Developer plans boutique oceanfront condo project in Delray Beach

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July 16, 2020
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As reported in The Real Deal.

A Philadelphia developer won site plan approval for a boutique oceanfront condominium in Delray Beach, near its similar project that is under construction.

The Delray Beach Site Plan Review and Appearance Board last week approved the plan for Echelon, a three-story, 14-unit condominium on Ocean Boulevard designed by Delray Beach-based Randall Stofft Architects. The units will each have three bedrooms and will range in size from 2,475 square feet to 3,543 square feet.

A Florida-registered company called 1625 South Ocean, LLC bought the 1.17-acre development site at 1625 South Ocean Boulevard in January for $12.3 million, according to property records. Delray South Shore Club Condominium was the seller of the property, a 15-unit cluster of oceanfront apartments built in 1965.

The buying entity is led by John M. Farina, president and CEO of Philadelphia-based U.S. Construction. Farina was unavailable for comment.

U.S. Construction is co-developing Ocean Delray, another boutique condo in Delray Beach, at 1901 Ocean Boulevard, just south of the Echelon site. The company is co-developing the 19-unit project with National Realty Investment Advisors, a New Jersey-based company that acquired the 1.8-acre site in 2018 for $25 million.

NRIA and U.S. Construction demolished the old Wright by the Sea Hotel to clear the site for Ocean Delray, which is expected to be completed in nine months. A spokesperson for Ocean Delray said via email that the developers have contracts to sell eight of the 19 units, and the buyers are a mix of “Northeasterners and locals who are moving out of their country club homes.”

Randy Klein, president and CEO of New Jersey-based Creston Electronics, is among those under contract to buy a unit at Ocean Delray, for $7.6 million. The sale price would exceed $2,000 per square foot, which would set a new record for southeastern Palm Beach County, the spokesperson said.

Asking prices for the 11 unsold units at Ocean Delray range from $5.6 million to $8.8 million, according to Realtor.com. Four of the 11 unsold units are listed at pre-construction prices exceeding $2,000 per square foot, and the other seven range in price per square foot from $1,593 to $1,974, according to the site.