The Riviera Beach, FL-based developer is building the 15-story, 34-unit project for Carlson Vacation Ownership, an affiliate of Minneapolis-based Regent International Hotels.
Although it initially publicized in December an April construction start date, the company disclosed in a recent announcement that work would now begin sometime in the middle of the year.
Construction cost on the individual units is estimated at more than $1 million, but the Minneapolis-based affiliate is marketing memberships on two-bedroom and three-bedroom units at prices between $200,000 and $250,000. Monthly dues range from $650 to $750 per unit.
The company did not provide details on how many memberships it expects to sell. Officials at Regent International were unavailable to answer GlobeSt.com's request for more information on the property at 550 Seabreeze Blvd.
"Of the variety of planned beachfront property, Club Regent makes the most sense in terms of a practical and affordable way to own a five-star vacation residence on the ocean," William Govel, MJQ president, says in a prepared statement.
"Purchasing a fractional ownership is similar to purchasing a membership at an exclusive equity golf and country club or sharing ownership of a private jet where use privileges are limited to members and their guests," he says.
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