A $269 million construction loan was secured to finance the construction of the Nautilus 220 waterfront condo project. The loan was secured by a joint venture between Forest development and the Royal Palm companies. Finance was provided by the Fortress Investment Group of New York. On behalf of the promoters, Justin Morrow and Kevin O’Grady of Concord Summit Capital negotiated the financing.
The development of two 24-story towers will take place along the Intracoastal Waterway at 220 Lake Shore Drive. The site is in Lake Park between Riviera Beach and North Palm Beach in South Florida. The future Nautilus 220 waterfront condo will have 330 apartments. The apartments will have sizes ranging from 1,100 square feet to 3,400 square feet. In addition, apartments will include one to three bedroom condominiums.
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Additionally, the Nautilus 220 waterfront condo will include retail space. One of the retail spaces will house a restaurant run by chef David Burke.
Other projects in the area developed alongside the Nautilus 220 condo in Lake Park
The R+N architecture-designed construction increases along the harbor marina of Lake Park to 100 berths. The marina has space for vessels up to 100 feet long. Boca Raton Forest, led by Peter Baytarian, built the 2.8-acre site between 2018 and 2020 for a total of $9.5 million. News reports have indicated prices range from $1 million to over $4 million.
Miami-based Kodsi’s Royal Palm meanwhile recently announced plans for a mixed-use Aventura project. They plan to equip the project with retail outlets that would compete with Aventura Mall. Kodsi and developer Raphael Pecchio spent $8.9 million in February on land at 1317 and 1345 North Miami Avenue in the Arts and Entertainment District. On this land, they want to build a 200-unit apartment tower.
The Legacy Hotel & Residences at Miami Worldcenter condo hotel is also being built by Royal Palm. Royal Palm Companies holds the title for the largest construction loan for a project in South Florida, totaling $340 million last year for its Legacy tower in downtown Miami.
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