Allen Morris Company Acquires 1.4 Acre Development Site In West Palm Beach For $16.8M

The transaction involved a 1.4-acre development site located at 1830 North Dixie Highway and surrounding Pine Street parcels in West Palm Beach, FL. The sale price for the property was $16,800,000, and it includes plans for the construction of 315 apartments, with Oppenheim Architecture engaged for the design. The property will benefit from reduced entitlements that are currently being sought.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $16,800,000
• Buyer: Allen Morris - The Allen Morris Company
• Seller: Nick Bienstock & Christopher Schlank - Savanna
• Location: 1830 North Dixie Highway, West Palm Beach, FL
• Future Development: 315 apartments
• Architect: Oppenheim Architecture

Allen Morris will serve as the managing member of the partnership for the development project following the acquisition. This strategic move aligns with the buyer's profile as a significant player in the construction sector, further demonstrating their commitment to the West Palm Beach market.