Toronto developer Great Gulf closed on financing for its West Palm Beach condo tower nearly two years after breaking ground on the project.
The developer secured a $110 million construction loan from Bank OZK for La Clara, an 83-unit, 25-story development at 1515 South Flagler Drive, according to property records.
Great Gulf broke ground on the building in March 2019 and it is still under construction. It’s currently 60 percent sold with more than $130 million in sales volume, according to a spokesperson. Douglas Elliman 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.
Units at La Clara will range from 1,500 square feet to more than 4,000 square feet, with prices starting at $2 million and up to $5 million, excluding penthouses. The building is being designed by Hariri Pontarini Architects and will feature a fitness center with a yoga studio and spas, an outdoor garden and walking area, a dog spa, a club lounge, theater, conference room and business center, and wine tasting and storage areas.
The building is expected to be delivered in the spring of 2023.
The Bristol, at 1100 South Flagler Drive, marked the first new luxury condo building in West Palm Beach over the past decade. The 25-story, 69-unit tower attracted buyers such as Douglas Elliman Executive Chairman Howard Lorber and beauty mogul Sydell Miller.