WEST PALM BEACH — Developer American Group is fast-tracking its Palm Beach Riverstone apartments, a 374-unit complex slated for 45th Street, beside the Interstate-95 northbound off-ramp in West Palm Beach.
President and CEO Gregory Horton said Tuesday his Los Angeles-based firm hopes to complete the project by the second quarter of 2022.
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The project also includes a tract for a 150-room hotel, if the pandemic-squeezed market revives. The apartment and hotel sites are next to a Wawa market and gas station under construction. The property formerly housed an IHOP and a Days Inn.
The city commission voted unanimously Monday to approve land-use changes to accommodate the project. The firm plans to apply for building permits this month and to start construction in January, Horton said.
The apartments will lease for moderate rents, some low enough for workforce housing, as required by the city, he said. “It’s not a luxury development but it’s certainly going to look like one.”
The eight-story project will include a roughly 500,000-square-foot, pengaton-shaped complex with a 36,000-square-foot atrium courtyard, he said. A two-story lobby will lead to the courtyard.
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The apartments will be distanced from the interstate by a six-story, 700-space garage.
The firm plans to employ tunnel form construction, an accelerated building method in which panels for floors and walls are cast on the site and stacked, rather than using columns.
American Group is a family firm with most of its properties in California, but there are others in Washington State and Thailand.
With construction getting more difficult in California, the firm chose to expand elsewhere, Horton said. “We did our homework and decided where the population and demographics are best is Florida, Texas, Arizona and Utah.”
Riverstone is the company’s first project in West Palm Beach.
As the hotel market struggles, the firm is considering other options for the tract between the apartments and Wawa. Medical offices or a surgical center are possible, he said, as the site is just south of JFK Medical Center’s north campus.
If a hotel is built, it might contain a ground-floor restaurant, possibly something similar to the IHOP that used to be there, Horton said.
This article originally appeared on Palm Beach Post: Developer fast-tracks apartments at I-95 and 45th Street in West Palm, with a possible hotel in future