Fully approved 12-unit townhome site offers shovel-ready opportunity in high-demand rental corridor.
A 1.73-acre development site in West Palm Beach has completed all zoning, engineering, and approval processes required for 12 townhome-style units, creating what Loodmy Jacques of The Jacques Team characterizes as an unusual opportunity for small-scale multifamily developers seeking to avoid entitlement risk and timeline uncertainty.
The property at 4604 Grove Street carries full Palm Beach County approvals for four triplex buildings within a Class B Conditional Use designation, with Final Development Review Officer approval completed in July 2025. Building permits become available upon submission of final architectural elevations.
“There are very few new constructions being built. So this is a very unique opportunity for somebody to come in,” Jacques explains. “This is somebody that’s always wanted to test themselves by trying to do something like this instead of doing a single property—this is an opportunity for them to be able to go one step higher and build a community of townhouses.”
Entitlement Work Completed
The development approval process—typically consuming 12 to 24 months and requiring substantial capital investment with uncertain outcomes—has been completed for this site. Palm Beach County approved the 12-unit residential configuration on December 5, 2024, with workforce-housing requirements satisfied by one on-site unit.
“All zoning, engineering, drainage design, geotechnical work, and surveying are already done, saving massive time and money for the next owner,” Jacques notes.
This eliminates the primary risk factors that prevent many small developers from pursuing multifamily projects: entitlement uncertainty, unpredictable approval timelines, and upfront capital requirements before knowing whether projects will be approved.
The stormwater management system has been engineered and approved, with 700+ feet of culvert extension connecting to Palm Beach County’s drainage system. Geotechnical testing confirms favorable soil conditions for conventional shallow foundations with an allowable bearing pressure of 2,500 PSF.
“Conventional foundations. No pilings or deep prep,” Jacques emphasizes.
The site is located in FEMA flood zone X – the lowest risk category with no special flood hazard designation.
Location and Target Buyer
The Grove Street site is positioned in a rental corridor near Palm Beach International Airport, I-95, and major employment centers. Jacques identifies the location as offering strong rental demand without homeowners association restrictions that can complicate investor-oriented development.
Jacques characterizes the ideal buyer as a small-scale developer or experienced flipper seeking to expand from single-property projects to small multifamily development without exposure to large-scale project risk.
“Big developers will not touch this – too small for a big developer,” Jacques explains. “This is somebody who has always wanted to test themselves.”
The project scale – 12 units across four buildings – allows for phased construction and presales if desired. Builders could complete one building, generate market feedback and initial sales or rental income, then proceed with the remaining buildings based on confirmed demand.
At a $2.1 million list price, the land acquisition represents approximately $175,000 per entitled unit – competitive for entitled multifamily land in Palm Beach County’s current market. Jacques suggests units would likely sell in the $500,000 range upon completion.
New Construction Advantage
Florida’s insurance cost challenges create a meaningful advantage for new construction properties. Newer homes qualify for substantially lower insurance premiums compared to older properties, making them more attractive to both buyers and renters despite higher purchase prices.
Jacques emphasizes that, at this scale, fully entitled, shovel-ready multifamily sites rarely reach the open market. Most are either developed by the entity that pursued entitlements or acquired by larger developers before public listing.
“Rare opportunity to build new construction multifamily in a high-growth market without zoning or entitlement risk,” he says.
For builders or investors seeking to expand from single-property projects to small-scale multifamily development, the Grove Street site offers a structured entry point with defined costs, timelines, and approval certainty that rarely exists in development opportunities.
Loodmy Jacques leads The Jacques Team, serving Palm Beach County with expertise in residential real estate, luxury properties, and investment opportunities throughout South Florida’s premium markets.
Disclosure: Individuals or companies mentioned may have a commercial relationship with KeyCrew.
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