After decades without any new oceanfront condos, two will soon crop up on the city’s coastline offering ultra-luxury, beachfront living. Following on the success of Ocean Delray, 1625 Ocean is set to start construction this month and will offer buyers a unique opportunity to own and be a part of the beachfront community. Comprised of just 14 units, “it lends itself to be an intimate boutique building that feels like a single-family home and our buyers gravitate towards that,” said Farina, CEO of US Construction. As demand continues to grow, Mayor Shelly Petrolia noted that 1625 Ocean will add “another layer of higher living to the city,” increasing taxable value accompanied by an inflow of capital to the economy. Read the full article here.
By Victoria Villanueva-Marquez – August 18, 2021
“We have maybe two miles along the coast that’s not public land,” Delray Beach Mayor Shelly Petrolia said. “We’re very limited in the private sector along the Gulf. There’s limited opportunities for turnover and therefore to build something newer. It would take what happened here a timeshare or an older building to turn over in order to be able to allow that to happen. We’re probably going to see a little bit more of it soon because some of these buildings were built in the ‛70s and they’re almost obsolete now.”
The 14 residences, which are each named after famous musicians such as Bob Dylan, Billy Joel, Bruce Springsteen and Janis Joplin, range from 3,500 to more than 5,000 square feet of indoor and outdoor living space. All residences include three to four bedrooms and 3.5 bathrooms. Each residence has glass- panel balconies, an oversized terrace and a summer kitchen.
The residences include four penthouses. The penthouses feature a terrace off every bedroom that spans the entire length of the unit with glass on every side. The penthouses also feature a private plunge pool.
In Delray Beach, where buildings cannot stand more than 35 feet in height, the development will maintain the city’s character, Farina said.
“It really lends to be an intimate boutique building and I think our buyers really gravitate towards that,” Farina said. “It makes it feel like a single-family home, rather than a dense condo building. That’s one of the draws to Delray Beach over Palm Beach and Boca Raton. You don’t really have a dense beachfront. It’s different from a lot of South Florida.”
The mayor agreed that the height restrictions set the city apart from many of its neighboring coastal communities.
“We don’t feel as commercialized as some of the communities up and down the coastline,” Petrolia said. “As a result, people stumble into Delray Beach and love that village-by-the-sea feeling. That’s why we end up with so many people wanting to move here. We have done what others have not done, which is to try to keep the character and the authenticity of what Delray was all about 100 years ago.”
IMI Worldwide Properties, the exclusive sales and marketing representative for 1625 Ocean, has sold 40% of the project, with the average sales price at just over $6 million. Only nine residences remain available for sale.
1625 Ocean will follow on the success of Ocean Delray, set to be completed by the end of September. With a price range between $5 and $10 million, the sales team has almost sold out the project. Only two of 19 residences remain available for sale.
The two ultra-luxury developments are located less than half a mile from each other.
“There was such a huge demand for it,” Farina said. “We wanted to create a new project that was very similar that we could offer to somebody who wanted to come in pre-construction. It’s a very fun and laid-back destination. You’re steps from Atlantic Avenue. That’s very appealing to a lot of our buyers.”
The mayor noted that 1625 Ocean will add “another layer of higher living” to the city.
“It always adds value to our city because it adds to our tax base,” Petrolia said. “When you’re building uber-luxury waterfront properties and you’re replacing older, more tired timeshares, you’re going to see an incredible change in the taxable value coming in to support the city and their services. But more so than that we also will have people who are coming in that will more than likely go to our downtown and help our economy.”