The Real Deal Miami

Most of the Azure units in PB Gardens are reserved

Developer Tom Frankel says the pace of unit sales has been faster than he expected

September 05, 2015 02:30PM

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Rendering of Azure in Palm Beach Gardens

Rendering of Azure in Palm Beach Gardens

The developer of the Azure waterfront condo complex in Palm Beach Gardens has obtained reservations for most of the 101 units in two five-story buildings.

Developer Tom Frankel said buyers have made deposits on almost all of the 46 units in one building and about a third of the 55 units in the other building.

The Azure development is located near the Loggerhead Marina on Donald Ross Road.

Frankel said the rapid pace of sales has been unexpected: “It sold quicker than we thought. There was a void in the marketplace for what we were offering, so I think we filled a niche.”

The condo units range in size from 2,600 square feet to 5,000 square feet and in price from $900,000 to $2.8 million.

Construction work started in April. The first building is scheduled for completion in the summer of 2016 and the second in the fall of 2017.

Realtor Jeff Lichtenstein said much of the demand for Azure comes from residents of  north Palm Beach County who reside in golf resorts but have limited interest in playing golf.

Azure “offers a nice alternative,” he said. “They want to stay in the area, but they don’t want the cost of a country club and the fees and the dues.” [Palm Beach Post] — Mike Seemuth