Two Roads, Alpha Blue score $122M construction loan for West Palm Beach condo project

Over half of 41 units presold at planned waterfront development

Miami /
Dec.December 01, 2021 10:30 AM
Two Roads, Alpha Blue score $122M construction loan for West Palm Beach condo project

Forté at 1309 South Flagler Drive with Two Roads Development’s Chair and Senior Partner James Harpel and Alpha Blue Ventures’ Marius Fortelni and Scott Maslin ( Two Roads Development and Alpha Blue Ventures)

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.





    Related Articles

    arrow_forward_ios
    The Main Las Olas office tower, One Flagler office tower, and Plantation Pointe office complex (The Main Las Olas, Related Southeast, Google Maps)
    A tale of two office markets: Broward vacancies rose while Palm Beach County’s declined
    A tale of two office markets: Broward vacancies rose while Palm Beach County’s declined
    (iStock/Illustration by Kevin Rebong for The Real Deal)
    December residential sales fall in Broward and Palm Beach counties, rise in Miami-Dade
    December residential sales fall in Broward and Palm Beach counties, rise in Miami-Dade
    Joel L. Altman, chairman and co-chief executive officer; Seth M. Wise, co-chief executive officer; and rendering of the Altís Blue Lake apartment community being developed in Palm Beach County, near Wellington and Lake Worth Beach (Altman Companies)
    Altman pays $14M for golf course development site near Lake Worth Beach
    Altman pays $14M for golf course development site near Lake Worth Beach
    From left: Sela Ward, David Beckham, Victoria Beckham, and Lucy Guo (Getty Images, 1000Museum.com)
    Here’s who bought — and sold — condos at One Thousand Museum in Miami
    Here’s who bought — and sold — condos at One Thousand Museum in Miami
    A photo illustration of Ocean House South Beach, 125 Ocean Drive (Condo.com, iStock)
    Ocean House South Beach closing tops weekly condo sales in Miami-Dade
    Ocean House South Beach closing tops weekly condo sales in Miami-Dade
    From left: Eric Witmondt, chief executive officer, Woodmont Properties and Donald Witmondt, chairman, Woodmont Properties (Woodmont Properties, LoopNet)
    Woodmont plans eight warehouses at Palm Beach Park of Commerce
    Woodmont plans eight warehouses at Palm Beach Park of Commerce
    Midtown Capital Partners nabs West Palm business park for $37M
    Midtown Capital Partners nabs West Palm business park for $37M
    Midtown Capital Partners nabs West Palm business park for $37M
    Château Beach Residences at 17475 Collins Avenue (ORENA)
    Medical mogul pays $13M for Château Beach condo in Sunny Isles
    Medical mogul pays $13M for Château Beach condo in Sunny Isles
    arrow_forward_ios

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

    Loading...