The October groundbreaking for Life Time at ShopCore Properties’ Downtown Palm Beach Gardens in Palm Beach Gardens, Florida, is more than just the addition of a luxury health experience to an affluent community. The 120,000 square-foot luxury fitness center is the first phase of the multi-year redevelopment that will create a new core for those living and working in the area. To establish a 24/7 hub of activity, ShopCore is adding more shops, unique dining and entertainment options, office space, residences and a hotel.
“This is about being the heart of the community, becoming the third place to be after work and home,” observed Nina Rogers, Vice President of Leasing of ShopCore Properties, the owner and manager of the center.
“The $100 million redevelopment of the 455,000 square-foot, open-air center is ShopCore’s most ambitious and transformative to date in terms of its scope,” said David Dieterle, Executive Vice President of Leasing and Development. Located across from the Gardens Mall and anchored by Whole Foods and Cobb 16 Theaters, Downtown Palm Beach Gardens has long provided basics and dining for an affluent and vibrant community. A Whole Foods Market and cinema-anchored center will become a mixed-use community where people will live, visit and work, as well as play.
“We are thrilled to work with an engaged and committed municipality in Palm Beach Gardens,” Dieterle said. “And coupled with some of the best real estate in the state, we are excited about the opportunity to deliver something truly transformative to the community.”
More than 152,000 people live within a five-mile radius, a figure that is projected to grow to nearly 164,000 people by 2023. The average household income within a three-mile radius exceeds $123,000. Though snowbirds continue to flock to the area, Palm Beach Gardens increasingly is becoming home to young families who want a resort lifestyle year-round.
“More millennials are moving to this part of the country, drawn by the weather, lower taxes, and access to international airports and cruise ports,” said Brian Donley, Vice President of Development and Construction. “All of this is very attractive to entrepreneurs, and we’r seeing a lot of new, young companies being founded.”
Scheduled to open in 2021, Life Time will include luxury amenities including a full-service spa, a children’s academy, café, indoor pools and basketball courts and best-in-class programs, and a rooftop beach club, the first in the chain’s history. A 20,000-square-foot Life Time Work will add co-working space to the property.
Plans for future phases of the redevelopment are still in approval, but call for additional local and unique-to-market regional retailers to join the national names already at the property. Also being considered are the addition of a hotel and luxury residences, and a redesign in a tropical chic style and amenities to offer a sense of place.
“As a community, Palm Beach Gardens has more energy than ever before,” Donley said. “It needs a community core with that same vibrancy. We’re creating it at Downtown Palm Beach Gardens.”