Time Equities wants to redevelop its property just south of downtown West Palm Beach into five condo towers plus retail buildings.

The New York-based developer, which owns over 20 million square feet across the country, purchased the 9.3-acre site at 3111 S. Dixie Highway for $17.5 million in 2006. Over time, the tenants in its 173,297-square-foot Prospect Place office building started leaving and downsizing, and the company decided to explore what a better use of the property would be, said Robert Singer, director of development for Time Equities.

It came up with a plan called 3111 Dixie that calls for 300 high-end condos in five 15-story buildings set back 150 feet from the highway, 18,500 square feet of retail and restaurants in several buildings fronting the highway, and a 1-acre public park. The parking garage would go along the railroad tracks behind it.

The developer set up a website to share its plans with the public. Singer said it plans to file the development application with the city in the next few months. It’ll request rezoning from office to general commercial, he said.

Most of the condos in West Palm Beach are in downtown, with some older condos across the bridge in wealthy Palm Beach. The South Dixie Highway area is relatively unproven for condos, especially high-end condos, but Singer said it’s a great market.

“These apartments will have incredible views that is what really differentiates the ability to sell condos,” Singer said. “We believe that this neighborhood is a better location than many people realize because it’s on Antique Row, it’s connected to many historic neighborhoods, and it has incredible open space.”

Singer noted that the project would generate much more economic activity than the “dead parking lot” that’s on the property now.

In terms of what people would pay for those condos, Singer said they would be “very high end.” He’s not sure how large the deposit requirements would be.

This comes as West Palm Beach is in the midst of a development boom. Billionaire Jeff Greene has two massive mixed-use projects proposed: One West Palm and a site at 419 Lakeview Ave., the Transit Village mixed-use project could break ground in 2016, the All Aboard Florida passenger rail station is under construction, CityPlace could be expanded with more office and retail, and Greene plans to build 2,300 residential units and a high-end grocery store on North Flagler Drive.