Published 2026-09-25T20:16:53.550Z from City of West Palm Beach CRA.
The long-delayed gateway tower is seeking a new January 2029 completion deadline as West Palm Beach officials weigh frustration with the project sponsor against a proposed $350 million investment that could finally put the project on firmer footing.
Introduction
One of downtown West Palm Beach’s most prominent development sites is facing another major delay. West Palm Point, the glass office tower rising on the long-vacant “Tent Site” at Okeechobee Boulevard and South Dixie Highway, was supposed to be completed by August 2027. project sponsor Cohen Brothers Realty is now asking the city for an additional 17 months, pushing the deadline to January 2029. The request has not gone over quietly at City Hall. Mayor Keith James and members of the West Palm Beach Community Redevelopment Agency expressed considerable frustration during a September meeting after years of slow progress at the city-owned property. The city had already notified the project sponsor that it was in default under its 49-year ground lease. But there is now a significant reason the city may agree to give West Palm Point more time: approximately $350 million in new investment could be tied to the extension.
A $350 Million Reason to Keep Going
According to the CRA's attorney, Lendlease is prepared to partner on the project and commit approximately $350 million, but wants the city's lease amendment in place before making that commitment. That changes the equation considerably. West Palm Point has spent years caught between ambitious plans, permitting delays and financial uncertainty. A capital commitment of that scale could provide a much clearer path toward completing one of downtown's longest-running development sagas. The proposed extension also comes with something West Palm Beach has been missing during much of the delay: financial consequences for taking longer. Under the proposed agreement, approximately $1 million in annual ground rent would begin in September 2027 — whether or not the building is finished. Beginning in January 2028, the project sponsor would also begin making estimated tax-equivalent payments of approximately $400,000 per month, according to the CRA's attorney. In other words, extending the deadline would no longer mean simply extending the period before the city gets paid.
Why the ‘Tent Site’ Matters
The controversy surrounding West Palm Point isn't just about a late construction project. The roughly 2.4-acre property occupies one of the most visible entrances into downtown West Palm Beach, where Okeechobee Boulevard meets South Dixie Highway. The CRA has described the city-owned parcel as a prime entryway into downtown, and the property was appraised at approximately $25.7 million when the current redevelopment effort was established. The CRA entered into its development agreement with Cohen Brothers Realty in 2020, and the project's site plan received City Commission approval in January 2022. The city has been attempting to redevelop the site in various forms for roughly three decades. That history explains some of the frustration now coming from City Hall.
What Is Planned for West Palm Point?
West Palm Point is envisioned as a major Class A office and retail development centered around a distinctive elliptical glass tower. The project occupies an especially important position at the western entrance to the downtown core, immediately east of the rapidly developing Okeechobee corridor. And unlike some West Palm Beach proposals that remain largely conceptual, West Palm Point has moved into construction. The city's own current road-and-construction updates list the project as active, although city materials have referenced a spring 2028 timeframe that now appears increasingly difficult to reconcile with the project sponsor's requested January 2029 completion deadline. The West Palm Beach Residents Coalition's development tracker currently lists West Palm Point as under construction with a foundation permit issued.
Years of Financial Trouble Complicated the Project
The delays have unfolded alongside broader financial problems involving project sponsor Charles Cohen and his real estate holdings. In 2024, Cohen's company defaulted on a $535 million loan from Fortress Investment Group, ultimately losing several properties. West Palm Point encountered its own financing trouble in 2025 when a lender filed a foreclosure lawsuit alleging that the project's ownership entity had failed to repay a $10 million preconstruction loan. That case was subsequently dismissed. Meanwhile, the City of West Palm Beach eventually determined that the project sponsor itself was in default under requirements of the Tent Site lease. Cohen has maintained that the project remains firmly on track despite those setbacks. In a statement provided to the Palm Beach Post, he acknowledged the delays but said his team remains committed to delivering the development and pointed to visible construction progress at the site.
A Very Different Downtown Than the One West Palm Point Started In
There is some irony in how long West Palm Point has taken. When Cohen Brothers secured the Tent Site in 2020, West Palm Beach's transformation into a major destination for financial firms and corporate offices was still accelerating. Six years later, West Palm Point is entering a dramatically different market. New office towers have reshaped the Okeechobee corridor, billions of dollars of residential development are underway across downtown and the waterfront, and competition for tenants at the top end of the office market has increased substantially. That makes West Palm Point arguably more important architecturally — but also means it can no longer rely simply on being one of the newest premium office buildings downtown. It has to arrive.
What Happens Next
The CRA has scheduled a special meeting for September 28 to consider the proposed amendment. As of September 25, no final extension has been approved. The decision puts city commissioners in an unusual position. They are dealing with a project sponsor whose performance on the property has generated obvious frustration and whose existing agreement has already fallen into default. At the same time, the project is under construction, the proposed agreement would begin generating substantial revenue for the city before completion, and a reported $350 million investment is contingent on getting the amendment resolved. For a parcel West Palm Beach has spent decades trying to develop, walking away and starting over would carry its own costs and delays. That may ultimately be the most important context surrounding the latest West Palm Point deadline. January 2029 is considerably later than West Palm Beach expected. But after decades of plans for the Tent Site, the more consequential question is whether this extension finally comes with enough capital — and enough financial pressure — to make West Palm Point a reality.
Continue the research
Explore the development corridors · Compare buildings · Ask the buyer research desk