The Real Deal Miami

Buyer deposit chopped for Paramount condo tower

February 13, 2014 03:15PM

Rendering of Paramount

Rendering of Paramount

Buyers at a proposed condominium at Fort Lauderdale Beach would only have to pay a 30 percent deposit, thanks to the equity financing that will fund the project.

Developers Art Falcone and Nitin Motwani, in a partnership with Boca-Raton-based Royal Palm Communities, are building an 18-story condo tower at the former Howard Johnson’s hotel site on Fort Lauderdale Beach.

The Paramount, at 700 North Atlantic Boulevard, would be the first condo tower built in the area without a hotel in a decade. The low deposit structure, which would normally be between 50 and 80 percent, could help attract buyers.

Prices for the units start at $1 million, with penthouses at $5 million, according to the Daily Business Review. [Daily Business Review] Angela Hunt