The luxury real estate market in South Florida is booming at an unprecedented scale -- and developers across Palm Beach, Fort Lauderdale, and Miami are keenly tuned in. With more out-of-towners choosing to settle down by the sea, the $1 million-plus condo market has been growing exponentially. This has developers rushing to secure every prime parcel of land they can find, replacing older buildings, and stepping up efforts on new projects.
This August, New Jersey-based developer U.S. Construction, and Icon Realty Capital, both secured financing for their waterfront condo projects. Both projects are scheduled to replace older buildings in the area, in sync with the trend we’re seeing across Miami and Miami Beach. On the other hand, the high-end, boutique 160 Marina Bay has already broken ground in Fort Lauderdale, all geared for its 2022 delivery.
Read on for details on all of the above projects in our condo pre-construction market roundup for August 2021:
Broke Ground
160 Marina Bay – Fort Lauderdale
Breaking ground in August, the boutique waterfront residences of 160 Marina Bay are on track for a Q3 2022 delivery. 160 Marina Bay marks the entry of Miami-based developer, Gold Krown into the Fort Lauderdale market. With only four residences per floor and smart home tech throughout, the 5-story condo building is being built for utmost privacy and connectivity.
Designed by FSMY Architects, the 16-residence building will be delivered move-in ready with bright, spacious interiors styled by RS3 Design. Highlight amenities include a private marina, 14 for-purchase boat slips, a waterfront pool deck with cabanas and BBQ area overlooking the canal, Wi-Fi accessibility throughout, a fully integrated and capable smart home technology package, plus for-purchase electric car charging stations.
Prices start at $2.2. million, with a choice of three-bedroom floorplans.
Other Updates
1625 Ocean – Delray Beach
New Jersey-based developer U.S. Construction has secured a $44.65 million construction loan for its boutique, luxury waterfront condo project in Delray Beach. The 1.17-acre site at 1625 S. Ocean Blvd is currently home to the 15-unit Delray South Shore Club timeshare. Already 40% sold, the condo project is scheduled for a December 2022 delivery.
Perched on 120 feet of pristine oceanfront, the 3-story, boutique building will feature only 14 luxury residences. The ultra-spacious condos, ranging from 3,500 to more than 5,000 square feet in size, will be named after famous musicians from the 1960s and ‘70s, including Billy Joel, Bob Dylan, Bruce Springsteen, and Janis Joplin. Each unit is planned to feature extra-large terraces, summer kitchens, a golf cart, and 2 parking spaces with electric charging stations in the underground garage. Designed by Delray Beach architect Randall Stofft, this one-of-a-kind condo development is also expected to include a swimming pool, fitness room, lounge area with lockers, and more.
Prices range from $3.9 million to $7.5 million, with a choice of three- and four-bedroom residences.
Icon of Palm Beach Shores – Palm Beach
Developer Icon Realty Capital has secured a $25.16 million construction loan to begin working on its 1.34-acre site at 150, 200, and 206 Inlet Way. Located on the north side of Palm Beach Inlet, the site is currently approved for a 15-unit condo building.
The waterfront Icon building will stand as a collaboration of modern design, high-end materials, and timeless location. Replacing 70-year-old residential buildings on the lot, each unit in this first phase of Icon at Palm Beach Shores will feature luxurious residences with expansive balconies and direct water views.
Prices are expected to start at $2 million.
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