Savanna began the review process this week for its second West Palm Beach residential development.
The New York City-based developer is proposing a 369-unit apartment building at 1830 North Dixie Highway. Savanna met with the West Palm Beach Plans & Plats Review Committee on Thursday, and the project will next be reviewed at the city’s March Planning Board meeting.
The proposed apartment building will include 7,600-square-feet of retail space, and will likely include a fitness center, Savanna’s co-chief investment officer, Andrew Kurd, confirmed. He said the plan for the 1.6-acre site marks the beginning of “phase two” for Savanna’s West Palm Beach development ambitions.
“We truly believe in this neighborhood. You see all the corporate relocations and expansions to West Palm,” he said. “Being able to provide new construction is something that we’re committed to.”
Savanna launched sales for its first South Florida project, Olara, in January of last year. The 26-story, two-building planned tower will have 275 condo units and 170 rental units. The condo units will range from 1,500 square feet to 5,000 square feet, with two-, three-, and four-bedroom floor plans. Amenities in the building will include a 13,000-square-foot fitness center, spa facilities and a library. Prices start at $2 million.
Kurd said the proposed apartment building will rent units at a lower prices to cater to the full range of residents in West Palm Beach.
“As companies move down, you want to be able to provide offerings to each segment of the market,” he said.
“If you have the Goldman Sachs and the Citadels, there’s the senior people there that can afford to buy a condo in Olara,” he said, but younger employees need a cheaper option than a multimillion-dollar condo.
With millions of square feet of offices in West Palm Beach’s development pipeline, Savanna is anticipating a wave of demand for housing when companies complete their relocations to the area, Kurd said. The developer owns more than 7 acres in West Palm Beach, and plans to add to its portfolio of projects in the city.
“We’re not certain what we’re going to do,” Kurd said. “We have a lot on our plate.”