Passenger Trains > FL: BrightLine may be helping the WPB rent surge

The Palm Beach Post has an article today about the surge in higher rent apartments in West Palm Beach.  While $3,000 to $4,000 monthly rents are common in downtown Miami and Fort Lauderdale, they are unusual in West Palm Beach. The (affiliated with BrightLine) Park-Line building is now said to be 54% rented.  When that building was proposed, its rent projections drew a lot of laughs. Not now.

My observation as an occasional rider of BrightLine is there are now quite a few evening commuters back to West Palm Beach from Miami.  And there have been a significant number of corporate relocations to the area, especially investment firms. Lots of folks who can afford $4,000 a month for a rental. While West Palm isn't usually thought of as a commuter suburb of Fort Lauderdale (40 miles away), or Miami (about 70 miles away), that may be happening.  And BrightLine's station in West Palm Beach is in the middle of a lot of development.

West Palm Beach downtown is filled with new rental and condo construction.  Huge amount of activity in the building trades.  The Bristol is one of the higher profile condo projects, with prices topping out in the $20 million plus range.

https://www.palmbeachpost.com/news/20190614/new-high-priced-west-palm-beach-apartments-test-range-for-rents
 

Lackawana, not sure if you saw this or reported on this earlier, but I found it interesting that a Palm Beach Gardens tech company is relocating to Rosemary Square (fka CityPlace):

https://therealdeal.com/miami/2019/06/04/artificial-intelligence-and-investment-firms-sign-leases-at-rosemary-square/

While not directly cited in the article, I am sure Brightline was a big reason for the move. 

It is interesting that Rosemary Square is making the transition from retail to office spaces. They've always had troubled retaining stores and restaurants. 

I suspect downtown West Palm Beach will look dramatically different 5 years from now, for better or worse. 

Lackawanna484 Wrote:
-------------------------------------------------------
> The Palm Beach Post has an article today about the
> surge in higher rent apartments in West Palm
> Beach.  While $3,000 to $4,000 monthly rents are
> common in downtown Miami and Fort Lauderdale, they
> are unusual in West Palm Beach. The (affiliated
> with BrightLine) Park-Line building is now said to
> be 54% rented.  When that building was proposed,
> its rent projections drew a lot of laughs. Not
> now.
>
Wow, those rental rates are on par with those in New York City!  Can one get a decent pastrami sandwhich in Miami or West Palm Beach?

RuleG Wrote:
-------------------------------------------------------
> Lackawanna484 Wrote:
> --------------------------------------------------
> -----
> > The Palm Beach Post has an article today about
> the
> > surge in higher rent apartments in West Palm
> > Beach.  While $3,000 to $4,000 monthly rents
> are
> > common in downtown Miami and Fort Lauderdale,
> they
> > are unusual in West Palm Beach. The (affiliated
> > with BrightLine) Park-Line building is now said
> to
> > be 54% rented.  When that building was
> proposed,
> > its rent projections drew a lot of laughs. Not
> > now.
> >
> Wow, those rental rates are on par with those in
> New York City!  Can one get a decent pastrami
> sandwhich in Miami or West Palm Beach?

I'm still looking for a superb pastrami sandwich, but the fish and fishing is great.

Even here in Stuart, rental prices are up considerably in the past year, and BrightLine isn't happening anytime soon.

The whole point of BrightLine is a realestate developement scheme with a little novelty train thrown in to make it look all modern and forward thinking. Obviously it worked to some degree, the involvement of Branson indicates it did, and it's now time to strip as much value as possible before it all collapses. 

Here's a couple who cashed out of Miami, and bought a home in West Palm Beach. Each takes the BrightLine at $450 per month.

It's a market.

https://www.palmbeachpost.com/news/20190712/train-service-eases-stress-for-west-palm-beach-commuters

Posted from Android

More on the real estate developments going up within a few blocks of the BrightLine West Palm Beach station.  This one is about a block south of the station. Interests associated with BrightLine have some of the mentioned properties, like Park-Line, and control several vacant lots or developable properties.  That part of their plan seems to be coming together very well.

The downtown area of WPB is growing rapidly, and the sub 3% unemployment rate has a lot of builders struggling to find people in the trades.

https://www.palmbeachpost.com/news/20190917/new-hotel-apartment-complex-with-rooftop-bar-slated-for-downtown-west-palm-beach?:11:37&utm_content=GCOX_WPB&utm_term=091719