Buyer deposit chopped for Paramount condo tower

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.

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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