Robert Castellano buys three motels in Palm Beach Shores, plans condo project

Castellano is married to Brenda Nestor, who was previously named primary beneficiary of the late corporate raider Victor Posner’s $321M estate

Miami /
Sep.September 17, 2019 09:45 AM
Robert Castellano and 150-206 Inlet Way (Credit: Getty Images, Google Maps)

Robert Castellano and 150-206 Inlet Way (Credit: Getty Images, Google Maps)

Amid a wave of new development in Singer Island, South Florida luxury homebuilder Robert Castellano is seeking approval for a new condo project on the much quieter southern side of the island.

Robert Castellano Building and Design purchased three waterfront motels in Palm Beach Shores for $6.5 million, where he is seeking to build the new condo project.

Castellano bought 150 Inlet Way, 200 Inlet Way and 206 Inlet Way, which total 17,864 square feet, for $363 per square foot, records show.

A spokesperson for Castellano said the group is looking to develop a boutique condo project on the site, but it still needs approval from the town of Palm Beach Shores.

Castellano is a luxury homebuilder who is married to Brenda Nestor. Nestor — a former-girlfriend-turned-business-associate of corporate raider Victor Posner — was named the primary beneficiary of his $321 million estate in 2002. She has been entangled in a slew of litigation in recent years over her control of Posner’s estate.

Castellano has built and designed homes in the luxury home enclaves of Windmill Reserve and Seven Isles Las Olas in Fort Lauderdale as well as in Landmark Ranch Estates and Sunshine Ranches in Southwest Ranches.

The properties at 150 Inlet Way, 200 Inlet Way and 206 Inlet Way currently consist of older, low-rise motels built in 1950, records show. A group of New York companies tied to Staten Island Premier Properties sold the property.

Robert Castellano Building and Design secured a $5.5 million mortgage from Fryd Mortgage, records show.

Palm Beach Shores is a small town of just over 1,000 people on the southern tip of Singer Island. It borders Riviera Island. Developers have started targeting Singer Island for new luxury projects.

Third Palm Capital recently completed VistaBlue Singer Island, a 19-story tower with 58 units at 3730 North Ocean Drive; and Kolter Group is currently building the 48-unit 5000 North Ocean.

Another condo tower, 182-unit Amrit Ocean Resort & Residences, is under construction at 3100 Ocean Drive.


Related Articles

arrow_forward_ios
PulteGroup's Brent Bake a rendering of the site in Avenir
Pulte buys site at Avenir in Palm Beach Gardens, plans 390-home development
Pulte buys site at Avenir in Palm Beach Gardens, plans 390-home development
Frank Mendez with Patricio Cordero (inset) and the property (Linkedin, Google Maps)
Pinecrest homeowners fight lien from celebrity builder they allege was running a kickback scheme
Pinecrest homeowners fight lien from celebrity builder they allege was running a kickback scheme
Donald R. Horton and a map of the development site (D.R. Horton)
D.R. Horton advances 211-unit townhouse project in Pembroke Pines
D.R. Horton advances 211-unit townhouse project in Pembroke Pines
Toll Brothers CEO Doug Yearley Jr. (Toll Brothers)
Toll Brothers launches sales at new luxury community in Davie
Toll Brothers launches sales at new luxury community in Davie
Lennar's Stuart Miller, Rick Beckwitt  with the site (Google Maps; Lennar)
Lennar pays $8M for South Miami-Dade housing community site
Lennar pays $8M for South Miami-Dade housing community site
D.R. Horton CEO David Auld and the Reserve at Jupiter site 
D.R. Horton pays $14M for land in Jupiter and Florida City for two housing projects
D.R. Horton pays $14M for land in Jupiter and Florida City for two housing projects
Jim Carr and Armando Codina with renderings of the homes (CC Homes)
CC Homes pays $12M for Southwest Ranches land for single-family community
CC Homes pays $12M for Southwest Ranches land for single-family community
Lennar Executive Chairman Stuart Miller (iStock)
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
arrow_forward_ios

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

Loading...