The Real Deal Miami

Speculative Singer Island condo under construction

Third Palm Capital presold 4 units and will fund construction internally instead of borrowing

November 28, 2015 04:00PM

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Rendering of Vista Blue Riviera Beach.

Rendering of Vista Blue Riviera Beach.

Third Palm Capital began construction of a mostly speculative 58-unit condominium on Singer Island, an oceanfront area of Riviera Beach, after pre-selling just four units.

Kevin Spina, an agent with Keyes Company who is marketing Vista Blue, said the developer, Simpsonville, South Carolina-based Third Palm Capital, is funding construction internally instead of obtaining a construction loan.

To obtain a construction loan, condo developers usually must sell half the units before breaking ground. “We are doing things a little bit differently,” Spina told the Palm Beach Post.

Spina also told the Post that Vista Blue was the first construction project on the oceanfront of Riviera Beach since 2007.

Prices at Vista Blue start at $1.6 million for units on the west side of the building and range up to $7 million for a penthouse. The floor plans range in size from 3,368 square feet to 4,131 square feet.

Construction of the project is scheduled to be finished in 2017. [Palm Beach Post] — Mike Seemuth