National Realty, US Construction Break Ground on Ocean Delray Project

DELRAY BEACH, FL—National Realty Investment Advisors and U.S. Construction broke ground last week on their Ocean Delray development project here.

Executives with both development firms were joined by Delray Beach Mayor Shelly Petrolia at the project’s official groundbreaking on Nov. 14th.

Located at 1901 South Ocean Boulevard, Ocean Delray will be the first ever ultra-luxury, oceanfront residential development in Delray Beach. The 19 residences will be priced from $5.7 million to $10 million.

The groundbreaking ceremony followed last month’s announcement that National Realty Investment Advisors and U.S. Construction closed on a $73-million loan from CIM to begin construction on their Ocean Delray development.

At the groundbreaking, IMI Worldwide Properties, the exclusive sales and marketing representative for Ocean Delray, reported it had already sold 40% of the project, totaling $45 million. The project is expected to be completed in the first quarter of 2021.

The team also unveiled the custom designed sales gallery, located at 1053 E. Atlantic Avenue. The sales gallery will be open starting November 18th from 9 a.m. to 7 p.m. Monday through Saturday and Sundays from noon to 7 p.m.

Designed by South Florida architect Randall Stofft, Ocean Delray is being built on a prized 1.8-acre piece of land formerly occupied by the Wright by the Sea Hotel.

The residences–each of them uniquely designed to feel more like a single-family home—will range from 3,373 square feet to more than 4,400 square feet of air-conditioned living space. The three-bedroom plus den to five-bedroom residences, complete with 4.5 to 6.5 bathrooms, also offer expansive oceanfront terraces that add from 682 square feet to more than 2,300 square feet of additional living area with glass panel balcony railings. The site also features more than 200 feet of ocean frontage and some of the widest seagrass dune lines in South Florida.