Founded three years ago by Stephen M. Ross, chairman, and Kenneth A. Himmel, president and CEO, the developers are also completing major projects in Birmingham, MI (opening in 2001); Boston, Dallas and Bellevue, WA (all opening in 2002) and Manhattan (opening in 2003 as Columbus Centre).
Development partners in CityPlace, in addition to Ross, also chairman and CEO of The Related Companies in New York City. and Himmel former owner of his own Boston-based development firm, are Jorge M. Perez, chairman of The Related Group of Florida in Miami, and Jeremiah W. O'Connor, Jr., chairman of The O'Connor Group in New York City.
Participating in ownership is the Ohio State Teachers Retirement System. The City of West Palm Beach is a financial partner, as owner of the 55-acre site (of an overall 77-acre downtown redevelopment tract) leased to CityPlace and as a guarantor of $55 million in tax-exempt bonds issued to pay for infrastructure and four parking decks handling 3,300 vehicles.
The public-private effort is introducing to the West Palm Beach CBD a high-density complex that will mix national retailers, specialty shops, destination restaurants, a variety of housing types, a restored 1920s church adapted to serve as a cultural center and a 20-screen cinema.
The 600,000-sf of retail space will be anchored by a 110,000-sf, two-story Macy's—said to represent a new concept for the department store chain. Fort Lauderdale-based Muvico will operate the multiplex theater in a 92,000-sf building.
According to Perez, whose firm is responsible for developing the 600 housing units, all 51 townhouses were sold within 10 days of going on the market. The balance of the residential mix will comprise 33 garden condos, 128 luxury rental apartments in a high-rise, 254 rental apartments in three mid-rise buildings, and 36 rental apartments plus 56 live/work lofts above ground-level stores.
Also on the horizon are three office towers, with the initial 14-story building offering 240,000 sf of class A space when it opens in 2002. Two more office buildings will add another 75,000 sf on sites adjacent to Palm Beach County's 300,000-sf convention center—slated to open in 2003.
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