Seagate Hospitality Group, a hotel and condo developer based in Delray Beach, just scored $17.5 million in construction financing for its new residential project in Highland Beach.
The project is called 3200 South Ocean, a seven-story condo tower with 20 units. Seagate named the project after its address on South Ocean Boulevard, where it will occupy a 1.7-acre lot on the island’s Intracoastal Waterway side.
The vacant property is owned by 3200 Seagate LLC, an affiliate of the developer, according to Palm Beach County property records. The company filed notice with the county on Monday that it’s beginning construction.
There are six different floorplans at the building, including two penthouses. Sizes range from 1,803 square feet to 3,695 square feet. Each unit comes with a balcony, which measure between 412 square feet and 4,376 square feet. The biggest balcony is actually bigger than the 3,662-square-foot floorplan on which it is attached.
Units will feature 10-foot ceilings, recessed lighting, designer kitchens, marble floors in the bathrooms and wood floors in the living areas.
The building’s amenities will include a rooftop pool, meditation area and a boardwalk along the Intracoastal.
Property records show the Seagate affiliate paid $5 million for the land in January 2014. Monday, alongside the construction announcement, Seagate took out a $17.5 million loan from 3200 South Ocean Lender LLC. The lender’s address leads back to Forman Capital, a commercial real estate lender in Boynton Beach.
The hotel group’s luxury portfolio includes the Seagate Hotel & Spa and the Seagate Beach Club, both in Delray Beach.