Compass has been selected to take over sales for Savanna’s Olara condominium project in West Palm Beach, according to information obtained by The Real Deal. The change comes two years after Douglas Elliman Development Marketing began handling sales for the planned two-tower development at 1919 North Flagler Drive.
The new Compass sales team will feature Alison Newton and Chris Deitz. Newton recently joined Compass this month after an eight-year tenure with Elliman, as indicated on her LinkedIn profile.
Olara is expected to include 287 condominiums and 170 rental units across its 26-story towers. Sources report that about half of the condos have been presold, a figure that some market observers find disappointing. Erin Sykes of Sykes Properties commented last month, “You would expect to have better sales or sales further down the road at this point in Olara.”
Billionaire Jeff Greene referenced Olara’s pace of sales when discussing his own plans for a Herzog & de Meuron-designed condo project. “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 sales velocity, the project met lender requirements. 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 design team includes Bernardo Fort-Brescia’s Arquitectonia as architect and Gabellini Sheppard Associates for interiors; EDEA is responsible for landscaping. Units will range from two to four bedrooms and measure between 1,500 and 4,200 square feet. Starting prices are set at $2 million. Amenities listed in the release include a fitness center measuring 13,000 square feet, a juice bar, two pools, spa facilities, a Japanese onsen bathhouse, as well as a one-year membership to concierge medicine provider Sollis offered to buyers. A José Andrés Group restaurant is also planned onsite.
Olara joins more than twelve other condominium projects currently proposed in West Palm Beach. More than 2,000 residential units are under development along the waterfront Flagler Drive corridor.
