CBRE has been retained as the exclusive advisor for the sale of a prime 1.73 Acre waterfront site located at 4708 – 4714 N Flagler Drive, West Palm Beach , FL. The property is located at the southeast quadrant of the 47th St. and the intercoastal. The property has been approved for 28 residential units; MF32 high density residential zoning code allows for this density to be increased to 44 units. If rezoned PDD density could be increased to 55 units. Permits in hand to rebuild the 100’ seawall, boat dock, finger pier and build 9 boat slips.
The subject property is also located in an approved Opportunity Zone that provides federal tax incentives to qualifying projects. The conceptual site plan offers water view from each unit where you can watch the mega yachts and sailing club regattas. Great views of Palm Beach Island and within a short walk of the Rybovich Mega Yacht Marina Village. Minutes to downtown and trendy Northwood Road Arts District.
The property abuts a 47 unit condo building to the south and a single family estate to the north. The Palm Beach Sailing Club is just the south and the Flotilla Club just to the north of the property. The immediate area is programmed for a major mixed use redevelopment project, the Rybovich Super Yacht Marina Village. The first phase is a twin tower 389 unit multi-family project by the Related Companies, Icon Marina Village, which is scheduled to break ground in 2020.
It is a prime infill development site in a high barrier to entry market.
The economy in West Palm Beach is stronger than ever and the unemployment rate is at an all-time low. Job growth over the last year has been especially robust. Demographics are also changing. Not only is the region a leading destination for retirees, but the population of school-age residents is also growing. Since 2010 the population younger than 20 has increase by 4.5% while the same population nationwide has decreased 1.3%.
