Partners Kastelo Development and 4TRO Development are launching sales for a Delray Beach townhome project, The Real Deal has learned.
Casa Avenida at 102 Southeast Fifth Avenue will have eight four-story townhouses, according to a press release. Kastelo, led by founder Jerad Graham, and 4TRO, led by Juan Fernando Andonie, tapped Douglas Elliman’s TJ Verdiglione and Nicole Melveney to lead sales for the project.
The townhouses will each span 2,800 square feet to 3,300 square feet, according to the release. Each unit will have a two-car garage, private elevator and two terraces. The design team includes RWB-Linares Architecture, Stef Leonel Interior Design and Ava Gray Interiors. Construction is expected to be completed in 2027, and prices for the townhomes start at $3 million, the release shows.
The Miami-based developers bought the 0.4-acre property for $3.8 million in January, according to property records.
Delray Beach’s luxury real estate market has boomed in recent years, fueled by inward migration from the Northeast. Prices have soared as a result.
Last month, digital marketing CEO Jeffrey Herzog and his wife, Jill Herzog, sold their mansion for $23.5 million, after buying it for $10.6 million in 2018. Also last month, billionaire Quogue Capital founder Wayne Rothbaum sold an oceanfront lot for $22 million. The market is beginning to attract other high-profile buyers, like boxing legend Mike Tyson, who bought a spec mansion for $13 million in January.
Still, Delray Beach hasn’t attracted as much interest from luxury developers compared to other South Florida luxury hotspots. Nearby West Palm Beach and Pompano Beach have thousands of luxury units in the development pipeline. Meanwhile, developers Yosi and Guy Gil are planning a 20-home single-family community near Delray Beach.
