PALM BEACH, FL—Kast Construction just topped out the first new condo project east of 1-95 in Palm Beach County since the recession. 4001 N. Ocean may soon begin wooing foreign investors.
4001 North Ocean is in Gulfstream, which is midway between Boca Raton and Palm Beach. Prices on the condo units start at $1.8 million.
“The ‘topping out’ is a significant milestone in the life cycle of new building construction,” Michael Neal, president of Kast Construction, said in a statement. The project, which is being developed by Kolter Urban Group, is noteworthy in that prices start just south of $2 million, he added.
4001 North Ocean sits on 300 feet of direct oceanfront in an exclusive neighborhood surrounded by multimillion dollar homes. The property features an ocean-front pool, modern fitness center, and state-of-the-art technology.
“Kolter bought the note from Bank of America and then went to auction and pumped in more money to get the land,” Peter Zalewski, principal at CondoVultures, tells GlobeSt.com. “Kolter has a low cost basis, and they are able to move forward."
4001 North Ocean is a six-story, luxury development. The project features 34 residences ranging in size from three-bedrooms, three-baths in 2,800-square-feet to three-bedroom, four-bath penthouses at 3,662-square-feet.
“Given the development company is Canadian, and that the project is on the ocean and the pricing is somewhat reasonable—they are asking about $550 a foot—it could make sense for foreign investors,” Zalewski says. “But those investors are going to be more likely European or Canadian. I don’t think you are going to see a Latin American investor go up there.”
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