Vista Residential Gets Approval for 221-unit Luxury Development in Palm Beach Gardens

Vista Residential Partners has gained approval from the city council to proceed with the development of Gardens Vista Apartments, a luxury community comprising 221 units in Palm Beach Gardens, Florida. The project team includes Urban Design Studio, Kimley-Horn & Associates, and Niles Bolton Associates.

Site Acquisition and Affordable Housing Compliance

The developer acquired the 16-acre site for $15 million in 2022. As part of the agreement, Vista has committed to setting aside 10 percent of the units, translating to 22 units, for residents earning no more than 120 percent of the area median income, in compliance with the city's workforce housing requirements. Palm Beach County's Area Median Income (AMI) stands at $104,000.

Construction Details and Amenities

Construction is set to commence in December, with the development offering one- to three-bedroom floorplans. Amenities will include two pickleball courts, a swimming pool, walking trails, a gym, a game room, golf simulators, coworking spaces, and EV charging stations.

Location and Accessibility

The project will be situated at 12450 Central Blvd., with Interstate 95 less than a mile to the west and downtown West Palm Beach approximately 15 miles southeast. Additionally, the Gardens Mall, boasting 160 stores, is located 4 miles away, while The Gardens North County District Park, covering 82 acres and valued at $13.7 million, is less than 2 miles away.

Multifamily Pipeline in West Palm Beach

Data from Yardi Matrix reveals that as of April, the wider West Palm Beach – Boca Raton area had 5,841 units under construction, representing roughly 7.5 percent of the existing stock. In the previous year, developers initiated the construction of 1,730 units and brought 3,197 units online across West Palm Beach – Boca Raton. One notable development in West Palm Beach is ECI Group's Inscription, a 191-unit property that has recently started preleasing. The project secured a $51 million construction loan originated by Wells Fargo.