By Paul Owers
January 22, 2020 | 03:10 P.M.
A developer has received approval to build two condominium towers on Palm Beach County’s waterfront, about 10 miles north of President Trump’s Mar-a-Lago resort in Palm Beach, Florida.
Forest Development is expected to begin construction on the 322-unit project called Nautilus 211 at Federal Highway and Lake Shore Drive in Lake Park in the fall. The developer has not yet released sales prices.
Palm Beach County has a 15.9-month supply of luxury condos for sale, meaning it would take that long to sell all the units if no more hit the market, according to a report this month from Condo Vultures Realty, a consulting firm based in Miami. A market balanced equally between buyers and sellers has about a six-month supply.
Analysts and economists have expressed concerns that the record economic expansion may be nearing an end, but Nautilus 211 is due to be complete in 2023, which would be part of the next buying cycle, said Peter Zalewski, a principal at Condo Vultures.
“By the time they deliver, the economy should be in a much better place,” he said in an interview.
The 23-story buildings, adjacent to the Lake Park Harbor Marina, are designed to overlook the Intracoastal Waterway and include 13,000 square feet of offices, 8,000 square feet of retail and two restaurants totaling 14,550 square feet. Amenities include two pools, a putting green, game room, private theater and a music studio. Four guest suites are expected to be available for rent.
The project took five years of planning, Peter Baytarian, managing partner of Forest Development, said in a statement. The complex will mean more than $1.7 million in annual revenue for the town, according to Lake Park Mayor Michael O’Rourke. The money “will help us create new programs and potentially reduce taxes, plus generate hundreds of construction jobs and dozens of permanent jobs for area residents,” O’Rourke said in the statement.
For the Record
RD Architects of Miami is designing the project, while Kast Construction is the general contractor. The Steven G design team is creating interiors.