The site of a planned waterfront condo development in Singer Island sold for $13 million.
The owners of the site for the 135-unit condo project called Singer Island Gateway, at 2525 Lake Drive and 2429 Lake Drive in Riviera Beach’s Singer Island, sold the 1.84-acre property for $161 per square foot, records show.
The seller is tied to Palm Beach dentist Richard J. Lazzara, who is credited with being an innovator in dental implant procedures.
The buyer is Golden Acres Investment LP, which lists its address in Bahamas.
In 2017, Singer Island Gateway Condo received approvals from Riviera Beach to build a 259,800-square-foot, eight-story condo project and a 16-slip marina, and demolish an old condo building currently located on the property. Despite getting approvals, the $55 million condo project never went vertical.
The older condo building, Singer Island Yacht Club, is still located at the site.
It is unclear whether the new buyer will go forward building Singer Island Gateway or something else.
In recent years, developers have been targeting Singer Island for new oceanfront condominiums.
5000 North Ocean is currently under development by Kolter Group. The 19-story, 48-unit condo project is expected to be completed later this year.
Another condo tower, Amrit Ocean Resort & Residences at 3100 Ocean Drive will consist of an 18-story tower and a 19-story tower named Peace and Happiness with 182 condo units in total.