This real-estate feature from the South Florida Sun Sentinel highlights the latest plans for new construction as demand rises for more housing, offices and stores across the region. You can submit questions by emailing buildings@sunsentinel.com, if you’re wondering about “what’s being built there?” in your community. Here’s one of the latest projects.
The location? 123 Ocean Ave. in Palm Beach Shores, located on the southern tip of Singer Island.
What’s planned? Eighteen luxury condominiums will be built along the beach in Palm Beach Shores, a small town on Singer Island surrounded by water on three sides.
“Palm Beach Shores is one of those small towns where you don’t feel the rush,” said Deeprak Khosa, founder of Atlantic Companies, the developer behind the project. “It’s perfect for someone who doesn’t want a big city feel.”
Called the Pearl, the exclusive residences will be built in a six-story building with luxury amenities. Units will range from two bedrooms to four bedrooms with the option for buyers to customize, ranging in size from 2,400 to 7,000 square feet.
Each condo will have a view of the ocean, along with a semi-private elevator.
Amenities for the property include a lap pool, fitness studio with Pilates reformers, a yoga studio with views of a zen garden, a breakfast cafe for residents and a 24-hour concierge, among other things. Residents of the condo will also have access to a beach attendant and boat club services.
“We are creating a luxury lifestyle experience with modern European touches that is unparalleled to anything else currently in the marketplace,” said Khosa. “Our buyers will be surrounded by nature’s beauty all while experiencing five-star services and amenities.”
Carla Guilhem Design
A rendering of a resident unit at the Pearl, a luxury building headed to Palm Beach County.
What will the units cost? Prices for the condos will start at $1,500 per square foot.
What’s being replaced? The site is currently home to a hotel called Seaspray, which the developer purchased after the hotel went bankrupt. The hotel will be demolished for the new condo complex.
When will construction be finished? Construction for the project is expected to start in the first quarter of 2024. Pre-sales for units are in the beginning stages.
Seeing demand: There is high demand for luxury products throughout South Florida that offer waterfront views.
“There is no slowdown in demand for new construction on the water in South Florida, and Palm Beach Shores is the perfect enclave for both luxury and privacy,” said Harlan Goldberg of the Experience Team at Corcoran, who is handling the sales of the project. “Pearl was designed for those seeking a respite from big cities, but still within easy access of some of the best dining, shopping and entertainment.”
The luxury housing market remains strong in Palm Beach County, according to numbers from the Miami Realtors. For homes priced $1 million and up, sales increased 69% in April of 2023, compared to April of 2019.
And the median sale price of an existing condo in South Florida increased about 8% to $1,795,000 in the first quarter of the year when compared to the year before, according to numbers from the Keyes/Illustrated Luxury Report.
“In Palm Beach County especially, there is demand for luxury product,” Khosa said.