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

TRD MIAMI /
Oct.October 13, 2018 12:00 PM

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


Related Articles

arrow_forward_ios
Jack Niklaus and a rendering of the Panther National Clubhouse (Getty)

Jack Nicklaus to design golf course at Avenir in Palm Beach Gardens

Jack Nicklaus to design golf course at Avenir in Palm Beach Gardens
Waterway Café (Facebook)

Waterway Cafe in Palm Beach Gardens sells for $13M

Waterway Cafe in Palm Beach Gardens sells for $13M
Jeff Bezos and 700 Lincoln Road (Getty, Lincoln Road BID)

Amazon to open store on Lincoln Road

Amazon to open store on Lincoln Road
NAI/Merin Hunter Codman Chairman Neil Merin and Golden Bear Plaza

Golden Bear Plaza office complex in Palm Beach Gardens sells for $50M

Golden Bear Plaza office complex in Palm Beach Gardens sells for $50M
Stephen Gravett, CEO of Kennedy Homes and a rendering of Trevi Isle home community

Kennedy Homes sells Palm Beach Gardens community amid allegations of mismanagement

Kennedy Homes sells Palm Beach Gardens community amid allegations of mismanagement
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Ara K. Hovnanian

K. Hovnanian to build homes at Avenir in Palm Beach Gardens

K. Hovnanian to build homes at Avenir in Palm Beach Gardens
The health conscious grocer Earth Fare will close its stores

Earth Fare will close South Florida stores

Earth Fare will close South Florida stores
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...