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25-story Mr. C Hotel & Residences planned for West Palm Beach, expected to break ground early 2024

Terra, a seasoned condominium developer based in Miami, is joining Sympatico Real Estate, managed by Carlos and Thomas Morrison, to bring a luxury Mr. C Hotel & Residences to West Palm Beach. Situated in the rapidly evolving downtown area, the 25-story tower will be located at 320 Lakeview Ave. The project is set to redefine the 1.3-acre property, which currently houses commercial buildings, the oldest of which dates back to 1924.

25-story Mr. C Hotel & Residences planned for West Palm Beach, expected to break ground early 2024

The Mr. C brand, founded by Ignazio and Maggio Cipriani, will headline this mixed-use development. This hospitality brand has previously adorned projects in Coconut Grove, Miami, including another developed by Terra. Mr. C Hotel & Residences is slated to feature 110 hotel rooms and 146 residential condominiums, with unit sizes ranging from 830 to 2,200 square feet. The condos will start at a price point of $2 million, traditionally a range associated with waterfront properties in the area.

The project aims to break ground in the first quarter of 2024, with completion targeted for early 2026. Leading the sales operations for the residential units is Douglas Elliman. The mid-range price for these units is estimated at around $4 million.

Residents will have access to a myriad of exclusive amenities, such as a fitness center, spa, yoga studio, and more. Some amenities like a pool deck will be shared with hotel guests. In contrast, the hotel will offer its own set of features, including a Bellini café and restaurant. The development's architectural design has been undertaken by Miami-based Arquitectonica.

25-story Mr. C Hotel & Residences planned for West Palm Beach, expected to break ground early 2024

David Martin, Terra's CEO, highlights the project's uniqueness, emphasizing its role in meeting the demand for highly curated living spaces amid a landscape of exponential residential and corporate growth. The development comes at a time when West Palm Beach is experiencing an influx of affluent individuals and businesses, contributing to the city's development momentum.

The Morrisons, a longstanding Palm Beach family and real estate investors, acquired the property in recent years before partnering with Terra for this ambitious project. As the downtown area continues to transform, Martin suggests that the integration of residential and hospitality elements in the Mr. C project meets a need for multi-dimensional living spaces.

The $300 million development also aims to offer a blend of leisure and business opportunities, with hotel rooms expected to average $450 per night. Additional features include a private rooftop club, open to anyone interested in joining. The complex has been designed to ensure optimal views, particularly from its higher floors, incorporating 360-degree vistas that include the ocean.

Overall, Mr. C Hotel & Residences aims to serve a variety of potential buyers, from primary homeowners to those seeking additional residences. Financing for the project is secured, given Martin's robust connections with major private equity firms and banks. As West Palm Beach ascends in status, the Mr. C project seems poised to add a new layer of sophistication and luxury to the city's evolving skyline.

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