It’s not just the financial and commercial sectors that are flourishing in West Palm, Florida: Residential apartments are selling for as much as $25 million.
On the eighth floor of a shiny new glass office tower, employees of Goldman Sachs and a variety of hedge funds slip past security with fingerprint recognition. Inside, Related bosses Stephen Ross and Ken Himmel, two of New York’s most powerful real estate moguls, convene with financial titans. But this isn’t Lower Manhattan — it’s West Palm Beach.
Ross and Himmel are a driving force behind the area’s rapid transformation. They have eight commercial and four residential properties either open or in the pipeline in West Palm, and are developing the neighborhood’s central retail area: The Square. Though locals worry about further congestion created when some new buildings open, the developers say they are conscious of their civic responsibility. Landscaping, public green space and art are being added, while both Related and developer Jeff Greene are constructing affordable housing rental buildings, and have donated land and money to the University of Florida, which is building a 1 million-square-foot satellite campus for grad students.
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