WCI Completes $50M Condo Project

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.