Wall Street of the South?
Having taken a back seat for decades to some of its neighbouring South Florida cities such as Fort Lauderdale and Miami, recent development plans have earned West Palm Beach the distinguished nickname “ Wall Street South “.
From commercial and financial real estate to residential and retail projects, West Palm may be on the verge of exploding with several major developments in the pipeline by some of the biggest names in the real estate industry. One prime example is a new project called NORA ( an acronym for North of Railroad Avenue ), part of a 40 – acre mixed – use neighbourhood spanning about 10 blocks located near Downtown West Palm. Railroad Ave has a major historical significance to the state of Florida as it was home to the old Flagler Railroad station in the early 1900’s. Henry Flagler was famous for building the railroad along Florida’s east coast which heavily contributed to the development of the state and opened up trade. Nora’s Phase One arrives in 2025 and is projected to include 15,000 square feet of reuse and new development that will be home to some of the best in hospitality, retail and wellness centres. Phase Two will offer significant hotel, retail and residential development. Just minutes to the famous Clematis St in downtown West Palm and next to Lake Worth Inner Channel, this development is sure to be highly sought after.
A demand for waterfront living is also driving developer interest. From 2005 to 2019, there have only been 60 units built on the water in West Palm. Developer Savanna is currently pioneering West Palm’s north end, developing the luxury tower Olara.
Though locals worry about the added congestion that can accompany growth, the developers of West Palm Beach are conscious of the responsibilities and needs of the community. Landscaping, green space and art are all part of the development projects as well as the construction of affordable housing, rental buildings and health care infrastructure which will contribute to the creation of thousands of jobs.
West Palm Beach should be on the radar of every foreign investor interested in the exciting and vibrant elements that South Florida has to offer.
