The Allen Morris Company has acquired the site for Pine Street Residences, a planned 14-story rental tower in West Palm Beach, marking another step in the continued buildout of the city’s central residential corridor. The Coral Gables-based developer paid $16.8 million for the approximately 1.4-acre assemblage, which had been controlled by Savanna, and will now lead the project as managing member.
The proposed development is planned for Pine Street between North Flagler Drive and U.S. 1, one block from the Intracoastal Waterway and within a part of West Palm Beach that has attracted increasing multifamily interest. Pine Street Residences is expected to add 305 apartments along with ground-floor retail, extending a pipeline of projects that has reshaped the area around downtown and the waterfront-adjacent streets to the north.
Project materials cited by the publication indicate that the development remains in the planning stage, with a targeted construction start in the fourth quarter of 2027 and completion projected for the fourth quarter of 2029. Those dates and other details remain subject to change.
| Project Detail | Information |
|---|---|
| Project name | Pine Street Residences |
| Location | Pine Street between North Flagler Drive and U.S. 1, West Palm Beach |
| Developer / managing member | The Allen Morris Company |
| Seller / original partner | Savanna |
| Purchase price | $16.8 million |
| Site size | Approximately 1.4 acres |
| Height | 14 stories |
| Unit count | 305 rental homes |
| Retail component | Approximately 5,000 square feet |
| Architecture | Oppenheim Architecture; Baker Barrios as architect of record |
| Projected timeline | Construction start in Q4 2027; completion targeted for Q4 2029 |
How the Pine Street Residences site changed hands
Allen Morris’ acquisition gives the company direct control over a site that had been assembled by Savanna for multifamily development. The transaction, as reported by PROFILEmiami, closed for $16.8 million and covers parcels including 1830 North Dixie Highway and adjoining property on Pine Street. The site sits in a compact urban block pattern that has become increasingly attractive to developers seeking infill opportunities near downtown West Palm Beach.
The change in ownership is notable because it shifts the project from a shared or predecessor-controlled position to a structure in which Allen Morris will serve as the managing member. That generally gives the firm day-to-day control over planning, design coordination and the eventual construction schedule, although the project still appears to be moving through a predevelopment phase rather than active construction.
What is planned for the 14-story building
According to the project materials referenced by the publication, Pine Street Residences is planned as a Class A rental community with roughly 210,000 square feet of residential space. In addition to the 305 homes, the tower is expected to include about 5,000 square feet of retail on the ground floor, a feature that would bring some street-level activity to Pine Street and the surrounding blocks.
The developer’s materials describe the concept as housing aimed at young professionals looking for design-forward apartments at more attainable rents, though no rent ranges or detailed unit mix have been made public. That lack of pricing is common in early-stage rental projects, particularly before final financing, permitting and construction sequencing are locked in.
The project is also being positioned as a mixed-use residential building rather than a purely residential tower. The small retail component may help activate the street frontage, which is increasingly important in neighborhoods transitioning from older low-rise uses to higher-density urban development.
Architecture and site design
The design team includes Oppenheim Architecture, with Baker Barrios serving as architect of record. Based on renderings released by The Allen Morris Company, the tower features curved balconies, planted terraces and landscaped pedestrian zones that soften the building’s edges and tie it to the surrounding streetscape.
One of the more distinctive elements shown in the materials is a landscaped park organized around a large banyan tree, paired with a curated dining concept. That type of open-space treatment is increasingly common in South Florida residential projects, where developers are trying to differentiate rentals with more human-scale outdoor areas and ground-floor activation instead of conventional podium-only design.
The renderings also suggest a building massing that is intended to step and curve rather than present a boxy silhouette, with emphasis on terraces and greenery. While conceptual images are not final construction documents, they provide the clearest public indication yet of how the project may ultimately look.
Why West Palm Beach is the right backdrop for the project
Pine Street Residences is being proposed in a part of West Palm Beach that has seen intensified development interest as the city continues to attract employers, institutional users and housing demand. Allen Morris’ project materials point to expansion tied to companies and institutions such as ServiceNow, Cleveland Clinic and Vanderbilt University as part of the broader growth story around the area.
The site’s location also places it within a corridor that has become increasingly important for rental housing supply. Being one block from the Intracoastal Waterway positions the project close to waterfront amenities, while the Pine Street address keeps it within reach of downtown West Palm Beach, Northwood and other employment and lifestyle centers.
For developers, that combination of urban adjacency and redevelopment potential has made central West Palm Beach one of the more closely watched submarkets in Palm Beach County. New multifamily projects in the area are often designed to capture renters who want newer construction and walkability without moving into the higher-cost condo segment.
Developer background and South Florida pipeline
The Allen Morris Company is based in Coral Gables and has been active across South Florida, including other projects in the region. The company’s portfolio mentioned in the PROFILEmiami report includes Ponce Park in Coral Gables and Ziggurat in Coconut Grove, underscoring that Pine Street Residences is part of a broader South Florida pipeline rather than a one-off West Palm Beach investment.
Although the Pine Street project is in the early stages, the firm’s decision to take over the site signals confidence in the long-term housing outlook for West Palm Beach. The inclusion of HUD’s Section 221(d)(4) financing program in the developer materials suggests that the capital stack may rely on a federal multifamily construction loan structure, though final financing terms have not been publicly disclosed.
That financing pathway and the projected timeline indicate the project is still some distance from groundbreaking. For now, the most concrete public milestones are the land acquisition, the planned unit count and the design team attached to the project.
What happens next
At this stage, Pine Street Residences remains a proposed project. No public announcement has identified a sales launch, lease-up schedule or construction permit issuance, and the company has not released an official leasing brochure or pricing sheet. The next major updates are likely to come through the city review process, permit filings or additional developer disclosures as the project moves closer to construction.
If the current schedule holds, the development would not break ground until late 2027, with delivery in late 2029. Those dates are tentative, but they give a sense of the time horizon for a project of this scale and complexity in a dense urban setting.
Why the acquisition matters for South Florida real estate
The transaction fits into a broader pattern of continued apartment development in Palm Beach County, where institutional capital, out-of-state migration and job growth have supported new rental supply. West Palm Beach in particular has drawn developers seeking walkable infill sites near downtown and the Intracoastal, and Pine Street Residences adds another high-density proposal to that mix.
For the local market, the project is important less because it is immediately under construction and more because it shows that developers continue to see room for new rental product in a corridor already absorbing significant change. The site’s size, location and mixed-use format make it a meaningful addition to the city’s multifamily pipeline, even as the actual construction schedule remains two years away from a potential start.
