The Richman Team is setting up to redevelop a downtown West Palm Beach parking great deal into a 23-tale tower with 231 flats.
A Richman affiliate submitted programs with the town of West Palm Beach for the higher-increase job at 500 Clearwater Park Street. The proposed constructing, called 500 Clearwater, will also have a 7-story parking garage with 261 spaces.
Richman, dependent in Greenwich, Connecticut and West Palm Beach front, bought the .6-acre progress web site for $8.4 million, and attained a $4.2 million property finance loan from Truist Bank, records and Vizzda display.
The seller, an entity managed by Charles Rosenberg and Spencer Schlager in New York, obtained the parking large amount and an adjacent 105,000-square-foot business building at 500 South Australian Avenue for $35.8 million previous yr, documents present. The office making is not portion of Richman’s acquire.
Richman, founded in 1986 by its chairman, Richard Paul Richman, has a lot more than $28 billion in multifamily tasks with a lot more than 166,500 residences across the nation underneath management, in accordance to its web site.
In September, Richman shown a growth website for a mixed-use project in the vicinity of a Metrorail station between Miami and Hialeah. The business detailed the 2.6-acre vacant assets with an inquiring rate of $12 million.
Richman paid out $6 million for that enhancement web-site in 2021, the similar yr Miami-Dade County permitted the company’s prepare for an 11-tale making with 374 residences, 3,740 of retail area and 543 parking spaces.
Very last 12 months, Richman landed a $44.5 million construction personal loan to develop a sophisticated of four-story and eight-story structures with 266 units in Naranja, an unincorporated community in Miami-Dade.
Other builders have also not long ago unveiled designs to incorporate far more flats in West Palm Seashore. Woodfield Progress and Flagler Realty & Development are beneath contract to obtain 5 metropolis-owned acres for a claimed $10.5 million. The joint venture programs to construct a multifamily job with 358 apartments, which includes 90 workforce housing units. Woodfield and Flagler submitted a internet site approach in August.
The exact month, builders Norbert Kent Wilmering and John Hoecker proposed a 25-tale large-rise with 190 residences on a 1-acre web-site in West Palm Beach front.
