Leading Developers Discuss Why West Palm Beach Is The Next Big Thing

23/03/2017 05:34

WEST PALM BEACH, Fla., March 23, 2017 /PRNewswire-USNewswire/ -- Some of the biggest names in national and regional real estate development recently took center stage at the Hilton West Palm Beach to discuss why they are making such significant investments in the city and its Downtown. The West Palm Beach Development and Investment Forum drew nearly 350 guests and was co-hosted by the Urban Land Institute (ULI) and the West Palm Beach Downtown Development Authority (DDA).

Following welcoming remarks from Raphael Clemente, Executive Director of the West Palm Beach Downtown Development Authority, Cushman & Wakefield Managing Partner Mark Pateman kicked off the day with a dynamic overview of the West Palm Beach office market. Pateman made the point numerous times that "Our Class-A space is full Downtown. I hope developers get serious about building office towers that will attract the high-quality businesses looking to relocate here."

Transportation, mobility and connectivity were topics addressed comprehensively throughout the event, along with the redevelopment of an industrial district into a retail destination the great demand for residential condominiums in the downtown core and residences of all types within three miles of the city's center.

Charles S. Cohen, who is proposing 190,000 sq. ft. art house cinema project with retail and residential units, talked about the importance of cultural attractions as a foundational element for a successful, vital city. Gopal Rajegowda, Senior Vice President of Related Companies, said his company is very bullish on Downtown West Palm Beach, and that Related "was a little ahead of the market" with its $600 million investment in CityPlace 17 years ago.

"The time to be in West Palm Beach is now," said Raphael Clemente, Executive Director of the West Palm Beach Downtown Development Authority. "We are seeing steady, quality growth in our city and the appeal for those interested in relocations is higher than ever before. Residents, tourists and prospective businesses recognize the urban appeal of West Palm Beach and that our city is truly the next big thing. With the recent implementation of the Flagler Financial District, we know this will help attract more businesses to our area and create more jobs for members of the community. We will need to work closely with today's panelists to help us maintain sufficient office space that will allow us to grow in the coming years."