Developer enters SoFla market with new Singer Island condo

58-unit condo tower is using a 20 percent deposit structure

Mar.March 16, 2016 03:47 PM

A South Carolina-based developer is testing the waters in Riviera Beach’s Singer Island with VistaBlue, a new boutique condo project.

A majority of buyers already own homes on the island, Stan Gilhool, principal of Third Palm Capital, told The Real Deal. “Three out of ten buyers have second homes here,” Gilhool said. “Everyone that has made the reservation is familiar with Singer Island.”

Units start at $1.6 million with penthouses ranging from $6.29 million to $6.57 million. About 17 percent of the 19-story, 58-unit oceanfront condominium is reserved, Gilhool said. In an effort to appeal to the domestic buyer, the developer is using a 20 percent deposit structure, which is much lower than most projects in Miami-Dade and Broward counties. Keyes Company‘s Kevin Spina is handling the exclusive sales and marketing.

Construction is underway for VistaBlue, which opened an offsite sales gallery earlier this month. Riviera Beach Investors LLC, an entity controlled by Third Palm Capital, bought the lot at 3730 North Ocean Drive in May 2014. Property records show it paid $10.5 million for the 2.8 acres of oceanfront land, which breaks down to more than $85 per square foot.

Spina said it is the first new project on the island since the Ritz-Carlton Residences Singer Island opened in 2008.

Before Third Palm Capital purchased the VistaBlue site, it traded hands for $15.4 million in 2008 and for $17 million in 2005, according to Palm Beach County property records. Gilhool said he inherited the project plans from Marriott Vacation Club. Glidden Spina + Partners designed the floor plans.

When completed in 2017, amenities will include an oceanfront terrace with a pool, spa, sundeck cabanas, bar and fire pits, according to a press release. The project will also offer a fitness center, poolside lounge, concierge services and social rooms. Units range in size from 2,784 to 6,423 square feet with terraces between about 450 square feet to more than 1,200 square feet.

While VistaBlue marks Third Palm Capital’s first project in South Florida, the company also owns developments in Orlando, Newport Beach and New York City. Gilhool said he is open to investing in new projects in South Florida.

Correction: An earlier version of this article incorrectly stated that VistaBlue is 75 percent reserved. It is 17 percent reserved. 

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