WEST PALM BEACH, FL-After disposing of some rental multifamily acquisitions in South Florida and converting four others to condos, the Boca Raton-based division of Wood Partners turned to development of the Edge, a 572-unit, two-tower condominium on 4.5 acres at Australian Avenue just north of Okeechobee Boulevard. Wood, which is based in Atlanta, acquired the vacant parcel in October 2004 for $8.6 million, according to David Kubin, a company director in the Boca Raton office.
He tells GlobeSt.com the total development cost for the project is $162 million. The complex consists of two 15-story buildings and includes eight townhouse units at the front of a five-story parking garage that is topped by an activity/amenity deck totaling nearly a full acre. Kubin describes the residential units as "soft lofts," a design Wood used at its Metropolis condo in Atlanta. It includes some elements of a traditional industrial loft, such as exposed concrete ceilings and limited exposure of ductwork with 10-foot ceilings and 10-foot sliding doors along with windows that are seven to eight feet high.
There are 26 different layouts ranging from 725 sf to 1,750 sf. Unit prices began in the high $200,000s and reach to the $800,000s. Sales for the 307-unit Phase I "averaged between $350 and $355 per sf," Kubin says. It is scheduled for completion in fourth quarter 2006, and he says there are reservations for 270 of the units. "Phase II pricing will probably increase a little," he adds. Construction of that 265-unit building will begin in January 2006.
The architect is Miami Lakes-based Cohen, Freedman, Encinosa & Associates, The amenities deck contains a 5,000-sf clubhouse with a Wi-Fi cyber café; a lounge with multiple plasma TVs and video game consoles; fitness center; tennis court; croquet lawn; and a pool and spa.
Locally based Coastal Condominiums is the general contractor. Miami-based Zyscovich Inc. is the interior designer, and Fortune International Realty, also based in Miami, is handling sales and marketing.
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