The first new condominium on Palm Beach Island in more than a decade is set to break ground July 12. It’s 3550 South Ocean, a seven-story, 30-unit luxury project by DDG.
The property is being developed and built on the site of the former Hawaiian Ocean Inn by DDG.
Unit prices range from $1.9 million to $6 million, said Joe McMillan, DDG Chairman and CEO. By next month he expects pre-sales will range from 25 percent to 30 percent of the project’s 30 units.
McMillan expects to see sales accelerate as people see the building coming out of the ground.
Work on the site already is underway as Kast, the West Palm Beach general contractor, does test pilings in preparation for the start of construction.
In May 2016, DDG revealed it planned to build a luxury condo, with all the bells and whistles one would expect of oceanfront real estate: Floor to ceiling windows; ceilings ranging from 9 to 10 feet high; private beach access; and a saltwater oceanfront swimming pool.
There’s also a sun terrace, a gym and a fitness studio facing east. On-site surfboard and paddleboard storage facilities are available, too.
McMillan said buyers are coming from the Northeast, the Midwest and from Canada.
They’re also coming from communities in western Palm Beach County. People are keeping their homes out west, but are buying at 3550 as a beach pad, McMillan said.
The contemporary design features a soft color palette and warm organic materials. Materials include imported Australian white oak, local coral stone and chiseled limestone.
Units average around 3,000 square feet. Every unit faces east and has outdoor space.
But the penthouse floor is special. Each of five penthouses has 3,000 square feet on the roof deck. The space features individual small pools (dubbed plunge pools), plus an outdoor kitchen.
McMillan wouldn’t say how many penthouses have been sold, but he did offer this word of advice: “If you want a penthouse, I would say buy sooner rather than later.”
The first units are expected to be ready by the third quarter of 2018, just in time for next year’s winter season.