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South Florida

NRIA launches sales for Ocean Delray condos

Prices at the 19-unit project, Delray Beach's first oceanfront development in 30 years, start in the high $4M range

Mike Collins of IMI Worldwide Properties and Rendering of Ocean Delray
Mike Collins of IMI Worldwide Properties and Rendering of Ocean Delray

National Realty Investment Advisors just announced it’s launching sales for Ocean Delray, its newly planned 19-unit boutique condo development in Delray Beach.

The project, which it’s co-developing with U.S. Construction, marks the first oceanfront condo project in 30 years.

Ocean Delray will replace the 18,000-square-foot Wright by the Sea hotel at 1901 South Ocean Boulevard, which NRIA purchased for $25 million in October. The 29-room hotel was built on nearly 2 acres of land in 1953 and features a little more than 200 feet of ocean frontage.

Residences at Ocean Delray will begin in the high $4 million price range, according to a press release. IMI Worldwide Properties will be handling sales for Ocean Delray.

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The hotel will be demolished and construction will begin in the first quarter of 2019, with a completion date slated for the fourth quarter of 2020, according to the release.

South Florida architect Randall Stofft is designing the three-story building. The residences will range from 3,300 square feet to more than 4,600 square feet. The three- and four-bedroom units will feature car garages that can fit up to three vehicles.

An added quirk: Residences will be named after famed artists like DaVinci, Michelangelo, and Van Gogh, according to the release.

Nearby, developer Craig Menin is planning to open a 120,000-square-foot, mixed-use project called Delray City Market. The development will include a 30,000-square-foot food hall, a parking garage and event space. – Amanda Rabines

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BrokeragesCommercial Real EstateCondo MarketDelray Beach