Savanna Locks Down $380 Million Construction Financing For 'Olara' In West Palm Beach

Savanna, a New York-based vertically integrated development firm, has locked down $380 million construction financing for Olara, a residential condo tower in downtown West Palm Beach's on North Flagler along the Intracoastal Waterway.

The $380 million loan emphasizes the confidence the market has in the region's demand for quality luxury housing. As West Palm Beach continues to emerge as "Wall Street South," drawing Cleveland Clinic, major firms JP Morgan and hubs like Vanderbilt University to create entirely new neighborhoods as downtown expands, Olara will help accommodate many who are moving in.

Made up of a consortium including One Investment Management, Sculptor, Octo Capital and Zeckendorf Development, the financing supports construction for the condo tower, rising 26 stories to reflect the surrounding idyllic natural landscape. The development will ultimately feature 287 residences once delivered in late 2027/early 2028.

Olara will offer residents a dedicated, private sixth-floor suite of indoor and outdoor amenity spaces including a private dock, Japanese-style onsen and juice bar. Olara's residential experience centers around health, wellness and life on the water. Olara also has an exclusive partnership with Sollis Health to provide access to the finest healthcare concierge professionals.

Renderings via The Boundary

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Olara Begins Construction On Private Dock in West Palm Beach

New York-based developer Savanna has begun construction on the private dock amenity at Olara, a new luxury condominium tower set to overlook the Intracoastal Waterway. The private dock will be one of the most exclusive amenities offered at any West Palm condominium, given its rarity in the community east of Flagler Drive, and will feature a pair of house yachts, three for-purchase boat slips and a dedicated seafaring concierge capable of arranging everything from deep-sea fishing to paddleboarding. While the condominium readies to break ground in March for an expected completion in 2026, the private dock is slated to open early this summer and will serve as a preview into Olara’s forthcoming waterfront lifestyle as the 26-story building rises. SavCon is leading construction.

“Incorporating the private dock was one of the first decisions we made in the development process, and quickly became central to our vision,” said Chris Schlank, President and Co-Chairman of Savanna. “While many other projects have waterfront views, not many encourage and allow for residents to get out on the water like Olara. With dockage becoming increasingly limited in South Florida, we felt this was an amenity that our buyers would appreciate.”

Serviced by a five-star concierge team, the private dock amenity provides Olara residents with the opportunity to enjoy a wide array of unique experiences. They can coordinate a private yacht charter to Palm Beach Island, hire a boat captain for a day trip on one of Olara’s two house yachts, embark on a catamaran scuba and snorkel tour with local experts, try their hand at deep-sea fishing, have a gourmet lunch or dinner at sea or even invite friends to visit by boat and dock at the guest slip. Aside from boating, residents will also have access to many water sports and activities, including paddleboarding, kayaking and floating tubes. The dock will extend 192 feet out into the Intracoastal Waterway, and will be dimly lit throughout the evening, providing a focal point towards the water for all that pass by.

In addition to the private dock, Olara features more than 80,000 square feet of amenities that rival a luxury resort. Many of the spaces are designed for residents to refresh and reset, as wellness is a guiding principle at Olara. This includes a world-class fitness center by The Wright Fit that offers 13,000 square feet of indoor and outdoor workout spaces, ranging from an open-air yoga deck and performance training zones with indoor-outdoor turf lanes to a studio for yoga, mat Pilates, core movement and breath work and a Pilates studio. There will also be spa and wellness amenities like a five-star recovery and regeneration spa, a recovery zone featuring Normatec compression therapy and Hypervolt massage equipment, a Japanese-style Onsen, sauna, steam and treatment rooms, cold plunge, vitality pools and meditation rooms.

Olara’s pool deck continues the resort-inspired lifestyle. The grounds will be lushly landscaped by EDSA, extending to the property’s private waterfront veranda and library. Two cabana-lined swimming pools for leisure and laps will overlook the Intracoastal Waterway, while a juice bar will energize and enhance residents’ everyday life. Additional spaces at Olara include a game room, private dining room and catering kitchen designed by Gabellini Sheppard Associates. Residents working from home will also have areas optimized for productivity, such as a multimedia lounge, private offices, conference spaces and a co-working lounge. A bevy of personalized services include a concierge, 24- hour private security, valet, house car, in-home dining offerings, catering by the celebrity-chef helmed eatery and access to an exclusive Olara Residents App.

