rendering of the Nautilus 220 condo project with Developers Daniel Kodsi of Royal Palm Companies and Peter Baytarian, managing partner at Forest Development (LinkedIn, Forest Development, VS Studios)
A joint venture between Forest Development and Dan Kodsi’s Royal Palm Companies scored a $269 million construction loan for a waterfront condo project in Palm Beach County’s Lake Park.
Boca Raton-based Forest Development recently partnered with Miami-based Royal Palm on the two 24-story tower Nautilus 220 development along the Intracoastal Waterway at 220 Lake Shore Drive, according to a Forest news release.
Lake Park is north of Riviera Beach and south of North Palm Beach, in eastern Palm Beach County.
The developers secured the financing from New York-based Fortress Investment Group. Justin Morrow and Kevin O’Grady of Concord Summit Capital arranged the financing on behalf of the developers.
The 330 units will range from one- to three-bedroom condos and from 1,100 square feet to 3,400 square feet. The project launched sales last year and is now 60 percent presold. Prices range from $1 million to more than $4 million, according to the release.
Chef David Burke will open a restaurant in one of the retail spaces. The development, designed by R+N Architecture, is rising along the 100-slip Lake Park Harbor marina, which can accommodate up to 100-foot boats.
Boca Raton-based Forest, led by Peter Baytarian, assembled the 2.8-acre site between 2018 and 2020 for a combined $9.5 million, according to a company spokesperson. Construction started in February and is expected to be completed in summer 2024.
Kodsi’s Miami-based Royal Palm is an active South Florida developer, with its recent plans including a mixed-use Aventura project with high street retail that would be an alternative to Aventura Mall.
In February, Kodsi and developer Rafael Pecchio paid $8.9 million for an Arts & Entertainment District site at 1317 and 1345 North Miami Avenue, where they plan a 200-unit apartment tower.
Royal Palm also is developing the condo-hotel Legacy Hotel & Residences at Miami Worldcenter in downtown.
The South Florida condo market, much like the single-family home market, has prospered, although it’s showing signs of a slowdown. Palm Beach County condo resales dropped in May to 1,429, a 24.3 percent decrease year over year, according to the Miami Association of Realtors. Still, price growth did not stop, as the median price increased by 23 percent to $307,500.
In a bet on the market, Two Roads Development and Alpha Blue Ventures plan the 24-story waterfront Forté condo at 1309 South Flagler Drive in West Palm Beach with 41 large units.
