Richman plans 23-story apartment tower in downtown West Palm

Greenwich, Connecticut-based developer paid $8.4M for 500 Clearwater dev site

Richman Proposes 23-Story Apartment Tower In West Palm Beach
The Richman Group’s Richard Paul Richman and rendering of 500 Clearwater (The Richman Group, Behar Font Partners)

The Richman Group is planning to redevelop a downtown West Palm Beach parking lot into a 23-story tower with 231 apartments.

A Richman affiliate filed plans with the city of West Palm Beach for the high-rise project at 500 Clearwater Park Road. The proposed building, called 500 Clearwater, will also have a seven-story parking garage with 261 spaces. 

Richman, based in Greenwich, Connecticut and West Palm Beach, purchased the 0.6-acre development site for $8.4 million, and obtained a $4.2 million mortgage from Truist Bank, records and Vizzda show. 

The seller, an entity managed by Charles Rosenberg and Spencer Schlager in New York, purchased the parking lot and an adjacent 105,000-square-foot office building at 500 South Australian Avenue for $35.8 million last year, records show. The office building is not part of Richman’s purchase. 

Richman, founded in 1986 by its chairman, Richard Paul Richman, has more than $28 billion in multifamily projects with more than 166,500 apartments across the nation under management, according to its website. 

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In September, Richman listed a development site for a mixed-use project near a Metrorail station between Miami and Hialeah. The firm listed the 2.6-acre vacant property with an asking price of $12 million

Richman paid $6 million for that development site in 2021, the same year Miami-Dade County approved the company’s plan for an 11-story building with 374 apartments, 3,740 of retail space and 543 parking spaces. 

Last year, Richman landed a $44.5 million construction loan to build a complex of four-story and eight-story buildings with 266 units in Naranja, an unincorporated neighborhood in Miami-Dade. 

Other developers have also recently unveiled plans to add more apartments in West Palm Beach. Woodfield Development and Flagler Realty & Development are under contract to purchase 5 city-owned acres for a reported $10.5 million. The joint venture plans to build a multifamily project with 358 apartments, including 90 workforce housing units. Woodfield and Flagler filed a site plan in August.

The same month, developers Norbert Kent Wilmering and John Hoecker proposed a 25-story high-rise with 190 apartments on a 1-acre site in West Palm Beach.