DDG said Monday it launched sales for a 30-unit oceanfront condominium in Palm Beach, where prices range from $2.3 million to $6 million.
The 3550 South Ocean project is DDG’s first in Florida — and it’s the first oceanfront development on the island since Bellaria opened in 2005, said Joseph A. McMillan Jr., Chairman and CEO of DDG.
The seven-story condo will have two- and three-bedroom units ranging from 2,500 to 3,400 square feet. Amenities include private beach access, a swimming pool and sun terrace and a fitness studio.
In addition, 3550 South Ocean residents will have access to the nearby Eau Palm Beach Resort & Spa. The condo is half a mile north of Eau and six miles south of President-elect Donald Trump’s Mar-a-Lago estate.
DDG expects to break ground in the first quarter and complete the project by 2018.
The firm’s portfolio includes 13 condo, rental and retail projects in New York and California. It’s searching for more opportunities in Florida.
“We are big believers in both Palm Beach and Broward counties,” McMillan said.
A sales center is at 205 S. Ocean Blvd. in Manalapan. The firm will introduce the project to real estate agents at a party at the sales gallery on Thursday, McMillan said.
Palm Beach County has 4,200 condo units in the pipeline, representing only about 9 percent of the new condo market in the tri-county region, according to Cranespotters.com. The database is operated by the Condo Vultures consulting firm in Miami.
“There’s no question that a lot of people will be interested in [3550 South Ocean],” said Peter Zalewski, principal at Condo Vultures. “It’s an underserved market that we expect has a very strong demand.”