(To read more on the multifamily market, click here.)

HUTCHISON ISLAND, FL-In its first Treasure Coast venture, affiliates of Boca Raton-based Empire Land and Development plan to break ground by spring on Diamond Dunes, a 23-unit townhome community facing the Atlantic. The homes in this affluent residential enclave, four miles south of Downtown Fort Pierce, will be priced from $985,000 to $2.5 million.

A representative of the developer tells GlobeSt.com the anticipated sellout value of the homes is $40 million or an average $1.74 million per residence. The homes are priced from $985,000 to $2.5 million. Four pre-construction sales to date total $7.1 million or an average $1.78 million per home. Diamond Dunes is expected to be ready for occupancy by summer 2007.

Vadim Tkach, principal at Empire Land and Development, says that the estimated land and development costs for Diamond Dunes will be about $22 million.

St. Lucie County industrial brokers tell GlobeSt.com developable Hutchison Island land would be a bargain at $750,000 per acre ($17.22 per sf). At that price the 3.47 acres could come in at $2.6 million. Construction sources near Fort Pierce who have built similar high-end homes tell GlobeSt.com the Diamond Dunes units will probably have a hard construction cost of $300,000 per unit or an estimated total $7 million.

The development site is on Ocean Drive, between Porpoise and Frances avenues. Ocean Drive East LLC and Ocean Drive West LLC are the developers of record. Empire Land principals are Tkach, Joe Solovey and Jorge L. Bouza who aggregately have built one million sf of industrial space and over 1,000 townhomes, apartments and condos, according to the company.

Tkach says Diamond Dunes “will give buyers their first opportunity ever to own a beachfront townhouse in this area.” Bouza’s firm, Bouza & Associates Inc., is the project’s general contractor and co-architect with Icon Design Group Inc. for the Mediterranean-styled community. Gerri A. Weits of Keller Williams of the Palm Beaches is handling sales and marketing.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.