Construction Commences on a Registered National Landmark in Downtown West Palm Beach, Florida
WEST PALM BEACH, Fla., April 5, 2022 /PRNewswire-PRWeb/ -- Gilbane Building Company, along with B+H Architects/Spina O'Rourke, has been contracted to provide preconstruction and construction management at-risk services for the 111 Olive Avenue project. Owned by Brand Atlantic Real Estate Partners in partnership with Wheelock Street Capital, this unique three-story building was originally constructed in 1936 and is registered as a national historic landmark.
"We are excited to have been chosen for this special project. Historical renovations come with multiple challenges. Our team of experts are prepared and look forward to seeing the final product that we know the local community will be proud of," said Tom Thrasher, Florida Business Unit Leader.
Located at the critical corner of Clematis Street and North Olive Avenue in downtown West Palm Beach, the adaptive reuse of the historic John Volk-designed building will include 27,000 square feet of boutique office space, featuring 14-foot floor to ceiling heights and original Florida-Dade Pine finishes, and 15,000 square feet of elevated food- and beverage-focused retail space. The project will ultimately enhance the already extensive list of offerings on Clematis Street, one of the most pedestrian-activated streets in the country.
"With the waterfront and all of the convenience and energy of Clematis Street, we can't think of a better location for office tenants considering Class A space in West Palm Beach," said Andrew Dance, Managing Partner at Brand Atlantic.
The project presents a truly unique opportunity for sophisticated office tenants to have it all in an intimate, boutique setting – front-door convenience to West Palm's local restaurants, sidewalk cafes, and nightlife on Clematis Street; efficient floor plans; and an array of base building amenities and dining options to meet the modern needs of tenants. It will be delivered at a truly pivotal moment for West Palm Beach, as many major New York businesses are migrating to South Florida.
"111 Olive Avenue is a high-profile project with a strong sponsor/developer in Brand Atlantic," said Hunter Jones, Principal at Wheelock Street Capital. "We're pleased to play a role in bringing it to market with our new partners."
About Brand Atlantic Real Estate Partners:
Brand Atlantic (https://www.brandatlantic.com/) is a real estate investment company based in West Palm Beach, specializing in the development, acquisition, and repositioning of properties across various asset types throughout the United States. BA was founded in 2021 by Andrew Dance and Adam Demark upon a commitment to deliver long-term, high-risk-adjusted returns for its investors by creating market-leading properties that each embody the vision, passion, and discipline of our exceptionally talented team. The team's diverse and extensive skillsets include expertise across multiple property types, including residential, office, hotels, resorts, restaurants, retail, and land development. BA's leadership team has successfully navigated all stages of the real estate cycle, including the workout and successful exit of stalled hotel and residential developments during the previous recession. Foundational to our growth and success, BA seeks to attract and retain exceptional real estate talent by fostering an entrepreneurial and inclusive culture that both inspires and rewards our team members.
About Wheelock Street Capital:
Wheelock Street Capital (https://wheelockst.com/) was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with 30 years of broad real estate transaction experience across all major asset classes. Wheelock has raised over $4 billion in capital commitments from well-known institutional investors and focuses on real estate investment opportunities throughout the United States, in both public and private markets. Wheelock is currently deploying its seventh fund in its value-added series, Wheelock Street Real Estate Fund VII, and its first perpetual life fund, Wheelock Street Long Term Value Fund. The Long-Term Value Fund targets high-quality, cash-flowing assets with stable yet attractive risk-adjusted returns over a 5-15 year investment horizon. The firm may invest directly or with high-quality joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings, and recapitalizations. Wheelock's investment team benefits from extensive experience from top-tier institutional investment firms and highly regarded real estate operating companies and has produced a 10-year track record of demonstrated and consistent outperformance over industry benchmarks.
About Gilbane Building Company:
Gilbane provides a full slate of construction and facilities-related services for clients across various markets, from preconstruction planning and integrated consulting capabilities to comprehensive construction management, general contracting, design-build, and facility management services. Founded in 1870 and still a privately held, family-owned company, Gilbane has more than 45 office locations worldwide.
Gilbane is an industry leader in Florida with a reputation for quality construction and client satisfaction. Gilbane has been providing construction management services in Florida for fifty years, managing office buildings, public assembly/sports, healthcare, life sciences, data centers, K-12, higher educational, medical office, industrial, government, and multi-family developments. For more information, visit http://www.gilbaneco.com.
Media Contact
Heidi Bodine, Gilbane Building Company, 407-619-9470, [email protected]
SOURCE Gilbane Building Company
Share this article