Oceanfront Condo on Palm Beach Island Breaks Ground, Priced at $1.875M

07/13/2017  |  South Florida Business Journal | By: Brian Bandell

A beachfront condo on Palm Beach Island has broken ground, and it has a new development group leading the way.

Located on the 1.1-acre site at 3550 South Ocean Boulevard in Palm Beach, 3550 South Ocean will have 30 units. They are priced starting at $1.875 million. Sizes range from 2,700 to over 3,000 square feet.

The project was originally proposed by Gary Cohen, CEO of Boca Raton-based Paragon Acquisition Group. Now, the lead developer is DDG, although Cohen is still involved in the project.

DDG is also the general contractor for the seven-story building.

“3550 South Ocean signifies DDG’s foray into Florida and we couldn’t be more excited to see this project come to life as construction gets underway,” said Joseph A. McMillan, Jr., CEO and Chairman of DDG. “Between the location, ocean views and selection of amenities, 3550 South Ocean will introduce a new luxury lifestyle to the Palm Beach condominium market.”

DDG said 3550 South Ocean is 20 percent pre-sold. Buyers are required to make a 20 percent deposit, which is less than the 50 percent down required at most condo projects in Miami.

The project was designed by Garcia Stomberg, Kobi Karp Architecture and Champalimaud with a sawtooth shape that allows each residence to have ocean views.

Amenities will include private beach access, a saltwater pool and sun terrace, a fitness studio, on-site surf board and paddleboard storage, private gated access, private parking and personalized services from Wright Fit, such as in-room massages and yoga classes.

Douglas Elliman is the exclusive broker for 3550 South Ocean. The sales gallery is at 205 South Ocean Boulevard.

“There has been a strong interest in 3550 South Ocean since sales have launched,” said Howard M. Lorber, Chairman of Douglas Elliman. “This project has addressed the buyers’ needs for ground-up new luxury homes on the beach with an elevated level of design that this area of Palm Beach has not seen before.”

The condo is to be completed in late 2018.

Legal Disclaimer

THE COMPLETE OFFERING TERMS ARE IN A CPS-12 APPLICATION AVAILABLE FROM THE OFFEROR. FILE NO. CP17-0062.

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE.

This offering is made only by the prospectus for the condominium and no statement should be relied upon if not made in the prospectus. This is not an offer to sell, or solicitation of offers to buy, the condominium units in states where such offer or solicitation cannot be made. Obtain the property report required by federal law and read it before signing anything. No federal agency has judged the merits or value, if any, of this property. Improvements, landscaping and amenities depicted may not exist. All drawings are conceptual renderings and the Developer expressly reserves the right to make modifications. Actual views may vary and cannot be guaranteed. Views shown cannot be relied upon as the actual view from any particular unit within the condominium. All dimensions are approximate and all floor plans and development plans are subject to change. The developer does not represent or warrant that the actual dimensions and square footage of the units will be as shown on the floor plans and other promotional materials. Photographs may be stock photography used to depict suggested lifestyles rather than any that may exist.