Compass has taken over the sales for Savanna’s Olara condominium project in West Palm Beach, according to information obtained by The Real Deal. This change comes two years after Douglas Elliman Development Marketing originally launched sales for the waterfront development at 1919 North Flagler Drive.
The new Compass sales team includes Alison Newton and Chris Deitz. Newton recently joined Compass after eight years with Elliman, as shown on her LinkedIn profile.
The Olara project is planned to have two towers, with a total of 287 condos and 170 rental units across 26 stories. Sources say about half of the condos are presold, a figure that some market insiders find disappointing.
“You would expect to have better sales or sales further down the road at this point in Olara,” said Erin Sykes of Sykes Properties last month to The Real Deal.
Billionaire Jeff Greene cited Olara’s pace of sales as a reason for holding off on launching his own condo project designed by Herzog & de Meuron. “If Olara was at 75 percent, and South Flagler was 80 percent sold, of course we would just do whatever it takes [to launch],” he said.
Despite slower-than-expected pre-sales, financing has moved forward. In March, Savanna secured a $380 million construction loan for Olara from Zeckendorf Development, Sculptor Real Estate, One Investment Management (OneIM), and Octo Capital. The developer is led by Chris Schlank and Nicholas Bienstock.
Bernardo Fort-Brescia’s Arquitectonica is designing the towers’ architecture while Gabellini Sheppard Associates handles interiors and EDEA manages landscaping. Condo units will offer between two and four bedrooms ranging from 1,500 to 4,200 square feet. Prices start at $2 million. Planned amenities include a fitness center measuring 13,000 square feet, juice bar, two pools, spa facilities including a Japanese onsen bathhouse, plus access to a one-year membership with concierge medicine provider Sollis for buyers. A José Andrés Group restaurant is also planned onsite.
Olara joins more than twelve other condo developments proposed in West Palm Beach’s Flagler Drive corridor; together these projects could add over 2,000 new residential units to the area.
