The developer of a Palm Beach spec home told The Real Deal he is moving ahead with construction after winning architectural approval, with plans to price the home at about $40 million.
Colombus, Ohio-based Schottenstein Real Estate Group is developing the 13,500-square-foot mansion at 520 Island Drive on Everglades Island in Palm Beach. With terraces and a courtyard, the overall indoor-outdoor space will amount to 16,500 square feet, Corey Schottenstein, managing partner of Schottenstein Real Estate Group told TRD. The price equates to $3,000 a square foot.
Rendering of 520 Island Drive
The seven-bedroom, 10-bathroom home will be built on a .9 acre-lot, which Schottenstein said is the second largest lot on Everglades Island. It will be called “Villa Lago-a-Lago” to reflect the nature of the lot, which has Lake Worth Lagoon lakefront on both the front and back yards, he said. The home was approved by the Palm Beach Architectural Commission on Wednesday.
All over South Florida, developers have been turning their focus to high-priced spec homes, particularly in Miami Beach and Bal Harbour.
“Real estate in Palm Beach has been so hot. I would even make the argument that spec homes are getting more per square foot in Palm Beach,” Shottenstein said.
Roger Janssen of Dailey Janssen is the architect on the project. The landscape architect is John Lang of Lang Design Group. The interior designer is DKOR Interiors. Features will include two master bedrooms, a central courtyard and two swimming pools, including one that wraps around the rear of the house like a moat, Schottenstein said. Construction is expected to begin in October or November, and the home will be completed in March 2018.
Chris Deitz of the Fite Group in Palm Beach will be the listing broker. The home is expected to hit the market in the beginning of 2017.
The mansion marks the first spec house for Schottenstein Real Estate, which has built multifamily apartment communities in Ohio and Kentucky and is planning one in Palm Beach Gardens called Central Gardens.
Corey Schottenstein said his family built a custom home around the corner from the spec home, which serves as their vacation home. “That is what inspired us to diversify into this industry,” he said.
“We wanted to do something really creative for Palm Beach with the swimming pool and courtyard,” Schottenstein said of the spec house, “and minimalist modern architecture, which is is unique for Everglades Island.”