A West Palm Beach planning board will consider giving permission to Sympatico Real Estate to construct a 25-story multifamily tower and knock down two office buildings on the spot. Sympatico paid nearly $14 million for the two buildings, the last one in 2022.
The S. Florida Business Journal reports the older building was acquired from Ion Media Networks for $6.5 million in 2021, while the newer building was purchased from the American Cancer Society for $7.3 million in 2022. Both sellers remain tenants in the respective buildings.
The proposed tower would total 587,086 square feet, with 191 residential units, 2,675 square feet of commercial space and 402 parking spaces.
Sympatico has a condo underway in West Palm Beach. The developer has teamed with Miami-based Terra to launch sales for Mr. C Hotel & Residences, featuring condos and hotel suites at 320 Lakeview Ave.
Sympatico also owns office and retail properties in Palm Beach County and the Treasure Coast.
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Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.