The Ivy at Clematis
The Ivy at Clematis
401 Datura Street
West Palm Beach, FL
This redevelopment parcel located at 401 Datura Street in West Palm Beach, Florida is owned in partnership with Bleu Lion Investments. Currently the property is leased to the City of West Palm Beach which operates a busy public parking lot on the site. The lot size is 1.31 acres and it is currently zoned CWD/CWD-10-12 (with approved TDR's).
West Palm Beach is one of the country's most progressive and desirable mid-sized cities. The property is ideally located in in the heart of West Palm Beach, steps from, work, shopping and waterfront activities. There are a variety of entertainment options located within the city including the 600,000 square foot City Place, Kravis Center, and the exciting Clematis Street entertainment district which is just one block away. In 2010 the city completed Waterfront Commons on the Intracoastal waterfront, which hosts over 100 annual events, and is only three blocks away from the site.
One of the most exciting projects within Florida is the new private railway project "All Aboard Florida" will facilitate transportation through parts of the state. The $1 Billion private project will have three strategic stations within South Florida. The West Palm Beach stop will be situated diagonally across the street from The Ivy at Clematis.
This unique location offers a high rise development opportunity within the downtown development district and the ability to develop a high value asset within a Class A market area. Fortune Capital's plans and market analysis are calling for a luxury residential apartment tower convertible to a luxury residential condominium. The property will present a variety of studios, 1, 2 and 3 bedroom units, resident parking, public parking, office/commercial space on the ground floor and a full amenity package that will include an outdoor pool, club house, fitness center, business center, outdoor decks, pet areas etc… The City of West Palm Beach is also in great need of hotel rooms and office space and the potential development of the land to effect an office or hospitality product can potentially extract even higher value of the land.