Condo Developer Great Stream Buys Aging West Palm Rental Complex
By Julia Echikson February 26, 2024 2:07 pm
reprints
Great Gulf may be back for seconds in West Palm Beach.
The Toronto-based developer bought a waterfront rental complex for $28.5 million, property records show, less than a year after completing a condo development in the city’s downtown.
Sitting on 2.5 acres, the property houses two three-story buildings at 5400 North Flagler Drive, facing the Intracoastal Waterway, just north of 53rd Street. Completed in 1966, the complex includes a total of 72 units.
The seller — Frisbie Group, a prominent local developer — purchased the 24,817-square-foot complex for $24 million in 2021, nabbing a nearly 20 percent increase in just three years.
In 2023, Great Gulf completed La Clara, a 25-story waterfront condo tower in Downtown West Palm Beach. The high-rise holds 83 units, all of which have sold.
Great Gulf has not announced its plans for the newly purchased property, which was completed in 1966, but developers in South Florida typically reserve waterfront parcels for luxury condo development, which command the highest prices. (A representative has yet to respond to a request for comment.)
In recent years, as supply dwindled in the billionaire enclave of Palm Beach, developers have migrated to West Palm Beach across the waterway.
In August, Stephen Ross’s Related Companies paid $195 million for a waterfront site from development giant Hines and Frisbie Group where the New York-based developer plans to build a Robert A. M. Stern Architects-designed condo complex.
Last year, Jeff Greene relaunched a Herzog & de Meuron-designed two-tower condo complex two miles down the road from Gulf Stream’s new purchase.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Correction: A previous version of this article mixed up the name of the buyer.
