The New York development firm led by billionaire Stephen Ross plans to knock down the former Macy’s building and replace it with 350 luxury apartments, retail and restaurants, Related Urban President and CEO Kenneth Himmel said at a Palm Beach Chamber of Commerce event on Tuesday.
Related is also planning to construct a 255,000-square-foot office building on a parking lot near the Brightline station in West Palm, according to the South Florida Business Journal. It would rise between 15 and 18 stories.
City approval is required for the proposal to move forward. Related, which recently completed a new Restoration Hardware furniture storefeaturing a rooftop and restaurant space, also plans to convert the AMC CityPlace 20 into a luxury movie theater. Additionally, the developer may expand on its Hilton West Palm Beach that opened nearly two years ago.
Mall owners and developers across the country are grappling with how to attract tenants as retailers struggle to stay open. In South Miami, the owners of the Shops at Sunset Place proposed a similar redevelopment that would add apartments and a new retail/restaurant space. [SFBJ] – Katherine Kallergis