A two-tower waterfront condo development planned for Palm Beach County’s Lake Park launched sales.
Forest Development, a Boca Raton-based firm led by founder and managing member Peter Baytarian, began sales of Nautilus 220, a 330-unit project planned for 220 Lake Shore Drive, according to a press release.
Lake Park is sandwiched between North Palm Beach and Riviera Beach.
The buildings will consist of two, 24-floor towers next to the Lake Park Marina. The towers will have two- and three-bedrooms units between 1,500 square feet and 3,400 square feet. Prices will range from $700,000 to more than $3 million. Compass is handling sales.
RDA Architects, in Boca Raton, designed the buildings, and Interiors by Steven G designed the interiors.
Aside from the 330 condos, twelve 650-square-foot guest suites will also be built, including 10 on the sixth floor and two in the south tower. Four of the guest units will be for sale, while eight will be available for rent, according to Baytarian.
The sixth floor will be an amenity deck with more than 1 acre of space that includes a pool, cabanas and indoor dining area. The fifth floor calls for a bowling alley, golf simulator, movie screening room, gaming room and a soundproof studio.
The building will also have 13,000 square feet of restaurant and retail space. Baytarian hopes to secure retail and restaurant tenants in the next sixth months, he said.
Nearly 10 percent of the units have been sold to a majority of local buyers, said Beth Butler, Compass’ director of new development in the southeast region.
Forest Development is constructing a two-floor, “floating” sales center at the marina. The first floor will be the sales area, outfitted with meeting rooms, and the second floor will be a replica of a two-bedroom unit.
Baytarian and Forest Development plan to break ground on the towers by August and the project is expected to be completed toward the end of 2023, according to Baytarian.
Property records show Forest Development bought out the condo owners of the former condo building on the 0.8-acre site in 2019 and transferred ownership to a new LLC in December.
Farther south in West Palm Beach, developer Great Gulf recently secured a $110 million construction loan for a 25-story condo tower.