The company has pre-sold half of the 220-unit Muirfield I building but hasn't set a ground-breaking or completion date for the undertaking.
Whitemark president/CEO Larry White also didn't disclose the amount of financing he is seeking for the project.
White and his associates couldn't be reached at GlobeSt.com's publication deadline to learn the development cost of the condos. But area construction industry estimators tell GlobeSt.com on condition of anonymity the units will come in at a hard cost of about $200,000 each.
Each 24-story tower has 220 units priced from $150,000 to $1.5 million. The projected sales on final buildout are $130 million or $65 million at each building, White says in a prepared statement.
The condos will be going up in one of the hottest new resort development niches in Florida. The Destin area has attracted billions in timeshare, condo and multifamily developments over the past 10 years, brokers in Florida's Panhandle sector tell GlobeSt.com.
The newest vacation ownership venture is Club Intrawest, a 150-unit, estimated $30 million undertaking at the 2,400-acre Sandestin Golf and Beach Resort between Panama City and Pensacola.
The developer is Intrawest Resort Ownership Corp., a wholly owned subsidiary of Vancouver, BC-based Intrawest Corp.
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