the Brightline station, according to an Estate news release.
Dubbed Soleste Palm Station, the 298,000-square-foot project will offer studios, as well as one- to three-bedroom apartments at market rate rents. Units will range from 330 square feet to 1,300 square feet.
The city’s Downtown Action Committee gave final approval of Soleste Palm Station last week. No additional city approvals are needed.
Estate is a multifamily developer that has built projects in several Miami-Dade and Broward submarkets. While the firm has built townhouses and single-family homes in West Palm, Soleste Palm Station will be Estate’s first multifamily project in the city.
Estate paid $15.8 million for the 2.5-acre development site in 2021.
The firm’s expansion to markets north of Miami-Dade includes three projects in Hollywood. They are the 12-story Soleste Hollywood Village North at 2001 Van Buren Street, and the eight-story Soleste Hollywood Village South at 2000 Van Buren Street, as well as the eight-story Soleste Hollywood Boulevard at 2001 Hollywood Boulevard.
Based in South Miami, the firm also built projects in the city of West Miami. Estate’s projects there include Soleste West Gables I, Soleste West Gables II, Soleste Club Prado and Soleste Alameda, all of which the firm sold shortly after completion.
It also recently completed the 240-unit Soleste Spring Gardens at 1033 Spring Garden Road near Miami’s Health District.
Estate is led by managing principal Robert Suris and principal Jeffrey Ardizon.
The firm’s wager on downtown West Palm comes as the area is experiencing a real estate boom, though much of that is focused on the office market and less on residential construction.
Developer Steve Ross, whose Related Companies is the biggest office landlord in downtown West Palm, plans to build the East Tower and West Tower on the northeast corner of South Rosemary Avenue and Hibiscus Street. The projects would be at The Square mixed-use complex that Related built in 2000. They would be Ross’ seventh and eighth office buildings in downtown West Palm, including acquisitions and new development.
Among multifamily buildings on tap in downtown West Palm is Arnaud Karsenti’s 13th Floor Investments and Wexford Real Estate Investors’ 25-story, 372-unit apartment tower. It is planned for between Fern and Gardenia streets, and between Quadrille Boulevard and South Dixie Highway.