Tortoise Properties Acquires Prime Parcel in West Palm Beach
Plans for the acquisition include luxury apartments and retail space
Tortoise Properties, LLC, a privately held real estate firm based in Palm Beach County, recently purchased a 2.5-acre property in downtown West Palm Beach. Development for the site plan at 370-375 Eucalyptus Street includes building a mixed-use property featuring 264 luxury apartments, 3,401 square feet of lifestyle retail and 371 parking spaces. Tortoise Properties aims to obtain its building permit to begin construction in 2022. The property’s location is at the forefront of the 40-acre NORA mixed-use redevelopment district.
“For several years we have recognized the accelerated momentum and positive attributes that cities like West Palm Beach, Jupiter and Boca Raton have to offer, so not surprisingly in 2017 we made a conscious, strategic decision to forgo our traditional New York and Chicago markets and focus on South Florida,” says James D. “Jake” Geleerd, CEO of Tortoise Properties. “We also continue to witness the remarkable influx of billionaires and other high net worth individuals moving both their personal residences and businesses into the market and investing significant capital.”
Geleerd added that “delivering 264 new apartments in a highly desired market that needs more rental housing to meet the demands of its growing population is just another step in our long journey. Just like the tortoise, we continue to stick our necks out for the right opportunities, proceed carefully and methodically in the path of growth, and provide safe and welcoming work/play/interactive office and home environments featuring state-of-the-art amenities and lifestyle.”