P
alm Beach's luxury landscape is shifting, with apartments and condos gaining favor over traditional single-family homes. The island of Palm Beach and the city of West Palm Beach have long been synonymous with sprawling estates, but a recent influx of high-end developments has altered the market.
West Palm Beach, in particular, is experiencing a renaissance, thanks to investments from developers like Stephen Ross and his Related Ross venture. Ross's efforts have earned the area the nickname "Wall Street South," as he pours money into education and office space. Unlike Palm Beach island, where buildings are capped at five stories, West Palm Beach has its own set of rules and a distinct demographic.
The Bristol, a 25-story waterfront building on Flagler Drive, is one example of this new wave of high-rise development. The nearly 5,000-square-foot condo unit 2203 is listed for $22.9 million, offering stunning views of the surrounding area. Nearby, South Flagler House features two towers with penthouses priced at $72.5 million and $70 million.
In Palm Beach Gardens, a smaller locale known for its golf courses and high-end shopping, the Ritz-Carlton is building a luxury development at 2200 PGA Boulevard. Unit 301-302 is listed for $15.5 million, offering 8,890 square feet of space with water views and hotel-style amenities.
On Palm Beach island, penthouse No. 4 at Two North Breakers Row is listed for $17.5 million, featuring three bedrooms, six bathrooms, and a cabana. The complex offers numerous amenities, from ball courts to a housekeeping service and beach access.
In West Palm Beach, Mr. C is taking 27 stories of luxury to new heights with its latest development at 320 Lakeview Ave. The project will feature 110 hotel rooms and 146 condos, starting at $1.5 million. Developers Terra and Sympatico Real Estate are behind the project, which promises stunning views and a range of amenities.
As West Palm Beach continues to grow, the island of Palm Beach aims to preserve its quiet, historic character. "We don't want Palm Beach to turn into Miami," said Jack Elkins of William Raveis South Florida. "We want to keep it charming and smaller and exclusive."
