Plans call for the luxury project to be completed in two phases, each with about 170 units. The developers acquired the 3.2-acre site in January for $12 million. This will be BAP Development and Newleaf's first project together and BAP's first in the city.
The development will be located at 2589 First St. on the Caloosahatchee River. The towers will feature views of the water and the amenities will include a pier, a private marina, a heated infinity-edge pool, a Jacuzzi, a fitness center and a spa, a billiards room, a theater and a lush garden area.
The one-, two- and three-bedroom units and two-story lofts will range in size from 800 sf to 1,800 sf and prices will range from about $250,000 to $1.2 million. Sales of the new development, which is yet to be named, are expected to begin in the fall. BAP Realty, a division of BAP Development, is handling the project's sales.
According to Willy A. Bermello, president of BAP Development, the project contributes to the renaissance Downtown, and the developers are committed to helping revitalize the area. The project is designed to fill a demand for in-town, high-rise living, according to a project spokesperson.
BAP Development has developed several condominium projects in South Florida, including 610 Clematis, a $55-million, 246-unit, eight-story, luxury condominium project in West Palm Beach; Onyx, a planned $42-million luxury, waterfront condominium in Miami's emerging Arts District; and the Aston on Coral Way, a 15-story, 226-unit condominium development also in Miami.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
