HomeNewsLa Clara condo project secures US$110M loan, Florida

La Clara condo project secures US$110M loan, Florida

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The Great Gulf, a Toronto-based developer has secured US$110 million for the construction of La Clara, an 83-unit, 25-story condo project at 1515 South Flagler Drive on West Palm Beach. The loan comes in nearly two years after officially beginning construction on the project. Niall Collins, Great Gulf President Residential announced that completion of the boutique, 83-unit condominium is set for spring 2023. Prices for the condos range from US$1.6 million to US$5 million for standard units, but penthouses sell for more. The top-floor penthouse costs US$17 million. Four other penthouses on two floors just beneath the top sell for about US$9 million.

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Each unit has a large, private terrace for an extra indoor-outdoor feeling. Building amenities include an outdoor swimming pool with cabanas and an outdoor dining area, an indoor fitness center, entertainment room, lounge, private dining room, a dog spa, a club lounge, theater, conference room, and business center, and wine tasting and storage areas and kitchen. A concierge also will be on-site for residents. Units at La Clara will range from 1,500 square feet to more than 4,000 square feet. The 25-story building boasts a modern, contemporary design by architect Siamak Hariri. The design of La Clara, which means “clear” in Spanish, is intended to bring as much light into the units as possible.

Great Gulf broke ground on the La Clara condo in March 2019 and it is still under construction. It’s currently 60 percent sold with more than US$130 million in sales volume, according to a spokesperson. Douglas Elliman who is handling sales of the project, led by sales director Chris Leavitt. Great Gulf, led by President Niall Collins, paid $24 million for the waterfront 2.5-acre development site in September 2016, according to property records.

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