Residences at Olara will be two- to four-bedroom plus den units, with floor plans ranging from 1,500 to over 4,200 square feet, with pricing starting at $2 million.

Renderings via Binyan Studios

Demolition Underway At Future Waterfront Site of Olara In West Palm Beach

Demotion has commenced on the future waterfront site of Olara in West Palm Beach, a luxury condominium tower that overlooks the Intracoastal Waterway. Olara is being developed by Savanna, a vertically integrated real estate investment and development firm with offices in New York and West Palm Beach. Set to transform he waterfront of North Flagler at 1919 North Flagler Drive, Olara will deliver premier condominium residences, 80,000 square feet of exclusive amenities including a private marina and world-class culinary experiences, and an unprecedented lifestyle for sophisticated clientele.

The milestone represents the first steps towards the project’s groundbreaking, which is scheduled for this fall. Construction for Olara will be led by SavCon and Gilbane, with completion slated for 2026. Residences are priced from $2 million with sales and marketing efforts exclusively overseen by Douglas Elliman Development Marketing and branding by King & Partners.

“We’re thrilled to reach this exciting milestone and begin the first phase of construction for Olara,” said Peter Rosenthal, Chief Development Officer of Savanna. “The vision for Olara was to re-invent and re-invigorate West Palm Beach. Between acquiring the property and working with our architect, Arquitectonica, on a modern design, the plans have been years in the making, so seeing the project start to come to life is really special.”

Once completed, Olara will rise 26 stories along the Intracoastal Waterway and feature 275 exceptional two- to four-bedroom plus den residences. Designed by Bernardo Fort-Brescia, founding principal of award-winning architecture firm Arquitectonica, the tower is a waterfront residential oasis with a timeless façade, differentiated by its soft curves and glass terraces that reflect the water before it. With interiors by world-renowned design studio Gabellini Sheppard Associates, the residences at Olara were envisioned to be bright, airy, and filled with abundant natural light through the floor-to-ceiling glass windows. They feature elegant European-style kitchens outfitted with honed Volakas marble countertops and a suite of Gaggenau appliances, as well as spa-inspired bathrooms with dual vanities. The neutral, natural color palette informs the finishes selected for the homes, such as the light oak flooring, white matte lacquer cabinetry, and bronze accents.

The lifestyle at Olara will also be enriched through an impressive 80,000 square feet of indoor and outdoor amenity spaces. Among some of the amenities are a private marina, resort-style swimming pool with private cabanas, world-class fitness center and spa designed by The Wright Fit, and 30,000 square feet dedicated to a restaurant and epicurean marketplace.

“As the sister company of Savanna, also expanding in South Florida, SavCon is proud to be working alongside Glibane to build West Palm Beach’s most desirable waterfront destination,” said Eric Desimone, Chief Executive Officer of SavCon. “We truly believe that Olara is going to change the landscape of the area, and we’re honored to have a role in bringing this project to fruition.”

Situated along North Flagler Drive to offer views of the Intracoastal and Palm Beach Island, Olara will provide an expansive four-acre oasis that’s easily accessible to some of the area’s most coveted dining and shopping destinations. Residents are in within minutes of white-sand beaches, Palm Beach Island, and downtown West Palm Beach’s four retail and entertainment districts: Clematis Street, Rosemary Square, Northwood Village and Antique Row, lined with fashionable boutiques and collectibles. Many cultural institutions surround Olara, such as the Norton Museum of Art, the Ann Norton Sculpture Gardens, and the Kravis Center for the Performing Arts, which regularly hosts Broadway shows, nationally acclaimed theater and dance troupes like the Palm Beach Symphony, the Palm Beach Opera, and the Miami City Ballet.

Olara is sponsored by a Savanna affiliate. Savanna is a proven owner, operator, developer, and institutional fund manager with a 30-year track record, it has invested in and developed over 17 million square feet of real estate. Other affiliated parties include the Mactaggart Family Partnership, which has invested in and developed premier real estate projects in the United States and England for over 100 years, as well as Haymes Investment Company and Brandon Rinker, who assisted in the acquisition of six of the eight parcels within the assemblage that became the Olara development site. Haymes and Rinker served as development consultants as the site was assembled and the development vision was finalized. The principals of Haymes Investment Company have owned, operated and developed millions of square feet of commercial, residential and retail real estate in New York, Florida, and around the United States. Brandon Rinker has assembled some of the premier sites in the Palm Beaches. Brandon is now a principal at Savanna.