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21-story apartment building at CityPlace in downtown West Palm Beach may be built at former Macy’s location

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 ...

Why For Sale by Owner listings are fizzling down

What’s been happening to that good old-fashioned American way to sell your home — doing it yourself, with minimal or no commission costs? If you believe new data from the National Association of Realtors’ Buyer/Seller survey, for-sale-by-owner transactions — popularly known as FSBOs (“Fizzbos”) — appear to be on the same trendline as buggy whips: They’ve just hit their all-time low of 7 percent as a share of total home-sale transactions. They were 8 percent the previous year. Both numbers are down from 15 percent in 1981 and continue a slow but steady decline. So FSBOs are fizzling. But is that the full story? Or is something else happening that’s a bit more complicated? Traditionally, doing a FSBO meant that you, the homeowner, took on ...

One West Palm high-rise condos and hotel project gets go ahead with in West Palm

Deveolpment of the One West Palm highrise condos and hotel are back in play for downtown West Palm Beach. Billionaire Jeff Greene has changed his mind and decided to build One West Palm, a two-tower development with hotel rooms, residential units and office space in downtown West Palm Beach. After he ended his campaign to become governor of Florida, Greene told The Real Deal in September that he decided against building One West Palm, citing nearby hotel developments and the city government’s decision to remove a five-story limit on building height in a downtown area where New York-based Related Companies plans to build a 25-story, 275,000-square-foot office building called One Flagler. Greene also said he had no plans to sell the site of the city-approved ...

Toronto developer launches luxury condo tower in West Palm Beach

La Clara is a new high rise condo development coming to West Palm Beach. Canadian developer Great Gulf is launching plans for a 25-story luxury condo tower in West Palm Beach. Sales for La Clara, an 83-unit development planned for 1515 South Flagler Drive, will officially launch in the first quarter of next year, said Douglas Elliman’s Chris Leavitt, director of sales. Elliman’s Alison Newton and Joey Columbo will also work on sales. Leavitt said he’s received interest from buyers in Toronto, where the developer is based, as well as from the Northeast, and from residents on Palm Beach Island looking for “a more contemporary option.” Zoning only allows for up to eight-story buildings in the town of Palm Beach, Leavitt said. “They can’t live ...

Homebuilders across the US feeling more confident about future: report

American homebuilders are feeling more confident amid a rise in consumer demand and a drop in lumber prices. The recent boost follows months of declining sentiment among homebuilders nationwide, according to a report by the National Association of Homebuilders and Wells Fargo. It was first reported by Bloomberg. The more positive feeling is in line with a rising six-month home sales outlook along with a jump in prospective buyer traffic. Improving market momentum could be attributed in part to a strong job market, benefits from tax cuts and lower lumber prices, which had briefly jumped to a record high in May amid a perfect storm of challenges. Those included U.S. tariffs on Canadian wood imports, wildfires and a shortage of freight trains to transport lumber. ...