The Real Deal Miami

Developer sells new townhouse project in Delray Beach for $10.5M

The 31-unit development sold for $389K per townhome
By Keith Larsen | January 07, 2019 02:30PM

Thomas Speno and 14460 Emerald Place Way, West Delray Beach

The Emerald Place townhomes in Delray Beach just sold for $10.5 million.

Capstone Emerald, managed by Preferred Realty founder Thomas Speno, sold the recently completed 31-unit project at 14460 Emerald Place Way in west Delray Beach for about $389,000 per townhome. The two-story townhouses consist of three bedroom and 2.5 baths, according to the development’s website. They average about 2,000 square feet.

Emerald Place Delray, a Delaware LLC led by Antony Gironta, bought the 3.5-acre property and secured a $7.5 million in seller financing for the acquisition.

Speno has developed a number of industrial properties in South Florida and the Mediterania townhomes in North Lauderdale.

Over the past few years, Delray Beach has seen an influx in population and interest from developers. The city is attractive to millennials, retirees and working professionals due to its walkable downtown.

Earlier this month, a joint venture led by 13th Floor Investments, Key International and CDS International bought the former Office Depot headquarters in Delray Beach for $33 million, with plans to redevelop the property into one of the biggest projects in the city’s history.

The city is also evaluating bidders to try to transform West Atlantic Avenue’s 600 to 800 block into a bustling mixed-use project.