Palm Beach County, Florida, has undergone a remarkable transformation in recent years, earning it the nickname "Wall Street South." Major finance companies and hedge funds are relocating to this sun-soaked paradise, drawn by the allure of luxury living, tax-friendly policies, and an abundance of opportunities. Let’s explore the factors driving this migration and the individuals and developments shaping this financial haven.
Luxury Living in Paradise
One of the driving forces behind the finance industry's migration to Palm Beach County is the region's luxury real estate market. Eric Gunther, President and Broker of Greenfield Waters Florida Realty on Worth Avenue on Palm Beach Island, notes that West Palm Beach is experiencing extraordinary growth in luxury residential properties alongside The Island. High-ranking executives and employees are flocking to Palm Beach Island, constructing grand estates in West Palm Beach, and embracing the quality of life the area offers. Greenfield Waters, a leader in the luxury real estate market, stands out for its sophistication in analysis and process. With Eric Gunther's background in investment banking and a family legacy in real estate, the firm has become a magnet for finance-minded buyers and sellers.
Notable Developers Making an Impact
Ned Grace's NDT is part of a group behind NORA, a 40-acre "neighborhood" featuring a cobblestone Main Street and 15 acres of new development. This ambitious project is set to open in phases, promising a vibrant addition to the West Palm Beach community.
Andrew Kurd, co-chief investment officer of Savanna, is also contributing to West Palm's north end with the development of the luxury tower Olara. In addition to the tax-friendly environment, Kurd emphasizes the welcoming atmosphere that West Palm provides for all types of growth.
Sought-After Real Estate Properties
The demand for real estate in Palm Beach County is evident in the rapid sellouts of condominium buildings like Bristol, La Clara, and Forte. Alba, the only condo situated on the Intracoastal waterway with its own marina, is quickly nearing full occupancy, thanks to its unique location and amenities.
Thriving Office Space Market
While many parts of the United States are seeing a decline in demand for office space, Palm Beach County is experiencing a surge in growth. Notable office buildings include:
One Flagler: Located at 154 Lakeview Ave, this office building created by The Related Companies founded by Stephen Ross offers stunning views of Palm Beach Island and the ocean. It features a Milos Estiatorio restaurant, a 1.25-acre park, and already scoring high end finance tenants. Related also has plans for an Equinox fitness club which they also own and is arguably the finest luxury fitness experience in the industry. Equinox and Related are currently ironing out the logistics of this project and its final location.
360 Rosemary: Situated at 360 S. Rosemary Ave, this office building already hosts employees from Goldman Sachs amongst a mix of other financial and tech firms. It boasts a fitness center, roof deck, garage, and bike racks.
One West Palm: Real estate developer Jeff Greene's project, expected to be unveiled at the end of the year, will feature two 30-story towers containing office space, a 5-star hotel, and luxury apartments. With amenities like pools, a gym, and indoor tennis courts, it's set to be a landmark in the area.
Future Developments and Amenities
The growth and beautification of West Palm Beach and Palm Beach Island show no signs of slowing down. Exciting developments like NORA, Olara, and additional hotels promise to further enhance the region's appeal.
Palm Beach County, Florida, has truly earned its reputation as "Wall Street South." With its welcoming business environment, enticing amenities, and thriving luxury real estate market, it's no wonder that finance companies and hedge funds are flocking to this tropical paradise. As the region continues to evolve, we can expect to see even more exciting developments and a further influx of finance professionals calling this sunny haven home.
Glad to share as always,
Eric Gunther
President – Broker – Realtor
eric.gunther@greenfieldwaters.com
Greenfield Waters
Florida Realty
205 Worth Avenue #125
Palm Beach, FL 33480
Thank you for sharing our blog posts, articles and for your referral business!