Savanna Lands $380M to Complete Luxe Resi Project in West Palm
By Julia Echikson March 7, 2025 4:50 pm
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New York developer Savanna has secured a $380 million construction loan for a luxury waterfront residential project in West Palm Beach.
The financing from One Investment Management, Sculptor Capital Management, Octo Capital Management and Zeckendorf Development covers Olara, a two-tower development at 1919 North Flagler Drive.
The Olara development will face the Intracoastal Waterway, about two miles north of the city’s downtown. A 26-story building will include 287 condo units, and the other tower will house 170 apartments. The ground floor will feature a restaurant helmed by celebrity chef José Andrés.
Construction is expected to be completed in 2027. Newmark (NMRK)’s Adam Spies, Adam Doneger and Nick Scribani represented Savanna in the latest debt transaction.
Two years ago, the New York-based developer secured a $50 million construction loan from Madison Realty Capital. Savanna assembled the 3.4-acre site, paying nearly $30 million in total, according to property records.
Olara is part of a new crop of luxury condo developments going up in West Palm Beach as the supply on the nearby, uber-wealthy Palm Beach island town has dried up. Other developments include Related Ross’ Shorecrest and South Flagler House, as well as Related Group’s Ritz-Carlton Residences.
Developers in South Florida have managed to secure financing, despite elevated interest rates, in part thanks to strong pre-sales, though a representative for Savanna declined to provide Olara’s figures.
Recent major deals this year have included $390 million for Mast Capital and Starwood Capital Group’s oceanfront project in Miami Beach and $285 million for Terra and One Thousand Group’s Major Food Group-branded development.
Julia Echikson can be reached at jechikson@commercialobserver.com.
