New Luxury Condo Development Set to Transform Palm Beach
Palm Beach, Florida, is poised to welcome a new luxury condominium development, marking the first residential construction in the area in two decades. The project is a collaborative effort between Cain International and OKO Group and targets the elite clientele of the town, which includes high-profile residents such as billionaire Stephen Schwarzman, investor Nelson Peltz, and former President Donald Trump.
Project Details
The ambitious development will consist of three five-story condominium buildings. Two of these will be located at 2730 South Ocean Boulevard, offering a total of 24 units with stunning ocean views, complemented by a 126-spot underground parking facility. The third building will sit across the street at 2720 South Ocean Boulevard, facing the Intracoastal Waterway, featuring an additional 17 residences.
The architectural vision for this project comes from OMA, the globally acclaimed firm led by Pritzker Prize laureate Rem Koolhaas, in partnership with Spina O’Rourke + Partners, based in West Palm Beach. The total floor area for the development will reach 277,833 square feet.
Investment and Site Background
In 2022, Cain and OKO secured the 5-acre parcel, which includes the aging Edgewater House and the Ambassador Palm Beach Hotel & Residences, for approximately $147 million. These existing structures, built in the late 1940s and 1960s, have been described as outdated and not compliant with modern safety regulations or environmental standards.
The developers’ application emphasizes the need for new, efficient designs to meet current building codes and withstand extreme weather events, underscoring the impact of climate change on construction practices.
Community Response and Approval Process
During a recent public meeting of the Palm Beach Architecture Committee, some members expressed reservations regarding the design’s compatibility with the area’s predominant Mediterranean Revival and Midcentury architectural influences, suggesting that the proposed style might be more suitable for locales like Miami or Costa Rica. Jason Kaye, director of development operations for OKO, acknowledged this feedback, stating, “We appreciate the Architectural Commission’s direct feedback and the opportunity to collaborate as we refine our vision for this ultra-luxury project. Our goal is to create a development that complements the South End and contributes positively to the Palm Beach community.”
As of now, the committee has deferred approval, aiming to revisit the project’s details in a subsequent meeting scheduled for May. The Palm Beach Town Council is set to discuss the development on April 9.
Market Context
The planned luxury condominium marks a significant milestone for Palm Beach, which has seen skyrocketing real estate prices since the onset of the pandemic. With available land becoming increasingly scarce, other luxury residential projects have been launched across the Intracoastal Waterway in West Palm Beach by various developers, including notable names like Stephen Ross and Savanna.
Developers’ Track Record
The partnership between OKO, led by founder Vlad Doronin, and Cain, a London-based developer, signals a robust investment in high-end real estate. Their previous projects include the prominent 830 Brickell office tower and a Missoni-branded condominium in Miami.
As the luxury condominium landscape evolves, the upcoming development in Palm Beach promises to introduce new architectural styles while addressing modern living needs and community aspirations.
For further updates on the project’s progression, keep an eye on local news sources.
