Fontainebleau Development’s Jeffrey Soffer and a rendering of the planned Savoy condominium in Tequesta (Getty, Village of Tequesta, Fontainebleau Growth)
Jeffrey Soffer’s Fontainebleau Enhancement highly developed strategies for Savoy, a 10-tale oceanfront condominium in Tequesta that will substitute an more mature constructing on the website.
The undertaking is element of a broader pattern of developers targeting getting older South Florida condominiums, where greater security-inspection specifications can expose owners to costly repairs.
Savoy will change Island Household South East, a 4-story, 27-device condominium with a swimming pool designed in 1967 on 2.3 acres at 300 Seaside Road in Tequesta.
“The constructing that is there now is in the 50-year age bracket … All condominiums of that age in this space will have to have to be looked at for [standard safety] inspections,” George Gentile of Jupiter-dependent 2GHO, an agent of Fontainebleau Improvement, instructed the Tequesta Village Council at their conference last 7 days.
The village council voted Thursday night time to approve a web-site approach for Savoy, which Fontainebleau is producing in partnership with a enterprise led by Phil Perko, a developer in northern Palm Beach County. Soffer is chairman and CEO of Aventura-based mostly Fontainebleau Enhancement.
A business managed by Soffer paid out $30.5 million for 24 of the existing 27 models, or 89 % of all units, at Island Household South East in a bulk obtain about two yrs back, in accordance to a 2021 report by the South Florida Company Journal.
Asking charges for the planned Savoy condo units, a design timeline and designs for pre-development product sales are unclear. Neither Soffer nor Perko was accessible for remark.
Soffer and Perko also teamed up very last summer season to acquire Regency Condominium, another oceanfront apartment creating just south of Island Dwelling South East. Perko, a Jupiter resident who runs Perko Enhancement Associates, is a associate of Soffer’s Fontainebleau in the prepared improvement at 250 Seaside Street. Property information demonstrate that Fontainebleau paid out about $100 million in August for all 40 models at Regency Condominium, an eight-story making manufactured in 1969.
The 179,320-sq.-foot Savoy condominium would have 26 units ranging in measurement from 3,915 sq. ft to 5,695 sq. toes, 3 swimming pools, and a monument-fashion indication, in accordance to the web site approach software. Just about every unit is developed with 3- or four-bed room floor ideas, and balconies with summer time kitchens and an east or west perspective. Each and every Savoy device also would have a personal entry and a private, air-conditioned two-vehicle garage. A few penthouse units and two lanai units would have roof terraces equipped with a spa and plunge pool.
