Construction will commence this month on a 24-story Waterfront Forté Tower. The project developers, Two Roads Development and Alpha Blue Ventures were able to secured a $121.5 million construction loan from the Arkansas-based Bank OZK, to fiance the tower project.
The Waterfront Forté Tower will be built along the Intracoastal Waterway, on a 1.38-acre site situated at 1311 S. Flagler Drive in West Palm Beach. This property which the developers purchased for $10.85 million in 2017, will soon become the building site of their new 41 condo tower project. According to the development plans, this 24-story tower is designed to hold 41 large condos, with two units per each floor; residents are also given the option of combining neighboring condos into a full-floor home. The tower will consist of three to four bedroom units, ranging between 4,200 square feet to 8,400 square feet. At the top floor, there will also be an 8,900-square-foot, six-bedroom penthouse, which features a 2,000-square-foot roof deck, equipped with a pool and summer kitchen.
Also Read Plans for Colorado Springs’ tallest mixed-use tower unveiled, Colorado
Based on the building plans designed by Bernardo Fort-Brescia of Miami-based Arquitectonica, the Waterfront Forté Tower project will contain several amenities such as a second-floor pool deck with a 75-foot lap pool, heated spa, and an outdoor dining and lounge area; including a third-floor health and wellness space with a steam room, sauna and private treatment rooms. Other amenities listed in the Waterfront Forté Condo Tower include a dining room to contain about 24 guests, a theater, card room, business center and two fully furnished guest suites for family and friends.
Waterfront Forté Tower condos already 60% pre-sold
The 41 condos of the Waterfront Forté Towerare already 60% pre-sold, with prices ranging from $6.7 million to over $30 million. These luxury condo apartments are targeted at wealthy people willing pay top-line prices for properties along the Intracoastal Waterway. Developers expect construction on this project be completed by 2024.
The chairman and senior partner of Two Roads Development, James Harpel gave insights on how the company was able to secure favorable financing from Bank OZK for their Waterfront Forté Tower project. Harpel explained that the company was in a good position to make this deal possible, due the Forté’s waterfront location, combined with Bernardo Fort-Brescia’s sophisticated design and the equity they had built overtime, through strong pre-construction sales.
