Related Group proposes new design for Marina Village apartments in West Palm Beach near Rybovich – South Florida Business Journal
The Related Group is seeking a new design for its Marina Village project in West Palm Beach, as it plans to move forward with two high-rise towers instead of one for the first phase.
The application does not increase the density of the project, and it actually reduces the height a little. The plans showcase a new design by Miami-based Arquitectonica and the developer’s willingness to move forward with more units faster to take advantage of West Palm Beach’s growing rental market.
On March 14, the city’s Plans and Plans Review Committee will consider the new design for the 18.96-acre site at 4400 N. Flagler Drive by TRG North Flagler Venture, an affiliate of Miami-based Related. The plan would also need approval from the city’s planning board in May and city commission in July, said Arturo Peña, Related’s VP and development manager for the project.
Related owns about 5 acres of the site, with the rest owned by the Rybovich boatyard, which is owned by Huizenga Holdings. Related’s entity acquired its portion of the site for $9.4 million in 2005, so this project has been a long time in the making.
Previously, the city approved the entire site for six residential towers with a combined 1,000 units, 61,500 square feet of office space, 15,000 square feet of restaurants along the water, and 10,000 square feet of retail. The boat slips would remain.
In 2016, Related received approval for a 25-story apartment tower with 132 units and a beach club on its portion of the property with an artificial beach along the Intracoastal Waterway. One parcel there would have been held back for a second tower at a later date.
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The original design for the Related Group’s Marina Village in West Palm Beach has been revised.
The revised plan calls for two 24-story towers with a combined 399 units in 558,580 square feet, connected by a parking garage with about 652 spaces. The beach club would remain, although the size of the building there would be reduced to 560 square feet from 3,025 square feet.
Peña said it makes more sense, from an efficiency standpoint, to build the two towers in a single phase. That way, the construction equipment can stay on-site until the project is completed. Plus, the apartment market in West Palm Beach has been particularly strong, and he believes this waterfront site will attract premium rents.
“You can always create a downtown and walkability. Waterfront can’t be recreated,” Peña said.
Marina Village will be developed with the same quality as a luxury condo, in anticipation that Related might convert the building to a for-sale property if the market is right, he said.
Its potential as a condo can been seen in how the units are sized. The project would have:
141 one-bedroom apartments ranging from 765 to 990 square feet. 208 two-bedroom apartments ranging from 1,140 to 1,315 square feet. 43 three-bedroom apartments of 1,595 square feet each. Two four-bedroom apartments of 2,290 and 2,405 square feet.Five penthouses of 2,940 to 5,200 square feet, each with a rooftop pool.
Both buildings at Marina Village would share the beach club and pool. Each building would have its own interior amenities, such as a fitness center, movie room and business center.
Peña said the size of the building at the beach club was reduced because the developer wanted more outdoor space for the site. There would be a small restaurant there, and a limited number of public memberships to the beach club would be sold, he added.
“You are there for the water view, not to be inside,” Peña said. “The views are fantastic. You can feel the breeze off the Intracoastal. You can see Palm Beach and the mega yachts."
The project would also have a 20-foot-wide public walkway along the Intracoastal, and a frontage road to keep the traffic off Flagler Drive.
Peña said Related would like to break ground late this year. The first tower could open in about 18 months, with the second tower opening in about 24 months.
The additional residential and commercial development approved under the Marina Village master plan is on land owned by Rybovich. That would be a later phase of the project.
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