Savanna Secures Landmark $380M Financing for Luxury Waterfront Olara Development in West Palm Beach
Savanna Partners with Elite New York Firms to Finance Premier Waterfront Project
In a significant milestone for South Florida's luxury real estate market, New York-based developer Savanna has secured an impressive $380 million construction loan for its ambitious Olara project in West Palm Beach. This financing package represents a crucial advancement for Savanna's inaugural South Florida venture, coming more than two years after the project's sales launch.
The substantial financial backing comes exclusively from prestigious New York-based firms, including Zeckendorf Development, Sculptor Real Estate, One Investment Management (OneIM), and Octo Capital. This powerful coalition of experienced financiers signals strong confidence in both the project and the continued strength of South Florida's luxury market.
Adam Spies, Adam Doneger, and Nick Scribani from Newmark represented Savanna in orchestrating this complex financing arrangement, which enables full-scale construction to proceed following the project's groundbreaking in August.
Architectural Excellence and Luxury Living on North Flagler Drive
The 26-story, dual-tower waterfront complex at 1919 North Flagler Drive represents a significant addition to West Palm Beach's evolving skyline. Upon completion, Olara will feature a thoughtfully designed mix of 170 luxury apartments and 287 premium condominiums, creating a distinctive residential community with unobstructed water views.
Designed by internationally acclaimed Arquitectonica, under the creative direction of renowned architect Bernardo Fort-Brescia, and with sophisticated interiors by Gabellini Sheppard Associates, Olara promises exceptional design at every turn. Construction responsibilities are shared between Rhode Island-based Gilbane Building Company and Savanna's construction arm, SavCon.
The residences themselves reflect the development's upscale positioning, with spacious floor plans ranging from two to four bedrooms spanning 1,500 to 4,200 square feet. Pricing aligns with West Palm Beach's emergence as a luxury destination, with units starting at $2 million and reaching $10 million for the most exclusive offerings. Douglas Elliman has been entrusted with the sales process, which began in 2023.
Wellness-Focused Amenities Set New Standards in Luxury Living
Olara stands at the forefront of a growing trend in luxury residential development that emphasizes comprehensive wellness facilities and services. This focus on holistic well-being has become a significant differentiator in the competitive South Florida luxury market.
"It's been a huge selling point," revealed Andrew Kurd, Savanna's co-chief investment officer, in a 2023 interview with The Real Deal, highlighting the market's enthusiastic response to these wellness-oriented features.
The development's impressive 13,000-square-foot fitness center anchors an amenity package designed for residents pursuing active, healthy lifestyles. Complementary offerings include a refreshing juice bar, dual swimming pools for both active and leisurely swimming, comprehensive spa facilities, and an authentic Japanese onsen experience rarely found outside of high-end resorts.
Perhaps most distinctive is Savanna's partnership with concierge medicine provider Sollis, which grants buyers a complimentary one-year membership. This innovative inclusion reflects a post-pandemic shift toward health-conscious luxury living where premium medical access represents the ultimate amenity.
Strategic Land Assembly Underscores Long-Term Vision
Savanna's methodical approach to assembling the 4-acre waterfront site reveals the firm's strategic vision and commitment to the project. Founded in 1992 by Chris Schlank and Nicholas Bienstock, the New York City-based real estate investment and development firm meticulously pieced together the prime development parcel through seventeen separate property acquisitions spanning from 2021 to 2023.
This patient land assembly strategy has secured one of West Palm Beach's most coveted waterfront locations, positioning Olara to compete effectively with other luxury developments in the pipeline, including Related Ross's South Flagler House, Terra's planned Mr. C Hotel & Residences, and Related Group's upcoming Ritz-Carlton Residences.
The project's anticipated completion timeline of late 2027 or early 2028 reflects both the scale of the undertaking and Savanna's commitment to delivering an exceptional residential experience that will stand the test of time.
Insights: What Buyers Need to Know About Olara and West Palm's Luxury Market
How does Olara compare to other luxury developments in West Palm Beach?
Olara distinguishes itself through its comprehensive wellness amenities, prime waterfront location, and exclusive partnership with concierge medical provider Sollis. While developments like South Flagler House and the planned Ritz-Carlton Residences offer their own luxury credentials, Olara's dual-tower design and extensive amenity package position it uniquely in the market.
What explains the recent surge in luxury development in West Palm Beach?
The pandemic-era migration of wealth to South Florida has fundamentally transformed West Palm Beach's position in the luxury market. Financial firms and high-net-worth individuals relocating from the Northeast have created sustained demand for premium residential options with the amenities and finishes these buyers expect, driving developers to create increasingly sophisticated offerings.
Is Olara's focus on wellness amenities part of a broader trend?
Absolutely. Post-pandemic luxury developments increasingly emphasize health and wellness components as primary selling features. Olara's extensive fitness facilities, spa offerings, and particularly its concierge medicine partnership reflect a market where buyers are prioritizing health infrastructure alongside traditional luxury amenities.
How significant is Savanna's $380 million construction loan in the context of South Florida development?
This financing package represents one of the larger construction loans secured in South Florida's current development cycle. The involvement of premier New York-based financial partners signals continued institutional confidence in the region's luxury market despite broader economic uncertainties.
What impact will Olara and similar developments have on West Palm Beach's evolution?
These luxury projects are accelerating West Palm Beach's transformation from Palm Beach's more affordable neighbor into a distinct luxury destination in its own right. The influx of affluent residents will likely continue driving retail, dining, and cultural amenities that further enhance the city's appeal to high-net-worth individuals.
