Hines, Frisbie Group secure site at WPB for condo development

Courtesy of Hines/The Boundary with Noe & Associates

Rendering of South Flagler House

Hines and Frisbie Group have dropped $41.5 million on a West Palm Beach development site where they intend to build the South Flagler House luxury condominiums.

The 3-acre property at 1355 South Flagler Drive is expected to house two 28-story buildings that will offer a total of 89 units, according to The Real Deal. According to legal documents, a $33.5 million loan was taken out by the buyer from the seller, Palm Beach Atlantic University.

Floor plans will include three- and six-bedroom condos and penthouses and a seven-bedroom townhouse. The design is by Robert AM Stern Architects.

Condo prices should start at $10 million. Pricing for penthouse options starts at $75 million, according to a press release from Hines.

The property is currently the site of two vacant college dormitories that were built in 1964.

Median home sales prices continue to soar in West Palm Beach. The June 2022 real estate market report by the Florida Realtors shows a 23% increase in sales prices over last year in townhouses and condos. Days to contract decreased by 50% and inventory also decreased by 20%.

Home sales prices are 26.7% higher in West Palm Beach than in neighboring towns, according to the Rocket Homes Real Estate Trends Report. This report also found that homes with five or more bedrooms, as Hines and Frisbie largely target, outnumber other units – sales prices are up 77% year-over-year for houses with five or more bedrooms. The second largest increase was 32.3% for two-bedroom units.

Sara H. Byrd