Prime Downtown WPB Land, on the Block

Word on the street is that a piece of prime downtown WPB land is back in play. Investors with deep pockets are encouraged to inquire. . .

Nestled between CityPlace and Two City Plaza lies a 3.6 acre parcel of land that was formerly slated for development under a project called Opera Place. The formal address of the tract is 419 Lakeview, which is at the intersection of Quadrille and the westbound side of Okeechobee Blvd. If the address isn’t ringing a bell, the physical location should. Just about anyone driving into or out of the downtown area has passed this piece of land, which is due east of one of the CityPlace  garages and immediately south of the City Palms condominium.

Back in 2006, when the market was trying desperately to climb into the stratosphere, grand plans for Opera Place called for twin buildings to be erected on the property, stretching some 20 stories or so into the sky. Prices were forecasted to be between $400,000 and $4 million, and some 300 units were sold preconstruction. Before the project could officially break ground, however, the overall market took a nose dive, and the entire venture was scrapped.  Would-be residents and investors fortunately got their deposits back, but litigation between various parties nevertheless ensued. After years of being tied up in the courts, the land/project is now renamed and officially back in play.

Now titled Lakeview Centre, the new land owners are hoping to sell the property to a willing developer. The land is preapproved for one million square feet, prospectively dedicated to residential units, hotel rooms, office space, and/or retail. Though the property is not being marketed transparently – meaning there’s no official, public asking price – Palm Beach Post reporter Alexandra Clough reports that $38 million is the target.

That would obviously be one hefty price to pay for a parcel of land of this size, but there’s no arguing the merits of its location. The intersection of Okeechobee and Quadrille is about as visible as any situs downtown, and the city of West Palm Beach certainly has extensive plans for growth on the near horizon.

Time will tell whether a buyer with such grand vision and accompanying capital will step forward.