A sale could be in the works for the landmarked Wells Fargo Bank buildings — and two adjacent parking lots behind them — that might lead one day to redeveloping the property at the corner of South County Road and Royal Palm Way in Palm Beach.
Earlier this year, commercial broker Cushman & Wakefield asked for offers on the 5.78-acre property with a submission deadline of Feb. 24, the Palm Beach Daily News has confirmed.
Developers would most likely envision building a residential component on the several acres of land occupied by the rear parking lots, according to several sources familiar with the property.
Among the ideas being floated for the site is a mixed-use project with commercial space and condominiums, townhouses or a combination, according to several sources familiar with the property and the request for offers.
That mixed-use idea appealed to commercial real estate broker Neil Merin, who has worked on projects in Palm Beach but said he was not involved with the Wells Fargo property.
Having some sort of residences on the parking lot site would help fill the robust demand for new housing in Palm Beach, said Merin, chairman of brokerage NAI/Merin Hunter Codman in West Palm Beach
And a sensitively designed mixed-use project also could enhance the ambience of Royal Palm Way, especially if architectural elements from the landmarked facades on South County Road were incorporated, he added.
“I think that what would be appropriate there would be (a project that accommodates) what the town wants and what the market will bear,” Merin said. He added: “I don’t think a five-story apartment building with balconies would work there.”