Developer launches sales with Corcoran for planned luxury condo in Delray

Prices at 236 Fifth Avenue start at $500k and go up to more than $1M

Sep.September 28, 2017 03:00 PM

Cameron Sydenham and renderings of 236 Fifth Avenue (Credit: The Corcoran Group)

Samar Hospitality, a Jericho, New York-based hotel developer, just launched sales with the Corcoran Group for its 35-unit, 236 Fifth Avenue condominium project in Delray Beach.

Samar broke ground last month with plans to build a mixed-use project that will include an adjacent 122-room Aloft Hotel and about 6,000 square feet of retail. Records show Samar, led by Alan Mindel, bought the 1.7-acre property at 202-272 Southeast 5th Avenue for $2.54 million in 2014.

Kaufman Lynn Construction is the contractor. Samar scored $22.5 million in financing from M&T Bank for the project, records show.

Prices at the 236 Fifth Avenue development start at $500,000 and go up to more than $1 million, according to a release. The one-, two- and three-bedroom condos will be on the second through fourth floors of the five-story project, and will range from 955 square feet to about 2,400 square feet.

Corcoran’s Cameron Sydenham and Suzanne Petrizzi are handling sales and marketing. Occupancy is expected in the fourth quarter of 2018, according to the release. Sydenham said the development is currently pouring its second floor, and expects to top-off at the end of the year.

Features at the mixed-use development, designed by Slattery & Associates and ID & Design International, include private parking, banquet space, a club room, pool and fitness center.

Delray Beach, known for its upscale restaurants and small shops along Atlantic Avenue, is seeing growth in its hotel sector.

Hudson Holdings of Delray Beach is planning a 130-room Hilton Canopy at the corner of Southeast First Avenue and Southeast First Street, across the street from historic Sundy House.

Related Article

Atlantic Crossing and Pearlmark's Mark Whitt

Delray Beach’s Atlantic Crossing snags $45M investment

Construction of downtown Hollywood high-rise may start soon

Jeffrey Epstein commits suicide by hanging himself in his Manhattan jail cell

Midtown Delray Beach rendering

Pebb Capital to buy Midtown Delray site for $40M after original owners end dispute

Miami developer Dan Kodsi plans large St. Petersburg project that could cost $2B

South Florida firm buys Sunrise apartment complex for $20.2M

Home owned by late Miami Marlins pitcher Jose Fernandez is in foreclosure

Developer borrows $105M, breaks ground for mixed-use Flagler Village project