The Ivy at Clematis
The Ivy at Clematis401 Datura Street
West Palm Beach, FL
This redevelopment parcel located at 401 Datura Street in West Palm Beach, Florida is owned in partnership with Bleu Lion Investments. The Property is currently leased to the City of West Palm Beach which operates a busy public parking lot on the site. The lot is 1.31 acres and is currently zoned CWD/CWD-10-12 (with approved TDR's).
West Palm Beach is one of the country's most progressive and desirable mid-sized cities. The property is ideally located in the heart of West Palm Beach, steps from, work, shopping, and waterfront activities. There are a variety of entertainment options located within the city including the 600,000 square foot City Place, Kravis Center, and the exciting Clematis Street entertainment district which is just one block away. In 2010 the city completed Waterfront Commons on the Intracoastal waterfront, which hosts over 100 annual events, and is only three blocks away from the site.
As of January 2018, All Aboard Florida began operation of the Brightline rail system station located within steps from the Property, diagonally across the street. Initially offering a 30-minute commute from downtown Ft. Lauderdale to West Palm Beach, the service was expanded in May 2018 to include a 30-minute commute between Ft. Lauderdale and downtown Miami. All Aboard Florida plans to expand its service to Orlando, giving riders an alternative to driving or flying, with the Miami to Orlando route taking only 3 hours.
This unique location offers a high-rise development opportunity within the downtown development district and the ability to develop a high value asset within a Class A market area. FCP's plans and market analysis call for a luxury residential apartment tower with an opportunity to convert to a luxury residential condominium. The property will present a variety of studios, 1, 2 and 3-bedroom units, resident parking, public parking, office/commercial space on the ground floor and a full amenity package that will include an outdoor pool, club house, fitness center, business center, outdoor decks, pet areas, etc. The City of West Palm Beach is also in great need of hotel rooms and office space and the potential development of the land to include an office or hospitality product can potentially extract an even higher value of the land.