Lionstone Launches Sales for Palm Beach Shores Condos

The Lowenstein family’s Lionstone Development is launching sales for a planned condo project in Palm Beach Shores that stalled out under a previous developer.

123 Ocean is a 6-story, 27-unit luxury condominium slated for the 0.7-acre site at 123 Ocean Avenue. The Lowenstein family bought the site for $13 million last year from developer Deepak Khosa, who planned and began construction of an 18-unit condo project dubbed the Pearl.

123 Ocean is set to include floorplans spanning between one- and three-bedrooms, with prices ranging from $1.7 million to $8 million. Lionstone tapped Arquitectonica, interiors firm Asthetique and landscape design firm Naturalficial to design the project. The building’s amenities will include a fitness center, spa facilities, a lounge, children’s playroom, media room and conference room, according to a news release.

Construction is expected to finish in late 2027. Serhant’s Christian Prakas and William Volpe are leading sales and marketing for the project. Serhant expanded to Florida in 2023 and has since grown its presence in Palm Beach County.

Lionstone is helmed by chairman Alfredo Lowenstein and CEO Diego Lowenstein. The Miami-based firm’s other projects include a planned redevelopment of Ritz-Carlton Residences, South Beach and the adjacent Sagamore Miami Beach.

Palm Beach Shores, an enclave on Singer Island just north of the luxury real estate hub Palm Beach, has emerged as a draw for developers seeking more affordable development sites.

Johnston Group Capital Management and JSB Capital Group bought a condo complex and marina in Palm Beach Shores for $58.5 million in 2023. The partners launched sales for the renovated 36-unit Havn Residences & Yacht Club last year.. Prices now start at $1.3 million. Nearby, in West Palm Beach, developers are scrambling to buy out aging condos on the city’s waterfront after snapping up what vacant lots remained. Thousands of residential units are planned along the Flagler Drive corridor.