Terra Plans Two 31-Story Condo Towers in West Palm Beach
Terra and BH Group are buying a 1.6-acre West Palm Beach waterfront site for about $100 million to build two 31-story towers with 281 condos, according to The Real Deal. From my Compass desk, I am fielding more calls about West Palm Beach than I did a year ago, mostly from buyers priced out of comparable Miami waterfront. If value per square foot matters to you, watch this submarket closely now.
West Palm Beach keeps pulling Miami's biggest developers north. According to The Real Deal, David Martin's Terra and BH Group are teaming up to buy a 1.6-acre waterfront site at 2085 North Flagler Drive from billionaire Jeff Greene for about $100 million, where they plan a pair of 31-story condo towers. For buyers tracking South Florida's next value markets, this matters: when the developer who builds branded Miami towers commits nine figures to a West Palm Beach parcel, the submarket is no longer a side bet. I cover how to think about pre-construction timing in my Miami pre-construction buyer guide for 2026, and below I break down the project and what it signals.
What Terra and BH Group Are Planning
The two towers would span 438,300 square feet with 281 condos, 4,400 square feet of retail, and 362 parking spaces in a shared underground garage serving both buildings, according to The Real Deal. The plan includes third-floor amenity space, a ninth-floor pool, a rooftop amenity deck on one tower, and a penthouse atop the other.
Unit sizes would range from 1,065 to 4,510 square feet, with an average of 1,760 square feet. That average is larger than what most new Brickell or Edgewater towers deliver, which tells you who this product targets: primary-home and longer-hold buyers who want real square footage on the water, not compact investor studios.
The site sits near the Northwood Village arts and dining district and directly across from Currie Park, which is undergoing a $35 million renovation. Waterfront, an upgraded public park, and a walkable cultural district is a combination that holds value, and it is the kind of location I tell clients to prioritize over a flashy amenity list.
West Palm Beach's Condo Boom Is Real
This deal is not an outlier. More than 2,000 condos are in the works in West Palm Beach, according to The Real Deal, and many are led by South Florida's largest developers. The pipeline keeps deepening month over month:
- Terra + BH Group: two 31-story towers, 281 condos, planned at 2085 North Flagler Drive
- Mr. C Residences West Palm Beach: Terra project that secured a $285 million construction loan in August 2025
- Ritz-Carlton Residences, West Palm Beach: Related Group and BH scored $200 million in financing in March 2026
- Rosewood Residences: planned by Related and BH on the parcel next to the new Terra site
- Jeff Greene towers: two nearby luxury condo towers planned after a Currie Park land-swap deal
I have driven buyers through the Flagler Drive corridor more than once this year, and the change is hard to miss. The land Greene bought for $1.5 million in 2014 is now selling for around $100 million, a 6,567 percent jump, per The Real Deal. That is not normal appreciation. It is a market repricing around branded waterfront supply, the same pattern Latin American investors have driven in Miami.
West Palm Beach vs Miami for Pre-Construction Buyers
A new branded waterfront project in West Palm Beach raises the obvious question for my Miami buyers: is the value north worth the trade-offs? Here is how the two submarkets compare on the factors that actually drive a pre-construction decision.
| Factor | West Palm Beach (e.g. North Flagler towers) | Miami (Brickell / Edgewater) |
|---|---|---|
| Typical unit size | Larger (avg 1,760 sq ft planned) | Often compact, studio to 2-bed |
| Entry price per sq ft | Generally lower for waterfront | Higher, especially branded towers |
| International demand | Growing but smaller | Deepest in the US |
| Resale liquidity | Improving as supply scales | Strong and established |
| Buyer profile | Primary home, longer hold | Investor and second-home heavy |
| Walkable district | Northwood Village, Currie Park | Brickell City Centre, Design District |
Neither market is universally better. West Palm Beach suits a buyer who wants more square footage on the water, a lower entry price, and a longer hold. Miami still wins on international demand and resale depth. The deciding variable is your timeline and goals, which is why I walk every client through the step-by-step pre-construction buying process before they sign anything.
What This Deal Signals for Buyers Right Now
When a developer of Terra's caliber pays roughly $100 million for a single 1.6-acre parcel, it sends a signal that ripples through the whole submarket. First, it validates West Palm Beach waterfront for the next wave of branded supply, which pulls in more capital and more buyers. Second, it puts a public price on prime Flagler Drive land, which resets what every nearby owner thinks their site is worth.
West Palm Beach is at that inflection now. With more than 2,000 condos in the pipeline and the Ritz-Carlton and Rosewood names already attached, a buyer who wants a South Florida waterfront address in 2026 has real options north of Miami, often with more square footage and a lower entry price. That is a different West Palm Beach than the quiet market of a few years ago, and it rewards anyone watching the development pipeline early.
For non-US buyers especially, an early-stage project means you can lock today's price with staged deposits while planning financing and FIRPTA exposure ahead of closing, which I cover in the foreign national Miami real estate guide. Buying pre-construction gives international clients time to structure ownership properly instead of rushing a resale. That alone is worth a real look for buyers who value certainty.
"When Terra writes a nine-figure check for one West Palm Beach parcel, that is the whole story. I tell buyers to decide on goals first: if you want more square footage on the water at a lower entry price and can hold, the West Palm Beach pipeline deserves a serious look. If you need deep international resale demand, Miami still leads. Either way, watch this market now, not after the towers top off." Gerardo Gonzalez, Licensed Real Estate Agent at Compass
Frequently Asked Questions
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Curious whether West Palm Beach or Miami fits your goals? I can walk you through the new waterfront pipeline, pricing, and the right timeline for a pre-construction purchase.
Schedule a Consultation with Gerardo GonzalezRead the Complete Miami Pre-Construction Buyer Guide 2026 →
Data sources: The Real Deal, "Terra, BH to pay $100M for billionaire Jeff Greene's West Palm land" (June 18, 2026); The Real Deal, "Inside West Palm Beach's billionaire condo development boom" (March 19, 2026), citing the South Florida Business Journal. Information compiled from sources deemed reliable but not guaranteed; readers should verify current plans, pricing, and availability directly.
Information as of June 20, 2026. This article is for informational purposes only and does not constitute financial or investment advice.