The Allen Morris Company has bought Savanna's 1.4-acre assemblage on Pine Street in West Palm Beach for $16.8 million and unveiled the Pine Street Residences, a 14-story Oppenheim-designed rental tower with 305 homes set around a park and a monumental banyan tree, one block from the Intracoastal Waterway.
The Allen Morris Company, the Coral Gables developer behind Ponce Park and Ziggurat, bought the roughly 1.4-acre assemblage at 1830 North Dixie Highway and the adjoining Pine Street parcels from Savanna for $16.8 million and now leads the project as managing member, with Savanna staying on as partner. Savanna, the New York firm building Olara across the street, had planned a 16-story apartment building on the same ground in early 2024. The new design comes from Oppenheim Architecture, which is also working with Allen Morris on Ziggurat in Coconut Grove, with Baker Barrios as architect of record. Construction is anticipated to start in the fourth quarter of 2027 and completion is targeted for the fourth quarter of 2029.
The tower will hold 305 rental homes across about 210,000 square feet of residential space, with about 5,000 square feet of retail on the ground floor on Pine Street, which runs between North Flagler Drive and U.S. 1. Allen Morris is positioning it as a Class A rental community for young professionals, offering what the company's materials call "design-focused homes at attainable rents." A curated dining concept will also sit on the ground floor alongside the retail.
Oppenheim's plan sets the building around a landscaped park organized around a monumental banyan tree, with curved balconies and planted terraces wrapping the floors above it and landscaped pedestrian areas running through the block at street level.
The Pine Street Residences sits in the city's emerging residential corridor near the rising Currie Park, Olara, Shorecrest, Rosewood Residences and Ritz-Carlton Residences towers, and the developer points to West Palm Beach's growing roster of employers and institutions, including ServiceNow, Cleveland Clinic and Vanderbilt University, as the draw for the renters it is targeting.