Permits have been submitted to the Federal Aviation Administration (FAA) for work on Olara Residences, a planned 329-foot-tall residential development at 1919 North Flagler Drive in the Currie Park district of West Palm Beach. The permits were filed on April 14, 2023, and are now under review by the FAA. Located along the western side of the Intracoastal Waterway, between Butler Street and Pine Street, the two-towered, 26-story project was designed by Miami-based Arquitectonica and is being developed by New York-based Savanna, which assembled the 1.82-acre development site for $15.9 million between June 2021 and June 2022. The blueprint for Olara Residences encompasses 275 condominiums and 210 apartments for lease, with interiors designed by New York-based Gabellini Sheppard Associates, 1,570 square feet of business area, approximately 80,000 square feet of amenities, and a 30,000-square-foot eatery and gourmet marketplace.
As indicated in the FAA permit filing, the two towers are set to ascend 329 feet above ground, which equates to 338 feet above mean sea level. At these proposed heights, the structures will notably tower over adjacent buildings.
FAA permit filing for the east tower.
FAA permit filing for the west tower.
The images below depict the coordinates associated with each permit filing for the subject site, effectively illustrating the overall layout and highest points of the project’s footprint.
Coordinates aligned on Google Earth.
Coordinates aligned on Google Earth.
Coordinates aligned on Google Earth.
Savanna began selling condominiums at Olara Residences in January. Potential buyers can expect a variety of comfortable living spaces, ranging from 1,500-square-foot, two-bedroom units to spacious 5,000-plus-square-foot homes with four bedrooms and an extra den. Prices start at $2 million.
Olara Residences. Credit: Arquitectonica.
Amenities will feature two pool decks, a fitness center, an open-air yoga deck, a Pilates studio, a spa with a Japanese-style Onsen, sauna and steam rooms, and a library.
Olara Residences. Credit: Arquitectonica.
Olara Residences. Credit: Arquitectonica.
Olara Residences. Credit: Arquitectonica.
Savanna recently landed a significant $50.1 million loan to begin work on Olara Residences. The loan will cover the initial construction phases, including demolishing existing commercial buildings, which are expected to start soon. The mortgage documentation also revealed an additional $5 million mezzanine loan, courtesy of the New York-based Madison Realty Capital, which was issued to the developer. Madison Realty Capital affiliate 1919 N. Flagler Dr 1 LLC provided the financial backing, extending the loan to Savanna affiliate 1919 N. Flagler Drive Associates and related entities.
Construction is anticipated to commence later this year, with an estimated duration of around three years to reach completion. Gilbane Building and Savcon will take the lead in overseeing the construction process.
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