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WCI Completes $50M Condo Project

BONITA SPRINGS, FL-The 71-unit, 21-story Palermo tower here had a project cost of more than $50 million. Prior to completion, 57 units were sold for a total of $54.8 million--an average unit price of $961,403.

By Melissa Bogdany | Updated on January 10, 2003

BONITA SPRINGS, FL-WCI Communities Inc., a publicly traded Florida homebuilder and developer of lifestyle communities, has finished construction of the more than $50 million, luxury Palermo condominium tower here. Palermo totals 21 stories with 71-units.

Before the project was finished, 57 units had been sold for a total of $54.8 million–an average of $961,403 per unit. “The timing of this completion is very favorable, as we are just entering our prime selling season,” WCI president Jerry Starkey said in a statement.

The tower’s unsold units consist of two penthouses priced between $2.7 million and $2.9 million, and 12 other units priced between $890,000 and $1.19 million. Those units are in three different floor plans that range from 2,910 sf to 3,295 sf.

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