The Real Deal Miami

Condo sales start soon for downtown Delray project

Pre-construction sales will begin as early as August at prices starting in the $400,000s

July 26, 2015 02:15PM

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Downtown Delray Beach

Downtown Delray Beach

Developers of a condo project in downtown Delray Beach are preparing to start pre-construction sales of units.

Felipe Vergara ande Manuel Vergara, doing business as SOFA I LLC, bought the 1.12-acre site of the condo project, called 111 First Delray, for $9 million in April. The land on Southeast First Avenue, just south of Atlantic Avenue, a bustling corridor of shops and restaurants.

The previous owner of the land planned to build 76 condo units, but SOFA reduced the number to 70 so it could put more three-bedroom units and cut the number of studios in the project, said Felipe Vergara, a Colombian national who resides in Boca Raton.

Vergara said the units will have a loft design: “We will have open spaces, like having the kitchen open into the living space. We have skewed the floor plans to get more exterior light to the units.”

Richard Jones is the project architect for 111 First Delray and Carrie Leigh Designs is the interior designer.

He said unit presales will begin in August or September and that prices will range from the $400,000s to $800,000 and up. The 111 First Delray development would be the first condo project in downtown Delray Beach to launch presales in this decade.

On a per-square-foot basis, list prices at 111 First Delray will be in the mid $400s for smaller units and the upper $500s for larger units. [South Florida Business Journal]Mike Seemuth