The elite of the financial world are trading the Midtown commute for a short trip through the heart of West Palm Beach.
Long renowned for its culture, waterfront views and proximity to Palm Beach, the South Florida city has become a magnet for multi-billion dollar firms and C-suite talent, earning its name as “Wall Street South.” This migration has created rising demand for luxury housing to suit high-powered executives, a market that developer Al Adelson cornered first in 2019 with The Bristol and now with The Berkeley Palm Beach.
TRD sat with Michael S. Liebowitz, President and CEO of Douglas Elliman, and Kelly Smallridge, President and CEO of the Business Development Board of the Palm Beaches, to learn how this migration is reshaping the regional economy and why The Berkeley is uniquely positioned to accommodate the city’s newest high-powered residents.
The rise of Wall Street South
When the Business Development Board trademarked the name “Wall Street South” fifteen years ago, it was just a vision; now, that dream has become a reality and a defining force in Palm Beach County’s growth.
With 2 million square feet of commercial space in the pipeline, West Palm Beach is drawing a new wave of residents that has radically shifted the city’s demographics and economic profile. The momentum is no longer seasonal – it is residential, professional and year-round.
“The average age in the city decades ago was 70; today, it’s 39.5,” says Smallridge. “Educated young families are seeing this as a vibrant place. These aren’t people dipping their toes in the sand; they are legally domiciling, moving their kids into local schools, and staying year round.”
She also points to a 112% increase in the number of millionaires living in the area over the past ten years, and that Palm Beach County is the fourth fastest-growing wealth hub globally.
This influx of high-net-worth individuals has created what Liebowitz calls a “supply and demand scenario” that favors bold new developments. As firms from New York and Chicago establish permanent outposts, the requirement for housing that matches their C-suite lifestyles has hit an all-time high.
Zero friction, total luxury
While Miami and Fort Lauderdale have their charms, the Wall Street crowd is crossing the bridge to Palm Beach in search of a blend of prestige and proximity available only on the island itself.
Al Adelson built The Bristol to capture this audience. Developed by the same team, The Berkeley represents the next chapter of that excellence, delivering a boutique, service-driven residential offering designed for buyers who see West Palm Beach not as a secondary market, but as a primary home base.
“The Bristol really got the party started,” says Liebowitz. “It was the first new product of its kind in the market. The Berkeley is a continuation, offering the same highest-quality construction and incredible layouts that buyers expect from this developer.”
The Berkeley is designed to eliminate the friction of relocation.
For the executive moving from Manhattan, ease is the ultimate luxury. That’s why the development team has taken steps to create continuity between the northeast experience and Palm Beach lifestyle, pairing full-service condominium living with generous residences, elevated amenities and immediate access to the city’s business and cultural core.
“It’s the opposite of a headache,” says Liebowitz. “You have doormen, a spa, a gym, and in-suite healthcare. If you’re coming from a single-family home in the North, moving into a condo like The Berkeley provides a much easier lifestyle.”
Out of office
The Berkeley’s design signals a profound understanding of the new Palm Beach resident: the executive-parent. Unlike apartments of the past, it features family-focused amenities like flex rooms, playrooms and coworking spaces.
“Ten years ago, a condo had a pool and that was it,” says Smallridge. “Now, because young families are moving in from urban environments, buyers expect basketball courts, rooftop bars and retail.”
While amenities attract buyers, the flourishing social scene seals the deal. Liebowitz points out the extensive professional network flourishing in the city.
“You walk into a restaurant like Sant Ambroeus and you run into four or five people you do business with,” says Liebowitz. “You aren’t losing your network by moving away from New York; you’re doubling it.”
The urgency of now
In a market where the lead time from build to sale can span years, The Berkeley offers a rare opportunity for immediate entry. Liebowitz notes that, while some buyers feel they have the “luxury of time,” the reality in Palm Beach is one of limited supply.
“You don’t have as many choices in Palm Beach as you do in Miami,” Liebowitz says. “If you wait, you’re going to lose out.”
Smallridge echoes this sentiment, looking toward a future where Palm Beach becomes a tech and innovation epicenter.
“The caliber of companies coming is going to be far greater in ten years,” says Smallridge. “You cannot afford not to have a presence in the Palm Beaches.”
As West Palm Beach continues its ascent, the conversation has shifted from if firms will move to where their leaders will live.
With its sophisticated architecture, peerless service model and prime location near West Palm Beach’s business, dining and cultural corridors, The Berkeley is setting the new standard for luxury living in one the world’s fastest-growing wealth markets.
“Everyone loves ‘new,’” Liebowitz says. “And in Palm Beach, there is nothing like The Berkeley.”