A beachfront condo on Palm Beach Island has broken ground, and it has a new development group leading the way.
Located on the 1.1-acre site at 3550 South Ocean Boulevard in Palm Beach, 3550 South Ocean will have 30 units. They are priced starting at $1.875 million. Sizes range from 2,700 to over 3,000 square feet.
The project was originally proposed by Gary Cohen, CEO of Boca Raton-based Paragon Acquisition Group. Now, the lead developer is DDG, although Cohen is still involved in the project.
DDG is also the general contractor for the seven-story building.
“3550 South Ocean signifies DDG’s foray into Florida and we couldn’t be more excited to see this project come to life as construction gets underway,” said Joe McMillan, CEO and Chairman of DDG. “Between the location, ocean views and selection of amenities, 3550 South Ocean will introduce a new luxury lifestyle to the Palm Beach condominium market.”
DDG said 3550 South Ocean is 20 percent pre-sold. Buyers are required to make a 20 percent deposit, which is less than the 50 percent down required at most condo projects in Miami.
The project was designed by Garcia Stomberg, Kobi Karp Architecture and Champalimaud with a sawtooth shape that allows each residence to have ocean views.
Amenities will include private beach access, a saltwater pool and sun terrace, a fitness studio, on-site surf board and paddleboard storage, private gated access, private parking and personalized services from Wright Fit, such as in-room massages and yoga classes.
Douglas Elliman is the exclusive broker for 3550 South Ocean. The sales gallery is at 205 South Ocean Boulevard.
“There has been a strong interest in 3550 South Ocean since sales have launched,” said Howard M. Lorber, Chairman of Douglas Elliman. “This project has addressed the buyers’ needs for ground-up new luxury homes on the beach with an elevated level of design that this area of Palm Beach has not seen before.”
The condo is to be completed in late 2018.