Speculative Singer Island condo under construction

Miami /
Nov.November 28, 2015 04:00 PM

Third Palm Capital began construction of a mostly speculative 58-unit condominium on Singer Island, an oceanfront area of Riviera Beach, after pre-selling just four units.

Kevin Spina, an agent with Keyes Company who is marketing Vista Blue, said the developer, Simpsonville, South Carolina-based Third Palm Capital, is funding construction internally instead of obtaining a construction loan.

To obtain a construction loan, condo developers usually must sell half the units before breaking ground. “We are doing things a little bit differently,” Spina told the Palm Beach Post.

Spina also told the Post that Vista Blue was the first construction project on the oceanfront of Riviera Beach since 2007.

Prices at Vista Blue start at $1.6 million for units on the west side of the building and range up to $7 million for a penthouse. The floor plans range in size from 3,368 square feet to 4,131 square feet.

Construction of the project is scheduled to be finished in 2017. [Palm Beach Post] — Mike Seemuth


Related Articles

arrow_forward_ios
Here’s what Mast Capital plans for La Costa’s evacuated, oceanfront Miami Beach site
Here’s what Mast Capital plans for La Costa’s evacuated, oceanfront Miami Beach site
Here’s what Mast Capital plans for La Costa’s evacuated, oceanfront Miami Beach site
La Costa condo building and Mast Capital Princial Camilo Miguel Jr (Mast, Douglas Elliman)
Oceanfront Miami Beach condo ordered evacuated following bulk buyout deal
Oceanfront Miami Beach condo ordered evacuated following bulk buyout deal
Elizabeth “Bess” Weatherman and the Gulf Stream condos (Compass, Warburg Pincus)
Staying in Gulf Stream: Buyer downsizes to $6M oceanfront condo
Staying in Gulf Stream: Buyer downsizes to $6M oceanfront condo
James "Jimmy" Finkelstein and Pamela Gross with 622 North Flagler Drive, West Palm Beach (Getty, Modern Living Group)
Media power couple buys West Palm Beach condo for $6M
Media power couple buys West Palm Beach condo for $6M
(Getty)
Surfside collapse a “come to Jesus moment” for South Florida’s condo market
Surfside collapse a “come to Jesus moment” for South Florida’s condo market
Jonathan Cox and Faena House at 3315 Collins Avenue, Miami Beach (Federated Companies, Foster and Partners)
Federated Companies developer buys Faena House condo for $6M
Federated Companies developer buys Faena House condo for $6M
Royal Palm Companies's Dan Kodsi, OneWorld Properties's Peggy Olin and a rendering of Legacy Hotel & Residences
Selling out: South Florida condo developers report feverish market
Selling out: South Florida condo developers report feverish market
Jon Paul Pérez and Gil Dezer with Residences by Armani/Casa
Related, Dezer report nearly $1B sellout at Residences by Armani/Casa
Related, Dezer report nearly $1B sellout at Residences by Armani/Casa
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...