Developer Looks To Bring 224,000 SF Of Office Space To Palm Beach Gardens

A developer wants to build twin office towers in Palm Beach Gardens.
Gardens Corporate Center LLC, an affiliate of local builder DiVosta Investments, filed an application with the city in July to build two “Class A” professional office towers for a combined 223,943 square feet. The two 11-story towers would have a three-story, 714-space parking garage between them.
The project would be located at 3874 Kyoto Gardens Drive. The 7.3-acre site is near the northeast corner of PGA Boulevard and Alternative A1A. It was acquired for $8.5 million in February.
According to Cushman & Wakefield’s second quarter report, the Class A office market in Palm Beach Gardens has a 10.8 percent vacancy rate and an average asking rental rate of $35.54. By comparison, the entire office market in Palm Beach County had an 18.6 percent vacancy rate and an average asking rent of $27.32. The last new delivery in Palm Beach Gardens was in 2011.
There is no major office space currently under construction in Palm Beach County, but that’s likely to change given the significant projects in the pipeline, including Transit Village in West Palm Beach.
The DiVosta family owned DiVosta Homes until selling it to Pulte Homes in 1998 and have continued building in the county since.
The Gardens Corporate Center plan will go before the city’s Design Review Committee on Aug. 19.
 
Source:  SFBJ

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