Luxury condo by Bristol developer coming to West Palm Beach's other waterfront

A new residential tower by the developer of the ultra-luxury The Bristol condominium is being planned for West Palm Beach's waterfront.

The high-rise won't be on the Intracoastal Waterway, though, where The Bristol's multimillion-dollar units tower above the sheltered waters.

Instead, this new residential complex will overlook Clear Lake, the body of water on the city's western edge that provides city residents with drinking water.

The project is being planned by Allan Adelson, a developer of The Bristol, and the Morrison family of Palm Beach.

During the past two years, the Morrisons have snapped up property overlooking Clear Lake, along Australian Avenue just east of Interstate 95 and north of Okeechobee Boulevard.

Palm Beach family investing in West Palm Beach

Now they are ready to build on their land with plans to target a niche group: people moving to downtown West Palm Beach with families.

Investor Thomas Morrison and his father, Carlos, already are starting to presell units in a chic new condominium planned for downtown, Mr. C's, a hotel and residence branded by the famed Cipriani family.

But Thomas Morrison said the city lacks new condos large enough to feature four or five bedrooms at a price that isn't at stratospheric levels seen at The Bristol, where some units trade for $10 million or more.

"We want to cater to the high-net worth individuals who are coming here from New York or California with two or three kids, who want to find a place downtown," Morrison said.

Morrison said plans are to build a 580,000-square-foot condo rising 25 stories, an enormous size that will feature large floor plans, long hallways and unobstructed water views of Clear Lake.

He said he couldn't yet give a price for units he described as "affordable luxury," but predicted they could cost in the $1 million to $2 million range.

The still-unnamed Clear Lake tower will feature many upscale touches, such as a pool deck atop the building, with sweeping views of the city and beyond. Plans also are afoot to elevate the surrounding area to create a real neighborhood.

More: West Palm's newest neighborhood? Clear Lake could be next big thing because of UF, Brightline

"The Bristol gets the sunrise," Morrison said, "and we're going to get the sunset."

A city within a city, near the former CityPlace in West Palm Beach

Last year, Morrison said investor interest in land around Clear Lake was motivated by the city's growth, which was fueling demand for projects outside the downtown core.

North of downtown, developers of Nora are carving a new entertainment and residential district out of old warehouses along North Railroad Avenue. South of the downtown, Dixie Highway continues to see old buildings transformed into restaurants, art galleries and chic retail and design centers.

But on the downtown's western edge, old properties dotting Australian Avenue as the street curves around Clear Lake weren't of much interest until recently.

Then in mid-2021, the University of Florida announced plans to create a graduate school campus on downtown land assembled from the city, Palm Beach County, and billionaire real estate investor Jeff Greene. The campus was slated to be built between Clear Lake and The Square, the mixed-use center formerly known as CityPlace.

Investors suddenly saw new use for Clear Lake's old properties.

In December 2021, the Morrisons paid $6.5 million for 601 Clearwater Park Road, the former Paxson Communications building. Then, in April 2022, an entity linked to the Morrisons beat out a host of contenders to buy the American Cancer Society building at 621 Clearwater Park Road, which faces the lake. The sales price was $7 million.

At the time of the land purchases last year, Thomas Morrison said if the University of Florida came to West Palm Beach, graduate students would need a place to live. He envisioned creating a new residential neighborhood along the lake, "a city within a city."

More: You won't believe the total sales at the most expensive condominium ever built in Palm Beach County

Other real estate developers made moves, too, to capitalize on West Palm Beach growth

Related Group, the prolific Miami condo development group, joined forces with the long-planned Transit Village, a complex of residences and offices planned around the Tri-Rail station.

In early 2022, New York-based Related Cos., which built The Square and is unaffiliated with Related Group, was part of an investment team that bought the Reflections office complex at 400 and 450 S. Australian Avenue with plans to possibly transform the site into residences.

But the UF grad school plan faltered this year when Greene and UF couldn't come to terms on the transaction details. New UF President Ben Sasse then let the proposal expire this summer, without taking any action to keep the plan alive.

More: Much-touted UF campus plan for downtown West Palm Beach dies, leaving huge disappointment

Nevertheless, Morrison believes the Clear Lake area could fill another need by creating a place for the city's increasingly young demographic. "The demand coming here has changed from retirees and old money to young families coming here for new business and new employment," he said.

Crafting a place for families near, but not in, the downtown will be a selling point, he added. Traffic is minimal around Clear Lake because it is outside the clogged downtown core.

And bringing Adelson aboard gives the tower instant credibility with potential buyers who know his reputation for luxury finishes from The Bristol, Morrison said. Adelson couldn't be reached for comment.

The Bristol a development, financial landmark

The Bristol, a 68-unit tower rising 24 stories, is the most expensive condominium ever built in Palm Beach County with average units costing $10 million each.

It sits at 1100 S. Flagler Drive and is billed as an ultra-luxury condominium.

The project first was proposed in 2013 as an option for Palm Beach residents wanting new construction in a sumptuous environment. Adelson and his partners correctly guessed that dozens of very rich people, ranging from business titans to financiers, would snap up multimillion dollar units for a property that was across from, but not located in, the exclusive island of Palm Beach.

Their belief was met with skepticism by some observers who thought wealthy buyers would never consider paying millions of dollars to live in the decidedly less glamorous city of West Palm Beach.

More: Related Cos. kicks off sales of condos at South Flagler House. What's the starting price?

But The Bristol's developers had the last laugh. The project sold out in early 2021 for nearly $600 million, a staggering figure that exceeded just about everyone's expectations.

The newest ultra-luxury, twin-tower condo planned along the Intracoastal Waterway, South Flagler House, hopes to capitalize on The Bristol's magic.

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These units mostly will cost between $12 million to $18 million and will be large, with three or more bedrooms. A few units, however, will be one or two bedrooms and will start at $5.9 million. In addition, there is one special penthouse for sale, created from the top two floors on the north tower. That unit is priced at $72.5 million.

Alexandra Clough is a business writer at The Palm Beach Post. You can reach her at aclough@pbpost.com. X: @acloughpbp. Help support our journalism. Subscribe today.

This article originally appeared on Palm Beach Post: Condo by Bristol developer planned for West Palm Beach's Clear Lake