South Flagler House, a $400 million luxury condominium planned for West Palm Beach's waterfront, is about to tear apart the records for residential real estate sales.
Units in the city's latest posh condo are pre-selling for at least $10 million, with some duplex penthouses selling for more than $70 million, each.
In just one month, pre-sales have topped 33% in the twin-tower complex, where units sell for an average of $3,000 per square foot. South Flagler House, formerly known as Flagler Towers, is planned for 1355 South Flagler Drive, the site of the old Palm Beach Atlantic University dormitories.
The staggering sales prices in the 89-unit, 27-story complex could make the project one of the most expensive residential developments in the nation, according to Robert Frisbie, managing partner of the Frisbie Group, one of the project's developers.
The project also is expected to further galvanize the city's reputation as the newest posh community in the Southeast, as well as super-charge Palm Beach County's already-sizzling real estate market.
South Flagler House will feature 82 condo units and seven ground-floor townhouses. The Intracoastal Waterway-view property will offer residents expansive views of Palm Beach and the Atlantic Ocean.
The project is a joint venture of The Frisbie family of Palm Beach and real estate development company Hines. Robert A.M. Stern Architects designed the project, marking the global architecture firm’s first luxury residential high-rise in Florida.
Stern is former dean of the Yale School of Architecture and his firm has designed some of New York's most exclusive residential properties, including 220 Central Park South and 15 Central Park West. These skyscrapers command the highest prices in New York City, with some units at 220 Central Park South selling for $100 million.
Frisbie on Thursday called the early sales interest "exceptional … I think people realize this is really an iconic building."
Frisbie added that while the sales response "is not surprising, it's incredible to see this kind of demand in such a short period of time."
During the past month, prospective buyers quietly have been offering the condo for sale by invitation-only to at a sales center at 221 Royal Poinciana Way in the Via Flagler by The Breakers complex on Palm Beach.
The companies don't plan to launch an aggressive marketing program but will continue to field interest by interested buyers.
"We're working hard to foster a sense of community that cares about neighborhood and wants to come live in this incredible building," Frisbie said.
So far, Frisbie said, the team has sold condos, townhouses and penthouses to buyers ranging from residents of Palm Beach to residents from the Northeast.
In addition, "multiple full-floor residences have been sold," Frisbie said.
Construction is expected to start in the fall and will take 36 to 39 months to finish, with the project slated for completion by early 2026.
The pre-sales mark a remarkable new height for the city's already frenzied real estate market and another sign that the residential prices in West Palm Beach have surged to Palm Beach levels.
The lines between the two cities first began to fade when The Bristol condominium in West Palm Beach began selling pre-construction units averaging $8 million each. Many of the buyers in the building at 1100 S. Flagler Drive hailed from Palm Beach, with one former island resident paying $43 million for an entire floor.
Other buyers came from out-of-state, including from the Northeast and Midwest.
Although migration to Florida from other states is nothing new, the coronavirus pandemic accelerated the trend. During the pandemic, the very rich have retreated to Palm Beach, prompting a mad rush for mansions and pushing up home prices to previously unheard-of amounts.
The surge in residential home sales on Palm Beach led some residents to sell their homes and move across the water to West Palm Beach, where homes now sell for previously unheard of prices, sometimes in excess of $15 million if the property is on the Intracoastal Waterway.
In years past, an eight-digit home price wasn’t something found in the city's eastern edge, across the bridges from the playground of some of the nation’s wealthiest families.
But parts of West Palm Beach now are being considered Palm Beach, West. And business and real estate leaders agree the communities once strictly separated by three bridges are merging.
Frisbie said South Flagler House's proximity to Palm Beach and its famed Worth Avenue shopping and dining district, combined with the many cultural amenities in the West Palm Beach community make it appealing to buyers who want the best of both worlds.
South Flagler House will offer three- to six-bedroom homes, penthouses and townhouses. Residents will have access to wellness facilities, waterfront swimming pools and cabanas, private gardens as well as amenities similar to those found at the most exclusive private member clubs around the world.
Robert A.M. Stern said the project is an important part of the neighborhood, which features cultural and educational institutions such as Norton Museum, its Gallery Park, the Ann Norton Sculpture Gardens and Palm Beach Atlantic University.
The property promises to blend traditional Palm Beach elements with contemporary styling.
Frisbie noted that architects have worked to incorporate oversized windows and limestone facades to invoke the appearance of Palm Beach-style single-family homes.
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