Jeffrey Soffer’s Fontainebleau Development secured a $50 million loan for a planned oceanfront condo development in Jupiter Island.
Bank OZK provided the loan to Turnberry Beach Road LLC for the site at 1500 Beach Road in Tequesta, property records show.
The boutique condo project, SeaGlass Jupiter Island, is being developed by Fontainebleau Development and Perko Development Partners. The planned 10-story, 21-unit project launched sales in May.
The property, which has 170 linear feet of Atlantic Ocean beach and Intracoastal frontage, was formerly home to the The Blowing Rock Club condo. Soffer bought out the condo owners in 2017 and demolished the buildings in 2019, according to Palm Beach County records.
Swedroe Architecture, who also designed Soffer’s Turnberry Ocean Club condo tower in Sunny Isles Beach, is designing the Tequesta development. Prices range from $5.9 million to more than $10 million and the units will range from three to four bedrooms, from 3,781 square feet to 5,323 square feet.
The waterfront town of Jupiter Island is home to a number of luxury homes. Retired golfer Greg Norman is in contract to sell his Jupiter Island estate for $60 million.