New York based company Atlas Real Estate Partners reportedly plans to spend a cool $90 million on Palm Beach real estate in the near future. Atlas has already spent $10 million on Palm Beach properties
in recent months, however are planning to spend a whole lot more as they expand their business into South Florida. The investors see a lot of potential in the area and consider Palm Beach to be an ideal vacation home location for their New York based clients, as well as many others. The company’s managing principal Alex Foster recently told the Palm Beach Post that Atlas has set aside $90 million for their expansion project in the area, and that all West Palm Beach needs to reach it’s full potential is a denser downtown and more high-end office buildings that would appeal to high powered hedge funds who are considering relocation. As Foster recently told reporters, “we see West Palm as being under the radar. We’re seeing more opportunity in Palm Beach County.” Atlas plans to start purchasing property in the next year to year and a half and currently are looking at $60 million worth of real estate already.
Palm Beach has recently made a name for itself as the vacation destination of the rich and famous, who migrate down annually to escape the cold northern winters. Atlas is not the only company who sees a lot of potential for growth in the area, particularly in terms businesses located there given Miami’s recent commercial expansion. South Florida is developing into much more than a just a home for retirees and spring breakers, and developers nationwide are starting to take notice in a big way. If you are interested in property that is currently available to rent or buy throughout the Miami area then contact a RE/MAX agent today. They would be happy to help you find the commercial or residential space that best fits your needs.