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A construction loan valued at $18.5 million has been secured by 512 NL LLC, an entity linked to developer Navarro Lowrey, for a new residential and retail complex near West Palm Beach’s Brightline station. The funding was extended by Banesco USA, headquartered in Coral Gables. The project, named Vine on Clematis, will rise on a half-acre plot at the intersection of 512 Clematis Street and 130 Quadrille Plaza Drive.
Slated to break ground in early November, the five-level complex will feature 88 residential units alongside 4,687 square feet of retail space. Each apartment will average around 557 square feet. The building will also incorporate 21 parking spots and is designed by local firm Spina O’Rourke + Partners. Residents can expect amenities such as a fitness center, club room, and an outdoor terrace equipped with a small pool.
The rental rate for the retail space is presently listed online at $60 per square foot. Navarro Lowrey acquired 0.4 acres for the development for $5.3 million in 2022 and secured an additional smaller plot from the city for $500,000 in May of the same year.
As part of an arrangement with West Palm Beach city officials, the developer has committed to allocating 15% of the units to households earning up to the area’s median income for a duration of 20 years. The current median household income in Palm Beach County stands at $90,300.
This development follows a broader trend of increased apartment construction in downtown West Palm Beach. This surge is partly attributed to an influx of companies and the ongoing construction of Class A office buildings. The proximity to the Brightline station is also a significant draw, offering convenient rail connections to Miami, Aventura, Boca Raton, Fort Lauderdale, and Orlando.
Previously, Navarro Lowrey had been involved in local developments including the Oversea at Flagler apartments and the redevelopment of the former city hall site. Interestingly, a different developer had proposed building micro-apartments on this same site in 2022, but those plans were not realized.
Completion is expected by 2025.
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