What’s Up In The Real Estate Market…


Builder selected for West Atlantic Avenue redevelopment project

Developers BH3 have selected Fort Lauderdale-based Gulf Building LCC to build  redevelopment project AltaWest.

The project will feature apartments, shops, restaurants and office space along West Atlantic Avenue between the 600-800 blocks.

Gulf Building LLC will serve as general contractor and will assist with community outreach efforts throughout the project.

Additional team members include: ID&D Design International, Richard Jones Architecture, Levy Land Trust, SA Nelson Associates, Dave Bodker Landscape Architecture/Planning, Saul Ewing Arnstein & Lehr, and Joe Snider Consulting.

The deal, approved by the Delray Beach Community Redevelopment Agency in April, will now go before the City Commission for site plan approval.

“As a 28-year old local firm with an office just a few blocks away, Gulf is excited to part of this team and we look forward to building this long-awaited project for the Delray Beach community,” said John Scherer, President at Gulf Building.

Collier Club coming to Delray Beach

A place for car enthusiasts to gather is headed to Delray Beach.

The Collier Club is planning to revamp the former ABC Carpet building, which is located at 777 South Congress Ave.

The building was purchased by ABC Carpet in the late 1980s and was known for its distinctive cityscape of New York City visible from Interstate-95. Before ABC took over, the space was a food processing plant.

Soon, the 58,000-square-foot building will be a place for car aficionados to gather.

Representatives told commissioners that they plan to create a “premium car working space” where car owners can share their passions. They will repurpose the space, which will serve as a vault for members to store their prized vehicles.

There will also be an auto lab, community workspace and a “war room” where members can swap stories and document their cars’ histories, officials said during a recent commission meeting.

They plan to remove the NYC mural and create a design that is “clean, modern and precise.”

Commissioners were excited to welcome the new business.

“I think it is fantastic,” Commissioner Bill Bathurst said.

Commissioner Ryan Boylston agreed, “I am very excited about this project.”

The project will still need to go through the city’s approval process before construction can begin.

Workforce housing headed to Delray Beach

Delray Beach Community Redevelopment Agency board members will select what nonprofit they would like to see create 10 affordable or workforce housing properties in the Southwest Neighborhood this month.

If the timeline goes according to plan, board members will select a nonprofit to purchase and develop properties owned by the agency for workforce housing on June 11.

The properties are located at the northwest corner of SW 7th Avenue and SW 4th Street.

Buy: Boca Beach House luxury condo residences up for sale

Sales are underway for Boca Beach House.

Developers Boca Lake Acquisitions LLC, a Delaware limited liability company and venture backed by the vision of Key International and Integra Investments  announced the launch of sales for the project last month.

Located at 725 S. Ocean Blvd., the project will feature 32 luxury residences on a 3.2 acre-waterfront property.

Construction is slated to begin within the next year. Once building begins, the project is estimated to take two years to complete.

Boca Beach House will have white-glove concierge services, a private 14-slip marina, and through membership opportunities, amenities from the Boca Raton Resort & Club.

Starting from $2.5 million, residences range from two-to five-bedrooms, each featuring a flow-through floor plan, floor-to-ceiling windows and 10-foot ceilings.

Units will span in size from 3,402 to 7,508-square-feet, with private elevator access and expansive outdoor spaces that maximize lakefront views.

Terraces are outfitted with a summer kitchen and wet bar. Ground-floor residences will have a private pool.

The building will have a sundeck with pool, jacuzzi, and daybeds. A gazebo has a full kitchen, outdoor grill, TV, and lounge seating. Fitness offerings such as state-of-the-art equipment, steam room, sauna and treatment rooms will also be available to residents.

Architectural design is by Sieger Suárez Architects, with contemporary coastal interiors by Linda Ruderman. A variety of deluxe kitchen finishes are available for the open concept, gourmet kitchens and include Italian cabinetry by MiaCucina and Gaggenau appliances. The grounds will feature lush, tropical landscape design by award-winning Raymond Jungles.

Key International Sales is the exclusive brokerage of record for Boca Beach House.

“We are excited to present this rare opportunity to the market, having meticulously crafted each element of Boca Beach House to provide our buyers with a refined lifestyle experience that is unmatched,” CEO Liliana Paez said.

For more information, visit www.bbhresidences.com

Delray Beach mortgage bankers arrange $20 million financing for Boca project

Bob Dockerty and Nancy Dockerty of Dockerty Romer & Co., a RECA member, have arranged permanent mortgage financing in the amount of $20 million for an office building located in Boca Raton.

The subject property, known as 1900 Midtown is a 116,140 square-foot, three-building multi-tenant office complex that also includes a two-story parking garage.

The newly renovated property is currently 90 percent leased with a variety of professional tenants that include law firms, financial service firms as well as the headquarters for GardaWorld.

Dockerty Romer & Co. arranged the financing through Citigroup on behalf of their clients BREF 1900 LLC, headed by Malcolm Butters. Citigroup provided a competitive 10 year, fixed-rate mortgage.