Another $118 million bet near Jupiter
A developer just secured $118.6 million to build an office tower in Palm Beach Gardens. As someone building my own business here in Jupiter, that gets my attention.
The project is The Palm at PGA Station, near PGA Boulevard by Alternate A1A. According to Berkadia, which arranged the financing, it is the only new Class A office project in the PGA corridor’s development pipeline. The eight story building is targeting completion in 2028. Read the project announcement here.
You may have seen my recent video about Stephen Ross’s investment in West Palm Beach. The Palm gives us another project to watch much closer to Jupiter. A commitment this size tells me the developer sees an opportunity worth pursuing here. The lender was willing to finance that bet.
Personally, I’m bullish on what this could mean for our home values over the next five to ten years.
My reasoning comes down to the people these projects could bring into the area. New employers can create another reason for households to move here, with careers supporting the lifestyle they want. A business taking space in Palm Beach Gardens could mean future buyers looking at homes in Jupiter, Tequesta, Juno Beach.
The benefit will depend on who actually moves into these buildings. An existing local business relocating its office has a different effect on housing demand from a company bringing employees here from outside the county. That is what I’ll be watching as these projects move forward.
For me, the appeal of our area has always been easy to understand. Being able to build a business here, spend time with my family, get out on the boat makes this a place I want to keep investing my time. More career opportunities nearby could make that same decision easier for other families.
My optimism about the next decade does not change how I would price your home today.
Your buyer is comparing your property with the other homes available right now. A construction loan in Palm Beach Gardens does not add $100,000 to your appraisal. Recent sales, competing inventory, your home’s condition still need to support the asking price.
I see good reasons to be confident in this area’s future. I’m staying disciplined about what that means for an individual property today.
Curious where your home stands? Reply with your address. I’ll give you my take on its current value based on nearby sales.
