Long-stalled condo project rising in North Palm Beach

The Kolter Group is relaunching a decade-old coastal condo project in Palm Beach County.

Ten years ago, Kolter paid $23.5 million for a property overlooking the Intracoastal Waterway in North Palm Beach. At the time, they planned a 77-unit luxury condominium. But, like so many other projects, the project was shelved when the housing market collapsed, according to the Sun-Sentinel.

Now the developer is planning a 166-unit project called Water Club, where prices range from the $700,000s to $2.5 million. Water Club will be is the only project in development east of I-95 and it is expected to be ready by summer 2016.

“They have their sea legs and got a glimpse of market demand,” Peter Zalewski, who runs CraneSpotters, said of the developer. “They understand that the strategy of being first to market in this go-round is most likely to be successful because if you’re first in, you’re first out. And the market can change on a dime.” [Sun-Sentinel] – Christopher Cameron