The Estate Cos. would build the Soleste Palm Station apartments in West Palm Beach.
The Estate Cos. obtained a $72.5 million construction loan to build an eight-story apartment project in downtown West Palm Beach.
Synovus Bank provided the mortgage to South Miami-based Estate Cos. covering the 2.5-acre site at 520 N. Rosemary Ave. The developer acquired the property for $15.8 million in 2021 and obtained approval for Soleste Palm Station in 2023.
The Estate Cos. plans to break ground on the apartments with two towers of eight stories each in the fourth quarter of this year. It would total 298,371 square feet, with 321 apartments and 450 parking spaces. The apartments would range from 330-square-foot studios to 1,265 square feet with three bedrooms.
“We’d like to thank Synovus for being a great financial partner to us and are thrilled to break ground on this beautiful, community-oriented development that will provide much needed attainable housing opportunities for residents,” stated Carlos Lopez, CFO of the Estate Cos. “Soleste Palm Station serves as the gateway to the expansion of the North Downtown area and is integral to the ongoing revitalization taking place along the historic Rosemary Ave corridor.”
The Estate Cos. aims to complete construction of Soleste Palm Station in summer 2026.
The Estate Cos. is one of the largest multifamily developers in South Florida. While it has been hard for many developers to move forward with apartment projects in this high interest rate environment, the Estate Cos. has found financing for several projects this year, including new apartments in Hollywood.
August 2024. South Florida Business Journal.
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