Many beach towns in South Florida have their charms, but Delray Beach is probably one of my favorites. With its eclectic mix of shops, award-winning cafés and restaurants, and of course beautiful beach, it's a great place to visit, and as many people are discovering, not a bad place to live, work and play.
Delray's increasing popularity has resulted in a spate of new multifamily and mixed-use development in and around Atlantic Avenue, the city's main thoroughfare, that are energizing previously underutilized neighborhoods.
For example, Atlantic Crossing is a four-block development underway on the east side of Atlantic Avenue that will "close the gap between Downtown, the beach and Veteran's Park," according to the developer's website, by adding 82 luxury condos, 264 apartments and over 80,000 SF of office, as well as shops and green space. On the opposite side of town, just east of I-95, another major neighborhood redevelopment is underway: Uptown Delray is a mixed-use project with 48,000 SF of retail, 30,000 SF of office and 57 apartments and townhouses that will sit directly at the gateway of the pedestrian shopping zone. It is the first development in over five years along that particular corridor, currently populated by a lot of older buildings, some vacant.
The sound of shovels hitting dirt reverberates far; the flurry of new development has caused many national retailers to take notice. In fact, Urban Outfitters recently signed a lease on Atlantic Avenue (brokered by CBRE's Roxanne Register) and Trader Joe's will open at Delray Place, on the corner of Federal Highway and Linton Boulevard, this fall.
It's always a good time to visit Delray Beach; but now is definitely a good time to invest.
By: Ken Krasnow
Managing Director | CBRE South Florida
Ken Krasnow is the Managing Director for CBRE’s South Florida offices. In 2013, his region executed over 1000 transactions – 175 sales, and 825 leases – with an aggregate value exceeding $2.8 billion. In addition, CBRE South Florida completed over 1,400 valuation and advisory assignments and $600 million in loan originations.
Follow CBRE on Twitter: @cbre_Florida
Want real estate news on-the-go? Download our NEW mobile app today!