A joint venture between Miami’s OKO Group and London-based Cain International, the project proposes three ultra-lux five-story buildings to replace the aging Ambassador hotel and Edgewater building.Commissioners were split on the project, with some viewing the plans as a commendable first step, while others said it lacked the charm that defines Palm Beach.In the end, the commission voted to defer the project to its May 28 meeting.Palm Beach got a glimpse of how a redeveloped South End might look in the future when the Architectural Commission reviewed an ultra-luxury, contemporary-style condominium development proposed for the property now occupied by the oceanfront Ambassador Hotel and a building on the Intracoastal Waterway. It’s a project James Murphy, assistant director for the Planning, Zoning and Building Department, said could have major implications for the condo-filled South End.“There is no doubt that this project — its scope, consequence and reception by (the Architectural Commission) and Town Council — will have great significance to the future of the town,” Murphy said during the board’s March 26 meeting, “particularly regarding the future of code reform, as (Town Hall) staff turns its attention to code reform.” Such an impact would stem from the project’s proposed variances to the town’s zoning code, which is related to the current Florida Building Code; the Federal Emergency Management Agency’s elevation requirements; and the project’s planned subterranean parking lots.The plans would replace the Ambassador Hotel & Residences with two five-story buildings, while the Edgewater would be replaced by a single five-story building. The proposal would have a combined 41 residential units, a notable reduction from the current combined total of 135 units on the site.If approved, the development would be the first condo built in nearly 20 years in Palm Beach.It is a joint venture between developer and owner Vlad Doronin’s Miami-based OKO Group and London-based private-equity firm Cain International. They paid a recorded $147.6 million in October 2022, for The Ambassador and a former co-operative residential building, known as the Edgewater House, at 2730 and 2720 S. Ocean Blvd., respectively. Harvey Oyer, an attorney for the development team, told architectural commissioners that the 41 residential units would reduce traffic on the properties by more than 75%. Oyer also emphasized that the development team understood that the board’s meeting represented the first in a continuing dialogue to craft a project that would suit Palm Beach. The project’s neighbors concurred, with attorneys for those condos noting that they already been in regular communication with development team.In the end, commissioners voted 4-3 to defer the project for a restudy until their May meeting.The commission was split on the aesthetic merits of the project, with some criticizing the proposal’s designs as something more appropriate for Miami or Costa Rica than for Palm Beach. Other commissioners thought the proposal was a commendable first step for the project. They acknowledge that any design approved by the board could influence other projects on the South End, which is lined with aging multifamily buildings.Older condo and co-op buildings in Palm Beach are facing their own sets of challenges. Town-wide, buildings have embarked upon or are planning concrete-restoration and maintenance work, often in phased schedules. That work is related to new state regulations put in place to help ensure the integrity of multifamily buildings in the wake of the deadly 2021 collapse of a beachfront condo in Miami-Dade County’s Surfside community. Many condo owners also have already paid or are anticipating substantial assessments related to the new regulations. Voting to deferring the project for restudy were commissioners K.T. Catlin, Betsy Shiverick and Claudia Visconti, along with alternate Commissioner David Phoenix, who voted in place of absent Commissioner Kenn Karakul. On the opposing side were board Chair Jeff Smith, Vice Chair Richard Sammons and Commissioner Elizabeth Connaughton.The project is expected to be considered at the Town Council’s April 9 development review meeting, where members will be asked to weigh the merits of 21 variance requests. The council also will review two special exception requests — one that pertains to the construction of a five-story building, and the other tied to the plan’s subterranean tunnel that would connect the parking garages at both sites. The hearing came after a March 20 Code Enforcement Board meeting, where me …
See the full article on Arizona residential development, or, read more Arizona real estate investing news. Feel free to share our site with your investor friends.
