Developer plans spec homes on the water near downtown West Palm Beach

Aquantis Group believes an influx of hedge funds is deepening the city's luxury home market

Jan.January 14, 2017 02:30 PM

Rendering of 2914 Washington Road in West Palm Beach

A residential developer plans to build spec homes on waterfront lots near downtown West Palm Beach and sell them for $10 million to $15 million.

Later this year, Aquantis Group plans to finish construction of its first spec home at 2914 Washington Road and offer it for sale for $13.5 million.

The 9,634-square-foot home will have six bedrooms, eight bathrooms and a half bathroom, plus a two-story living room, seven fireplaces, an elevator, a library and wine vault. Outside, the gated residence will feature a private boat dock, cabana, summer kitchen and guest house, plus an infinity-edge pool and 90 feet of direct water frontage.

Aquantis has acquired multiple properties along the Intracoastal Waterway in West Palm Beach to build luxury homes on speculation. The properties are located in three pricey neighborhoods: Prospect Park, El Cid and So-So.

Aquantis is driven by a belief that an influx of hedge fund operators and other financial professionals has deepened the West Palm Beach market for luxury homes.

“With so many financial service companies and hedge funds relocating to the area, the demand for new luxury waterfront homes is at an all time high with virtually no letup in sight because of inventory constraints,” Steve Bendat, the founder of Aquantis, said in a prepared statement.

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