The Real Deal Miami

Completed and nearly sold out, PB Gardens condo project generates $155M in sales

Developer Tom Frankel has sold 99 of the 101 condo units at Azure for prices ranging from $900,000 to $3 million, and buyers have started moving in
October 13, 2018 12:00PM

The Azure condo complex in Palm Beach Gardens

The developer of a waterfront condominium complex in Palm Beach Gardens has finished construction and has sold almost all the units for a total of $155 million.

Units at the condo complex, called Azure, have sold at prices ranging from $900,000 to $3 million. Two the 101 units remain unsold, including a 3,200-square-foot unit priced at $2 million and a 4,850-square-foot unit priced at $3.3 million.

The developer, Tom Frankel of Frankel Enterprises, told the Palm Beach Post that most of the buyers who closed on their purchases of condos at Azure have moved into them.

Azure is a five-story, two-building condo complex next to the Loggerhead Marina at Donald Ross Road and the Intracoastal Waterway in Palm Beach Gardens.

Frankel also told the Post that the condo owners at Azure are former residents of nearby country club communities and out-of-state buyers drawn by Florida’s weather and the absence of a state income tax.

The federal government’s enactment of a new tax law last year limited the amount of state and local taxes that property owners can deduct from their taxable income.

Frankel says sales of Azure units to out-of-state buyers spiked immediately after the new tax law was enacted. [Palm Beach Post]Mike Seemuth