Allen Morris buys Savanna’s West Palm assemblage for development partnership

Local firm paid $12M per acre for properties entitled for multifamily rentals

The Allen Morris Company is partnering with Savanna on a West Palm Beach apartment project after taking ownership of the development site.

New York-based Savanna sold an assemblage to Coral Gables-based Allen Morris for $16.8 million. Allen Morris will be a managing member and lead development, a company spokesperson said.

The development site spans 1.4 acres at 1830 North Dixie Highway and 206, 312, 316, 320, 324, 330, 332, and 336 Pine Street. It's across from Savanna's under-construction Olara condo and about 1,000 feet from the intracoastal waterfront.

The development is planned for 315 units of multifamily housing, a spokesperson for Allen Morris said. The developers will seek revised entitlements. Miami-based Oppenheim Architecture is designing the project.

Savanna, led by president Christopher Schlank and CEO Nicholas Bienstock, planned an apartment building on the site in 2024 as part of its "phase two" of investment in the city. That development was planned for 369 apartments and 7,600 square feet of retail space. It paid $14.3 million for the parcels between 2022 and 2023, public records show.

The sale to Allen Morris worked out to about $266 per square foot of land, or $12 million per acre. The properties contain medical and office buildings, multifamily buildings and vacant commercial land, according to property records.

West Palm Beach's apartment market is marked by high supply and high demand. The average rent is $2,390 a month, according to Zillow.

Savanna's Olara project spans two 26-story residential towers, with 275 condo units and 210 rentals. Condo sales launched in 2023 and have sold more than $250 million, with units ranging from $1.7 million to $10 million. The development is set to be completed in 2028, according to its website.

Allen Morris has developed several multifamily and commercial properties in Miami, including the Ziggurat mixed-use building in Coconut Grove. The company secured a $138.5 million construction loan for that project, also designed by Oppenheim.

The proposed apartment tower would be surrounded by luxury development along the West Palm waterfront. Aside from neighboring Savanna's Olara, the property sits directly west of Related Ross' Shorecrest condo tower, and a joint venture between Related Group and BH Group has plans for a 27-story Rosewood branded condo two blocks away.