The Estate Companies, a leading developer of luxury multi-family projects throughout South Florida, announced the acquisition of a 2.5-acre site at 550 N. Rosemary Ave. in downtown West Palm Beach for $15.8 million. The Estate Companies, known for its Soleste Living brand portfolio of luxury multi-family rental developments, plans to build a highly amenitized luxury Class A apartment community featuring a vast collection of health and wellness offerings and social components, including many open spaces for its residents and the public.

“We are extremely excited about this acquisition, as the site is very well positioned on one of the last vacant parcels in the core of downtown West Palm Beach,” says Jeffrey Ardizon (pictured), principal of the Estate Companies, who made the announcement with Robert Suris, the company’s managing principal. “We believe Downtown West Palm Beach will become one of the largest financial hubs in the country, and we are literally in the second inning of this expansion,” Ardizon adds. “Land and product are scarce, and growth is apparent. The city is very well aware that density is a must to support the capacity that is needed in the core of this city. This parcel is very key to the expansion of the North Downtown area, which we believe has unbelievable upside.”