Of the financing, Comerica Bank, with participation from Bank of Nova Scotia, is providing $42 million in construction financing. In addition, The Related Group has obtained $4.4 million in mezzanine financing from City National Bank.
Including the $46 million for The Slade, financing this year for projects The Related Group is developing in Palm Beach, Broward and Miami-Dade counties totals approximately $700 million.
The Slade, which broke ground recently at 1551 N. Flagler Dr., is a $60 million development. It is expected to be completed in December 2004. Preconstruction prices for one- to three-bedroom units fully finished range from the low $200,000s to the $700,000s. The project was 85% sold at press time.
The project is being designed by Arquitectonica. The tower will feature panoramic views overlooking Palm Beach Island and the Intracoastal waterway. Amenities will include a business center, sunrise and sunset pools, a party room, a meditation garden and a fitness pavilion with a dry sauna.
"South Florida remains one of the strongest condominium markets in the country," says Jorge Perez, CEO of The Related Group of Florida. "With The Slade, we plan to bring condominium life to a new level in West Palm Beach, with bold design and an even bolder vision of stylish living. I wanted to bring to Palm Beach County something completely new and unique."
The lobby design soon will be unveiled to the public, according to Barbara Salk, vice president and project director for The Slade. "We have definitely combined art with our contemporary architecture to create a unique atmosphere for our buyers."
Recent interest in larger units has led to the developer's creating larger, three-bedroom, 3½-bath units that will total 2,350 sf. These residences will have an open gourmet kitchen, two balconies with views of the Intracoastal, a master suite with separate walk-in closets, a sitting/study area, an oversized whirlpool tub and two climate-control areas. These residences are priced from the low $700,000's.
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