The last few years developers are increasingly investing at the Palm Beach strip with the notable examples of reconstructions/remodeling of current room inventories by resort owners and the inauguration of shopping area Paseo Herencia.
Paseo Herencia is the first project of its kind at Palm Beach. Before this project visitors needed to go downtown for all shopping needs. Certain resorts offer small scale retail in house consequently the supply’s limited and prices relatively high. Investors jumped into this opportunity by building Paseo Herencia and offering more retail. Prices? It didn’t go down. In fact retail prices are the same or even higher.
Palm Beach Plaza is shopping area project at Palm Beach, neighboring Paseo Herencia. Additionally the developers are building condos as well. This shopping area is going to be just over 161.000 square feet and 3 floor high with shopping, entertainment and dining.
It doesn’t seem logical to build a shopping complex next to a recently opened one to me. Having said that I recognize that Palm Beach Plaza is a much bigger project and not entirely the same as Paseo Herencia. It seems like planning of both projects started around the same time and that developers of Paseo Herencia managed to take care of permits, budgets and contractors quicker then developers of Palm Beach Plaza.
Some retailers fear with the opening of these shopping complexes at Palm Beach it could mean a further demise of downtown retail. The worst problem perhaps facing downtown retail is a chronic shortage of decent parking space. Not so at Palm Beach retail, developers are building parking garages.
In terms of additional tax revenue and the construction sector these new developments are great. In terms of risk of over development and congestion at Palm Beach it’s not so great. How about environmental concerns?
The artist rendering of the project looks decent. If you want to know what the developer has planned I invite you to read more at palmbeachplaza.com.