via SFBJ by Brian Bandell
The 16-story Alexander apartment building broke ground in downtown West Palm Beach after securing a construction loan from Wells Fargo Bank.
SoDix Fern LLC, a joint venture between West Palm Beach-based Kolter Group and Palm Beach Gardens-based Ram Realty Services, got a $42.4 million advance on its mortgage to make it total $50.7 million. It’s building the 205-unit project at 333 Fern Street.
The Alexander is slated for completion in the third quarter of 2017. It will include a 377-space parking garage, a 24-hour fitness center, a pool deck with spa, an outdoor kitchen, a meeting room, and a public park. Units will range from one bedroom in 832 square feet to two bedrooms in 1,419 square feet.
Kast Construction Co. is the general contractor for the Alexander, which was previously called the Isis before changing its name for political reasons.
The developers acquired the 1.45-acre site for $5.1 million in 2012. It’s next to the Alexander Lofts, a historic building that Ram Realty Services renovated into 84 units.
There’s been an influx of development proposals in downtown West Palm Beach recently, including mixed-use projects by Jeff Greene and the Related Cos.