Nearly two years after closing on a property in Boca Raton, Key International and Integra Investments are launching sales of a luxury condo development planned for the site.
The developers are planning to build Boca Beach House, a four-story, 32-unit project at 725 South Ocean Boulevard. They bought the 3.2-acre waterfront site from the Blackstone Group in 2017 for $17.3 million.
Sales will be handled in-house, according to Liliana Paez, CEO of Key International Sales. Preconstruction prices for the units start at $2.5 million and go up to roughly $8 million, she said. The units will range from two to five bedrooms, and from 3,402 square feet to 7,508 square feet.
Buyers at Boca Beach Club will gain a two-year free membership at the Boca Raton Resort & Club across the street, which includes a Waldorf Astoria Spa, private beach, tennis courts, golf courses, 13 restaurants, seven pools and a kids’ club. Existing members of the Boca Raton Resort & Club, which is reportedly under contract to MSD Partners, are also being given early access to reserve units at Boca Beach Club.
The flow-through condos will have 10-foot ceilings, private elevator access and large terraces with summer kitchens and wet bars. Ground-floor units will feature a private pool.
The project marks the first high-end development on the waterfront in Boca Raton over the previous decade, according to a release. It will also have a private 14-slip marina, water sports amenities, a gym, sauna and steam rooms, and a gazebo with a full kitchen, grill and lounge.
Sieger Suarez Architects is designing the building and Linda Ruderman is handling the interiors. Raymond Jungles is designing the landscaping.
Paez said reservations will be converted to contracts in about two months, and buyers will be required to put down 20 percent deposits when they sign contracts, up to 50 percent at groundbreaking and the rest at closing. She expects the developers will break ground in a year, possibly earlier.
A multimillion-dollar sales center is also expected to be completed in about two months with a full model unit.
Development is ramping up in Boca Raton. Billionaire Michael Dell’s MSD Partners is under contract to purchase the Boca Raton Resort & Club, a 1,047-room, 337-acre resort, from Blackstone by the end of the second quarter.