EXCLUSIVE: The seasonal Florida resident is a thing of the past. High net worth individuals are now moving the entire business infrastructure to West Palm Beach, requiring a new level of ultra-prime real estate that can serve as a year-round primary residence.
“There is a lot of wealth coming to this area,” she added. “And of course that must be taken into account.”
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On Thursday, the real estate giants announced they are launching the Mandarin Oriental Residences in West Palm Beach – the brand’s first independent living home in South Florida. Located on North Flagler Drive in the growing “Billionaire Corridor,” the building will eventually rise 31 stories and house 87 residences with all the signature luxuries a Mandarin Oriental property can offer.
A north-facing aerial view of downtown West Palm Beach, Florida, at sunset. (Getty Images)
The project’s unveiling follows other major brands announcing their entrance into the South Florida market, including Mr. C Residences in Boca Raton, Ritz-Carlton Residences in Fort Lauderdale Beach, Delano Residences Miami and Kempinski Residences in Miami Design District.
Targeting a “Wall Street South” demographic, the Mandarin prioritizes extreme privacy, resort-style amenities and provides space for internal staff and executive offices. The homes range from 2,100 to 6,300 square feet and have a two- to four-bedroom layout.
According to development and sales leaders, the building’s biggest appeal could be that it’s just steps from the thriving, business-oriented downtown area.
The residential-only tower will stand 31 stories tall and offer a variety of floor plans among 87 individual units. | FOXBusiness
“This is not found anywhere else in the West Palm Beach area,” Vohrah said. “Once a quiet and largely overlooked part of the city, the North End is emerging as the city’s next defining waterfront neighborhood. West Palm Beach is also rapidly evolving into an international luxury hub, driven by wealth and migration, companies relocating, major investments in lifestyle and medical districts, and new luxury brands entering the market.”
These investments are massive in scope: Vanderbilt University is moving forward with a $300 million downtown campus expected to generate more than $7 billion in economic impact. Directly adjacent to the new “Billionaire Corridor,” Tenet Healthcare recently announced a $3 billion replacement for the Good Samaritan Medical Center, a brand new campus designed to meet the sustainability and wellness needs of the C-suite audience.
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“Both Ken Griffin and Steve Ross have come together to promote that corridor between Palm Beach, West Palm Beach and Miami-Dade County as the place where they recruit companies and talent to support the quote-unquote billionaire structure,” Cervera said, referring to the ongoing “Ambition Accelerated” campaign.
“So what’s happening in West Palm Beach is just a natural evolution to meet the needs, demands and lifestyles of these billionaires, millionaires who are moving to the area,” she explained.
Demand for the West Palm waterfront remains largely insulated from rising interest rates and a cooling national housing market, reportedly due to extreme scarcity and a global buyer profile.
“The market in West Palm Beach is not slowing down,” Vohrah said. “The North Flagler corridor has been largely insulated from national housing trends because… at this level… that combination of irreplaceable waterfront, limited supply and proximity to all the city has to offer continues to support this demand.”
“When you see the office towers that are full and the prices that people are paying to live in those office towers… all this synergy that is being created there is a long-term play. These are not short-term investments,” Cervera noted. “They have seen that the tipping point is now, and there are still great opportunities to get into it because it is still early in that cycle, but clearly this is something that is not holding anyone back.”
The “Billionaire Corridor” demographic is increasingly trading in sprawling, low-maintenance mansions for vertical “homes in the sky,” as Cervera calls them, much like what is offered at the Mandarin West Palm.
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“Time is the one thing you can’t buy, give away, trade, etc. It’s finite, we all know that. And when you buy a Mandarin Oriental experience, you save time. Why do you save time? Because all those things [lifestyle amenities] will be delivered to your home.”
“West Palm Beach is different because the boom has been going on for a while,” Vohrah noted. “The city and developers have been building up the area for years and as more and more people migrate to West Palm, the infrastructure and attractive quality is already there. So I think this tower will be recognized as one of the pioneers in this boom era that has taken off after the corona crisis.”
