Project expected to create 600 new jobs,
and generate $43 million dollars in new tax revenue over 25 years.
(West Palm Beach, FL) – A proposed new luxury resort hotel, spa and residential community has been overwhelmingly approved by the City of West Palm Beach Planning Board.
The proposed project is for the area known as the Land of the Presidents, located north of Palm Beach Lakes Boulevard along Congress Avenue.
The proposed development includes a five story, 400 room luxury hotel, spa, conference center, 10,000 square foot medical office building, 200 multi-family units and 100 single family homes.
The project is one of the largest undertaken in the city in several years, and together with the new Palm Beach Outlet mall just down the road promises to revitalize a section of the city that has been in decline in recent years.
The 6 -1 vote held during last night’s Planning Board meeting followed a presentation by planning department staff and the West Palm Beach Office of Economic Development.
At the request if the Planning Board, Alan Durham, Executive Director of Economic Development, presented an analysis of the impact the project will have on the city’s economy.
Alan Durham’s five minute presentation can be viewed here:
According to Durham, since 2008, the total value of all the property in the city has dropped from $12.6 billion dollars to $8 billion dollars. That decline has meant approximately $20 million fewer dollars to pay for city services.
When compared to the peak of the boom times, the drop in the number of dollars is even greater.
Durham told board members these dollars are a significant percentage of the city’s overall budget, and those lost dollars have real consequences on the services the city can provide residents.
“This directly affects the quality of life for the City of West Palm Beach. This directly affects the safety of our residents and our business owners,” said Durham.
“Here’s what we can expect in terms of project impact: $1.7 million dollars in tax revenue will be generated annually,” said Durham. “That is the equivalent to being able to hire 13 new police officers, or 19 new firefighters, or 20 new code enforcement officers.”
The project now goes to the City Commission for approval.