Two Roads, Alpha Blue score $122M construction loan for West Palm Beach condo project
Over half of 41 units presold at planned waterfront development
Two Roads Development and Alpha Blue Ventures scored a $121.5 million construction loan for their luxury condominium tower in West Palm Beach.
The development duo are planning the 24-story waterfront Forté at 1309 South Flagler Drive, overlooking the Lake Worth Lagoon and Palm Beach. Little Rock, Arkansas-based Bank OZK provided the financing, according to a news release.
Forté will have 41 large condos, with two units per floor spanning three to four bedrooms and 4,200 square feet to 8,400 square feet, according to the release. A six-bedroom, 8,900-square-foot penthouse will have a 2,000-square-foot private rooftop deck with a pool, summer kitchen and cabana bath.
Pre-construction sales have reached 60 percent, with prices from $6.7 million to more than $30 million, according to the release. The majority of buyers are from the U.S., as has been customary since the onset of the pandemic.
A wave of foreign buyers is expected to return to major markets like South Florida, following the lifting of the travel ban for 33 countries on Nov. 8. Still, this could change again, in light of the Omicron variant, as restrictions have already been imposed on travelers from South Africa and surrounding countries.
The Arquitectonica-designed Forté will have a second-story pool deck with a 75-foot lap pool, heated spa, and an outdoor dining and lounge area, as well as a third-story health and wellness space with a steam room, sauna and private treatment rooms, according to the release.
Other amenities include a dining room for up to 24 guests, theater, card room, business center and two fully furnished guest suites for family and friends.
Interiors, designed by Jean-Louis Deniot, will include private elevator foyers, at least 1,000 square feet of outdoor living space per unit and at least 10-foot high ceilings.
Construction is expected to start in December and be completed in 2024.
Two Roads, with offices in Miami and West Palm Beach, is a real estate development, financing and marketing firm led by James Harpel, according to its website.
Last year, Two Roads completed the 57-story Elysee condo tower in Miami’s Edgewater neighborhood.
Alpha Blue, with offices in New York and Palm Beach, buys, develops and manages real estate in New York and South Florida, according to its website. It was formed by the joint venture between Marius Fortelni, whose previous endeavors included building and operating a large multinational cement distribution and development company in Africa and Saudi Arabia, and Scott Maslin, founding member of Woodglen Investments.
The Bristol, a 25-story, 69-unit waterfront condo tower at 1100 South Flagler Drive, developed by Flagler Investors, led by Al Adelson and Gene Golub, was completed in 2019, and marked the first new luxury condo building in West Palm Beach in a decade.
The Forté condo project reflects West Palm Beach’s continued growth, with its downtown quickly morphing into a major office market targeting financial firms.
Stephen Ross’ Related Companies is the largest office owner downtown, recently embarking on the construction of One Flagler.