The Real Deal Miami

Highland Beach oceanfront site sells for $11 million

The buyers plan townhomes on the parcel they bought for $244 per square foot

January 03, 2016 10:00AM

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Highland Beach

Highland Beach

A development group paid $11 million for a one-acre oceanfront parcel in Highland Beach for townhome construction.

Capital Development Group, Halstall Real Estate Partners and Grafton Street Capital bought the parcel at 3621 Ocean Boulevard for $244 per square foot.

Scott Pressman of Keyes Co. Realtors and Frank Jichetti of United Realty Group represented the seller, Riverside Realty Trust. Jeffery Cohen of Douglas Elliman represented the buyers.

Pressman said in a prepared statement that the one-acre site  in Highland Beach is 200 feet wide, approximately 100 feet wider than most of the nearby parcels.

“The buyers definitely saw some incredible development potential,” Pressman said.

He also said the selling price of $244 per square foot was the highest this year for residential oceanfront land in Palm Beach County. [Sun-Sentinel] — Mike Seemuth