The Lowenstein family’s Lionstone Development bought the site for a planned condo project in Palm Beach Shores.
Records show a Lionstone affiliate bought the site at 123 Ocean Avenue from Kannega Glades LLC, a Florida entity managed by developer Deepak Khosa. Lionstone paid $13 million for the property and financed the purchase with a $7.5 million mortgage from City National Bank of Florida.
Lionstone is helmed by Chairman and Lowenstein family patriarch Alfredo Lowenstein and CEO Diego Lowenstein. Based in Miami, its current portfolio includes Ritz-Carlton Residences, Bal Harbour, and a planned redevelopment of Ritz-Carlton Residences, South Beach and the adjacent Sagamore Miami Beach.
Khosa’s Atlantic Group of Companies bought the 0.7-acre oceanfront site for $8.1 million in 2021. Last year, he launched sales for the Pearl, a planned 18-unit luxury condo with prices ranging from $3.6 million to $10.5 million. He tapped the Corcoran Group’s Harlan Goldberg and Jarret Willis to lead sales for the project.
Construction of the Pearl started in May of last year, records show.
Goldberg and Lionstone did not immediately respond to requests for comment.
Palm Beach Shores, just north of luxury real estate hub Palm Beach, has been a magnet for investors and developers in recent years. In February, Johnston Group Capital Management and JSB Capital Group launched sales for the renovated condo project Havn Residences & Yacht Club. The partners bought the 36-unit complex for $58.5 million last year. It also includes a 52-slip marina.
