New York University dropped $33 million for a medical office development site in downtown West Palm Beach, with plans to move its Langone Health to the new building.

NYU bought the 0.6-acre property at 324 Datura Street from an affiliate of Boca Raton-based Morning Calm Management, according to records and real estate database Vizzda.

The site now houses a four-story, 68,800-square-foot office building that was completed in 1950, property records show. Morning Calm paid $10.6 million for the building in 2021.

Last year, Morning Calm filed a proposal to redevelop the site with a seven-story building with 76,400 square feet of medical offices on four levels and three levels of parking, according to an application submitted to the city. The proposal is asking for four variances, including to reduce side setbacks to 15 feet from 20 feet for the portion of the building that’s over five stories.

Source:  The Real Deal