Thursday, May 10, 2018
|Aloft hotel, condo project breaks ground in downtown Delray Beach (Renderings)|
|Published Monday, October 23, 2017|
Samar Hospitality has broken ground on a mixed-use project in Delray Beach with an Aloft hotel, condos and retail.
The 1.7-acre property at 202 to 272 S.E. 5th Ave. is in the emerging South of Atlantic area of the city, where many businesses and residents have set up to be within walking distance of the restaurants and retailers on Atlantic Avenue. The five-story building will have 122 rooms in Starwood Hotels’ Aloft brand, 35 condos called 236 Fifth Avenue and 5,000 square feet of retail.
Samar 202 Florida LLC, an affiliate of New York-based Samar Hospitality, obtained a $24 million construction loan for the project in April.
The project could open in the fourth quarter of 2018.
“Delray Beach is a thriving urban area and is unique in that it is a walkable community with a vibrant hip downtown,” said Alan Mindel, who heads Samar Hospitality. “The hotel, condos and street level boutiques will extend the dynamic Delray Beach scene to 236 Fifth Avenue and the Aloft Hotel.”
The Corcoran Group, which is the exclusive broker for the condos, said they are priced from $500,000 to just over $1 million. They range from 1,045 to just over 1,700 square feet.
Sales recently launched and two have been pre-sold. The developer is asking for 20 percent deposits, which is less than the 50 percent down required at most Miami condo projects.
Designed by Slattery & Associates, the project will include a pool deck, a private club room, a fitness center and banquet space. Condo residents can access the same services as hotel guests, such as room service and the concierge. ID & Design International crafted the interiors.
While downtown Delray Beach isn’t as big a condo market as Miami or Fort Lauderdale because it has height restrictions, there is more competition. The 70-unit 111 First Delray condo is slated to break ground in November and the 48-unit Metropolitan condo launched sales in March.
Source: South Florida Business Journal
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