The “Wall Street South” West Palm Beach continues to experience rapid changes since the pandemic. As a result, more developers and financial institutions are making their way to the area with plans to transform the city’s south end entirely. Olara is one such luxury residence launching sales later this year.
Olara is a new construction luxury residence by New York-based developer Savanna, located at 1919 North Flagler Drive, West Palm Beach. The high-rise residence is expected to launch sales later this year and is the first of Savanna’s developments in south Florida.
Savanna is a real estate firm based in New York that has made over $5 billion worth of property investments led by founding partners Nicholas Bienstock and Christopher Schlank. In this project are Miami-based architect Arquitectonica and New York-based interior designers Gabellini Sheppard Associates and INC Architecture and Designs.
The 28-story, 485-unit residence is planned to overlook the Intracoastal Waterway. The residence consists of two buildings, including 170 rental apartments and 315 condos. The units typically range between 1 to 4 bedrooms and 1000 to 5000 sq ft in size.
West Palm Beach’s new collection of luxury residences, Olara, is designed for a seamless lifestyle. Residents will enjoy myriad amenities, including a private marina with direct access to the Intracoastal Waterway. In addition, expect unobstructed views of the Atlantic and Palm Beach Island and top-notch hospitality services. Olara’s design includes over 70,000 sq ft of amenities, including co-working spaces, two pool areas, lounges and restaurants for residents only, a spa, and a veranda with barbecue grills and a fire pit. For a starting price expected at a little under $1.5 million, the Olara residence promises to blur the lines between a residence and a luxury resort.
Why Are New Development Luxury Residences Moving to Flagler Drive?
The West Palm Beach downtown development is spreading north to Flagler Drive with several luxury residences like Olara, the Bristol, Ritz Carlton Residences West Palm Beach, Forte, and La Clara, setting up shop a few meters from each other. Peter Cummings and Julie Fisher Cumming let go of their mansions on Palm Beach Island for $23.29M for a $12.49 condo on the other side of the bridge. But why?
Flagler drive is a scenic waterfront neighborhood with incredible views of the Intracoastal Waterway. Developers are now capitalizing on the area’s natural beauty to create high-rise luxury residences. Also, coastal lots in Flagler Drive cost a fraction of Palm Beach prices, making it a more reasonable purchase.
The pandemic also contributed significantly to the demand for comfortable, less dense neighborhoods. That led to an incredible increase in home prices in Palm Beach; as such, homebuyers sought less expensive residences to purchase. That contributed to the rise of new developments in Flagler Drive to meet the growing demand for luxury waterfront properties.
Flagger drive’s proximity to Palm Beach Island is another reason there is such an influx in the area. The neighborhood is a 3-minute drive away from millionaire mansions and the affluence of Palm Beach Island. In essence, buyers can live the Palm Beach life without paying top dollar for it by deciding on equally luxurious options in Flagler.