Fortress Investment Group apparently cannot leave Florida alone. The New York based investment firm has once again made a splash in the Sunshine State with a recent purchase of a landmark building. The building, located at 259 Worth Avenue, is a mainstay of Palm Beach. It houses Tiffany & Co. and is the most recognizable retail space in a thoroughfare comparable to Beverly Hill’s Rodeo Drive. Fortress Investment Group nabbed the building for a whopping $20 million dollars, leaving many to speculate as to what future plans might entail.
At present there are no plans in the running. Fortress Investment Group announced that present tenants will be allowed to stay. The only change will be the development of some class A office space on the second floor. What Fortress plans to do with that space is anyone’s guess. The group likes to invest in wide-ranging projects that have the promise of future impact. Once such project is their former Florida investment Brightline. 259 Worth Ave. comes right on the heels of the Miami-based high-speed commuter rail. To know more about the company click here.
Brightline is a privately-owned passenger rail that runs a commuter service between Miami and West Palm Beach. At present it is the only private-owned rail line in the U.S. It has one intermediate stop in Fort Lauderdale and is planning an extension to Orlando sometime in 2021. The routes are very practical as many people travel between the cities for business and pleasure. The project has already met with great success. It has benefited the economies of both cities, made life easier for commuters, and had a positive impact on the environment. The project has been so successful that Fortress is looking into establishing commuter lines in other states. This is indicative of Fortress investing in future potential. So what is in store for Worth and Hibiscus?
Worth and Hibiscus is a major piece of retail royalty. Simply owning property there makes money. With two huge projects falling within the Palm Beach Area one begins to wonder if a connection will soon be made. As Fortress Investment Group has its fingers in many pies this is probably just speculation.