New York-based Related Companies won city approval to build a 21-story apartment building on the site of a five-story building in downtown West Palm Beach that Macy’s formerly occupied.
Macy’s vacated the five-story building at Related’s mixed-use CityPlace property in January 2017. The former Macy’s location is now used as a space for art exhibitions.
City commissioners approved a resolution allowing a taller structure on the site of the former Macy’s department store in exchange for Related’s agreement to charge below-market rents for 15 percent of the apartments.
Related has not submitted a site plan or a construction schedule for the planned apartment building, which is expected to have approximately 300 to 400 apartments.
Under its agreement with the city, Related would charge below-market rents for 15 percent of the planned apartments for 10 years. The maximum monthly rents for these apartments would range from $1,443 to $2,021.
Related’s agreement with the city also allows the company to lease a building just north of the former Macy’s store as office space rather than retail space if a bowling alley that now occupies the building moves out. [Palm Beach Post] – Mike Seemuth
For more details from The Real Deal Miami, visit https://therealdeal.com/miami/2018/11/11/related-cos-wins-approval-to-build-21-story-apartment-building-at-cityplace-in-downtown-west-palm-beach/
