Ocean Palms is planned to be built in three tiers: 38 stories, 35 stories and 32 stories. These towers will feature 240 units and will encompass phase one of the planned project. The oceanfront project will be located on five acres at 3101 S. Ocean Dr., north of the newly finished $800-million Westin Diplomat Resort and Spa.
Ocean Palms is currently under construction and 192 units are under contract with 48 units remaining. The units will range in size from more than 2,100 sf to more than 3,400 sf. Prices range from the $800,000s to $2 million and each unit offers a view of the Atlantic Ocean.
Ocean Palms is a joint venture between two South Florida real estate development companies--the Plaza Group of Fort Lauderdale and Hollywood-based Avatar Properties. Scott Roth, Robert Garcia and Howard Erbstein of the Plaza Group handled the loan transaction.
Ocean Palms will be the first ultra-luxury, oceanfront condominium development to be built here in 25 years. Plans for a second phase, across State Road A1A at 3100 S. Ocean Dr., include a six-story building with 12,000 sf of retail space, 7,000 sf of restaurant space and a 332-space parking garage. The condo project is scheduled to be completed in January 2006, while phase two is set to be finished a year later.
The Plaza Group also is the developer of the Palms, an ultra-luxury, Mediterranean condominium project consisting of two 32-story towers in Fort Lauderdale. Avatar Properties is a wholly owned subsidiary of publicly traded Avatar Holdings Inc. Avatar is mainly involved in real estate operations in Florida and Arizona. The company's residential communities include Hollywood, FL's Harbor Islands, an upscale project along the Intracoastal Waterway.
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