Breakers Owners Buy Nearby Bank Building in Palm Beach
By Julia Echikson April 12, 2023 7:05 pm
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The owners of the historic Breakers resort in Palm Beach, Fla., have expanded their real estate portfolio, snapping up a nearby retail building for $9.3 million, property records show.
PNC Bank, which owned the 2,778-square-foot building, closed its branch last year. The single-story building sits on a half-acre at 245 Royal Poinciana Way, just half a mile from The Breakers, on one of the island’s main retail streets.
Oil magnate Henry Flagler, who’s credited with pioneering modern Florida, completed the oceanfront Breakers in 1896. Today, the 140-acre resort includes 538 rooms, two-18 golf courses, and two apartment buildings that were added in 1987.
Flagler’s heirs, the Kenan family, own the resort.
In 2020, the family-owned business completed the mixed-use Via Flagler development at 221 to 231 Royal Poinciana Way, which features retail space on the ground floor and condo units on the top floor.
“Our acquisition of the [former PNC Bank building] continues to revitalize the island’s historic Main Street and the development of Royal Poinciana Way,” Paul N. Leone, CEO of The Breakers Palm Beach, said in a statement.
“This investment was inspired by our dedicated family ownership; their long-term perspective and desire to enrich the community is fundamental to our organization’s business strategy and success,” the executive added without mentioning plans for the property.
Julia Echikson can be reached at jechikson@commercialobserver.com.
