UPDATED, Jan. 9, 8:28 p.m.: A new luxury condo development will soon be rising near downtown Boca Raton amid a limited supply of high-end projects.
Group P6 launched sales for Royal Palm Residences, a 48-unit condominium with three nine-story buildings at the corner of Fifth Avenue and East Royal Palm Road. Royal Palm Residences will have three- to five-bedroom units ranging from 2,425 square feet to 7,168 square feet. Prices for the units range from $1.75 million to $3.9 million.
Each condo will have private elevator access directly into the unit, according to a release. The project is expected to break ground in June, with delivery in 2022.
One Sotheby’s International Realty is handling sales and marketing for Royal Palm Residences.
Ignacio Diaz, managing partner at Group P6, said the group is marketing the project to wealthy Northeasterners who are looking to move to Florida for tax advantages, as well as to estate owners in Boca Raton. He said the group already has eight units under contract.
“The typical buyer is people coming from a big house either in East Boca or West Boca,” Diaz said.
Amenities will include a wellness plaza, fitness center, pool with a heated spa and a club room.
Boca Raton-based design firm RLC Architects designed Royal Palm Residences and Suffolk Construction will be the project’s general contractor.
Group P6 recently completed 327 Royal Palm, a luxury condo development at 327 East Royal Palm Road in Boca Raton near Mizner Park.
The developer is also planning to build The Concierge, an 88-unit, 10-story building in Boca Raton that will offer a mix of assisted and independent living residences as well as memory care beds.
Boca Raton has only a limited number of luxury condo developments. Penn-Florida Companies is building The Residences at Mandarin Oriental, a 12-story, 92-unit luxury condo development. The company recently secured a $225 million construction loan from Madison Realty Capital.
In July, El-Ad National Properties closed on a $146 million construction loan for the first phase of Alina Residences, a luxury condo development at 200 Southeast Mizner Boulevard in Boca Raton.