Developers are reshaping the skyline of West Palm Beach, with more than a dozen condominium projects in progress that could bring over 2,000 new units to the city. The Real Deal’s analysis found that construction loans for four major projects have reached nearly $1.4 billion, while some developments that began sales early are now nearing completion.
Projects such as Forté on Flagler by Two Roads Development and Alpha Blue Ventures started closings earlier this summer at 1309 South Flagler Drive after presales exceeded $289 million. Meanwhile, the scope of planned condos has expanded northward from the city’s core, with at least nine projects proposed north of Flagler Memorial Bridge.
“They are testing the North Flagler market,” said Gary Pohrer, an agent with Serhant. He praised the Nora District but described the area as “unproven.”
West Palm Beach is experiencing rapid growth led by high-profile developers including Steve Ross, Jeff Greene, David Martin and Jorge Pérez. However, sales activity has not matched Miami’s pace.
“It’s not the Miami pace that you sell half a building in one year, it’s a more patient market,” said Kenneth Baboun, founder of BGI Companies and developer of Alba Palm Beach. “We don’t have the investor market that Miami has, we have an end user market.”
Of all condo developments underway, only seven have launched sales and just three confirmed their presale numbers for this report. Baboun stated Alba is over 60 percent presold after securing a $95 million construction loan from Kriss Capital in 2023; completion is expected in spring 2026. Mr. C Residences West Palm Beach is reportedly 70 percent presold following a $285 million loan from Tyko Capital last month. The Ritz-Carlton Residences project by Related Group and BH Group is close to 50 percent presold and aims to begin construction in early 2026.
“We were not expecting sales in July and August,” yet activity remained steady according to Chris Leavitt of Douglas Elliman’s marketing team for Ritz-Carlton Residences.
Sources indicate South Flagler House by Related Ross is also near 50 percent presold; Olara by Savanna reports similar figures but has underwhelmed some brokers due to slower-than-expected sales progress.
Other projects like Shorecrest have faced delays due to redesigns after initial launches failed to gain traction. Erin Sykes of Sykes Properties noted that repeated changes shifted attention away from project details: “Once you make a lot of changes… the changes became the topic of conversation, and not the project.”
Jeff Greene said he is holding off on launching his Herzog & de Meuron-designed towers until more existing inventory sells: “If Olara was at 75 percent, and South Flagler was 80 percent sold, of course we would just do whatever it takes [to launch],” he said. “We’re not in any hurry. I don’t think there’s enough buyers right now.” Greene attributed slow sales partly to high interest rates and explained pre-development sales are relatively new for West Palm Beach buyers: “West Palm Beach has never been a pre-buy market,” he said.
Buyers’ preference for immediate occupancy also poses challenges for long-term projects: “They want new, and they want now,” Baboun commented.
A closer look at individual developments reveals large-scale investments:
– South Flagler House received Florida’s largest single condo loan this year—$600 million—and expects closings late next year.
– Shorecrest underwent two redesigns since its sale launch last year; construction should start next year with completion set for 2027.
– The Ritz-Carlton Residences plans a waterfront tower with prices starting at $2.5 million; construction begins next year.
– Apogee awaits city approval before beginning sales.
– Alba Palm Beach nears completion with over half its units sold.
– Olara secured $380 million financing in March; construction started last year.
– The Berkeley broke ground in December aiming for completion by 2027.
– Mr. C Hotel & Residences expects delivery in 2027 after achieving strong presales.
– Jeff Greene’s two-tower project remains on hold pending further absorption of current inventory.
– Other planned buildings include Flagler House across from Mar-a-Lago Club (sales start next year), Great Gulf’s second tower on North Flagler Drive (zoning change approved), Rybovich Marina redevelopment (four towers totaling up to 660 units), and Nora District’s mixed-use condo component scheduled for completion in 2028.
As these projects advance through planning or construction phases, developers continue monitoring buyer demand amid evolving economic conditions.
