Published by The Real Deal, July 2, 2020
A Philadelphia developer won site plan approval for a boutique style Oceanfront Condominium in Delray Beach, near its similar project that is under construction.
The Delray Beach Site Plan Review and Appearance Board last week approved the plan for Echelon, a three-story, 14-unit condominium on Ocean Boulevard designed by Delray Beach-based Randall Stofft Architects. The units will each have three bedrooms and will range in size from 2,475 square feet to 3,543 square feet.
A Florida-registered company called 1625 South Ocean, LLC bought the 1.17-acre development site at 1625 South Ocean Boulevard in January for $12.3 million, according to property records. Delray South Shore Club Condominium was the seller of the property, a 15-unit cluster of oceanfront apartments built in 1965.
The buying entity is led by John M. Farina, president and CEO of Philadelphia-based U.S. Construction. Farina was unavailable for comment.
U.S. Construction is co-developing Ocean Delray (the first Oceanfront Condo to be built in Delray Beach in over 30 Years) at 1901 Ocean Boulevard, just south of the Echelon site. The company is co-developing the 19-unit project with National Realty Investment Advisors, a New Jersey-based company that acquired the 1.8-acre site in 2018 for $25 million. Remaining Residences at Ocean Delray range in price from $5.3 – $10 Million+.
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