Newgard Development Group and Porsche Design plan to build Porsche Design Concours, 22 privately owned automobile studios on a 2.6-acre site at 2500 North Florida Mango Road in West Palm Beach, after a Newgard affiliate bought the land for $10.5 million in August, according to Traded.
Newgard Development Group and Porsche Design plan to build Porsche Design Concours, 22 privately owned automobile studios on a 2.6-acre site at 2500 North Florida Mango Road in West Palm Beach, after a Newgard affiliate bought the land for $10.5 million in August, according to Traded. The purchase was reportedly financed with a $6.3 million loan from Belmont Bank & Trust, and the project is targeting a 2028 opening.
Each studio will be individually deeded, ranging from about 2,700 to 6,000 square feet, with a mezzanine, a full bathroom, a wet bar and climate control. The studios open onto an enclosed promenade where owners can move and display their cars. A members’ clubhouse would add padel courts, a spa, dining, lounges, coworking space and event areas, with concierge service and round-the-clock security. Sales will be by invitation and open to collectors of any brand. Urban Robot Associates is the architect; a construction start and general contractor have not been announced. The site had earlier been proposed for a smaller auto condominium project with 20 studios.
At $10.5 million for 2.6 acres, the land traded at roughly $4 million per acre, about $93 per square foot of land. For comparison, an entitled outdoor storage yard in Pompano Beach sold this month for about $3 million per acre. Luxury auto studios can support a high land price because they sell as individual units, often for well above what a conventional small warehouse would bring per square foot.
Auto studios and garage condominiums use the same kinds of sites that small-bay warehouses and contractor shops need: a few acres with good road access, typically on commercial or light industrial land. When a buyer that sells units individually can outbid a warehouse developer, the land price for small sites rises, and so does what an owner of such a site can expect. It also shows the strength of owner-occupied product in Palm Beach County. Buyers who want to own their space, whether for a business or for a collection, are willing to pay for it.
If you own a small commercial or light industrial site, your buyer pool may be broader than you think, so test the market with more than one type of buyer. If you run a business that needs a small warehouse, expect competition for the best-located sites and consider owning a condominium unit rather than leasing. If you are a developer, check zoning carefully, since storage, showroom and club uses are treated differently from city to city.
AXCESS Commercial advises owners of small industrial and commercial sites across Palm Beach County on leasing, listing land and buildings for sale, and managing income property.
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