Ocean Palms to Break Ground in 4Q

MIAMI-Coral Gables, FL-based Avatar Holdings Inc. says it anticipates that construction will begin on Ocean Palms, its $200 million, 250-unit ultra-luxury condominium development that is a joint venture with The Plaza Group, in the fourth quarter of this year or the first quarter of next year.

The $200 million Ocean Palms will be built on the beach in Hollywood, FL. The project will be built in three tiers: 38 stories, 35 stories and 32 stories–which will encompass phase one.

Units will range in price from the $400,000s to $2 million. The two-, three- and four-bedroom residences will range in size from about 1,700 sf to more than 3,000 sf. As of March 31, the project had sold 79 units, according to Avatar.

Phase two, which will be built across State Road A1A at 3100 S. Ocean Drive, will include a six-story building with 12,000 sf of retail space, 7,000 sf of restaurant space and a 332-space parking garage.