(Crystal Proenza is associate editor of Real Estate Florida.)
BOCA RATON, FL-LXR Luxury Resorts & Hotels has topped off its $200 million, 52-unit One Thousand Ocean ultra luxury condominium project. The development, which is located adjacent to the LXR-owned Boca Raton Resort & Club's Boca Beach Club, is expected to deliver by the end of this year.
"The property is built to take advantage of maximum views, located on a private peninsula near the mouth of the inlet of the Intracoastal Waterway and surrounded by the Atlantic Ocean," Jamie Telchin, LXR's president of development, tells GlobeSt.com. "What gives the project rocket fuel is that it's right next to the Boca Beach Club," a 212-room luxury hotel that just underwent a $115 million renovation, he adds. The Boca Raton Resort & Club, also located on the site, includes approximately 900 rooms.
The developer would not release the exact number of units sold to date, but indicates that the company holds hard contracts on a majority of the units, which start at $2.7 million. "We've sold more this year already than we sold in all of 2008," says Telchin, attributing 2009's success to the fact that prospective buyers are now able to walk around the almost-completed development and see its potential.
Besides having access to the amenities at the neighboring resort, each 4,000-square-foot unit at One Thousand Ocean features a two-car garage, fireplace, elevated plunge pool, outdoor kitchen with grill, along with a terrace averaging 1,200 square feet. Building amenities include a pool deck with 27 cabanas that are sold to unit owners, a steam room, sauna, massage room, yoga room, fitness center, meeting space, multipurpose play room, lounge area with catering kitchen and an outdoor terrace with double grills.
Delivering in the midst of a South Florida condo crisis has made sales a bit slower than expected, says Telchin, but adds that the project is insulated to a certain degree. "Ultimately because of the location of the property and the price point, it really is an outlier in an otherwise horrible real estate market."
When the market does turn around, LXR is ready with plans for another residential development on the Boca Raton Resort & Club site. The company is pursuing a four-story, 36-unit ultra luxury condominium building with 18 boat slips.
LXR, which is owned by an affiliate of Blackstone Real Estate Advisors, is also working on various entitlements for the Bahia Mar Marina located on A1A in Fort Lauderdale. A $500 million master plan for the site includes an elevated park, rehab to the existing Bahia Mar Hotel, a 299-room Waldorf Astoria Hotel and two residential buildings featuring 180 private, co-op apartments.
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