A Vote of Confidence in West Palm Beach’s Luxury Market
As demand for luxury waterfront living continues to shape the Palm Beach skyline, Savanna has secured $380 million in construction financing for its flagship project, Olara. The funding, led by a consortium including One Investment Management, Sculptor, Octo Capital, and Zeckendorf Development, signals deep confidence in both the project and the broader West Palm market.
The loan replaces a $50.1 million mortgage issued in 2023 and will support the continued buildout of the 26-story Intracoastal-front tower. Gilbane Building Company and SavCon are serving as general contractors, with project completion now projected for late 2027 or early 2028.
This financing signals more than progress, it reflects the growing stability and maturity of the West Palm Beach market. Once considered up-and-coming, the area is now seeing sustained interest from institutional lenders and developers alike. With major players moving in and residential demand continuing to climb, Olara’s latest milestone underscores just how much confidence there is in the city’s future.
Offering inspiring views of the Atlantic Ocean, Palm Beach Island and the Intracoastal Waterway, Olara is a 26-story tower designed by Arquitectonica to be reflective of the idyllic nautical landscape that surrounds it. The building features 275 private condominium residences, as well as an impressive 80,000 square feet of indoor and outdoor amenity spaces for an unrivaled luxury lifestyle. This includes a 13,000-square-foot fitness center by The Wright Fit that boasts an open-air yoga deck, performance training zones and a recovery and regeneration spa that sets the tone for Olara’s focus on wellness; two swimming pools specifically designated for leisure and lap highlighting Olara’s resort inspiration; and a spa with an array of personalized services available, in addition to a Japanese-style Onsen, sauna, steam and treatment rooms, cold plunge, vitality pools and meditation rooms. With a concept centered around health and wellness, Olara has also partnered with Sollis Health to offer residents exclusive, premier access to the healthcare concierge’s finest medical professionals.
Other amenities include co-working spaces and conference rooms, private dock experiences complete with houseboats and seafaring concierge, and a waterfront veranda and juice bar. The grounds will be lushly landscaped by EDSA, extending to a waterfront veranda and library that promotes lounging and relaxation.
Prices for the two- to four-bedroom plus den homes at Olara begin at $2 million. Sales are exclusively handled by Douglas Elliman Development Marketing. For more information, please visit the website or contact the sales office at 561-448-3015 or sales@olarawestpalmbeach.com
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