Savanna is kicking off sales at Olara, the planned 26-story condominium in West Palm Beach.
Savanna tapped Douglas Elliman Development Marketing to lead the sale of Olara at 1919 North Flagler Drive, according to an announcement. The waterfront tower will be located directly on the Intracoastal Waterway, across from Palm Beach.
Savanna is a New York City-based real estate investment and development firm founded in 1992 by Chris Schlank and Nicholas Bienstock. Olara marks the first project in South Florida for Savanna, which has invested $6 billion in a portfolio of New York City projects including One Court Square in Long Island City, according to its website.
Miami-based Arquitectonica’s two-building Olara project design includes 275 units in the condo tower. A previous project announcement stated that the development would have a total of 485 units, with 315 apartments and 170 rental units, although these numbers are likely to have changed.
The condo units have two, three and four bedroom floor plans ranging from 1,000 square feet to 5,000 square feet. A small number of penthouses will also be built in the tower. INC Architecture & Design and Gabellini Sheppard Associates, both New York-based firms, will lead Olara’s interior design, according to the release.
The development includes a private marina with six jetties, an 80,000-square-foot amenity deck, and a 30,000-square-foot restaurant on the ground floor headed by an unnamed celebrity chef, the project’s release and website. Amenities include a 13,000-square-foot fitness center, spa facilities, and a library.
In the past two years, Savanna has assembled the 4-acre Olara development site in 17 real estate purchases. Last year, West Palm Beach created a zoning district that includes the Olara site just north of downtown West Palm Beach, raising building heights.
Olara is part of a wave of condo development in West Palm Beach following a sustained spike in demand in the luxury residential market. Pandemic migration and corporate relocations have transformed the market with an influx of permanent residents.
West Palm Beach-based Frisbie Group and Houston-based Hines have a 28-story condo project in the works, but it now faces legal challenges and potential financial problems. The planned 82-unit tower has posted asking prices of up to $75 million, but a lawsuit filed by Two Roads Development has left the project on shaky ground.
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