Developer Deepak Khosa launched sales of his planned oceanfront Pearl condominium project in Palm Beach Shores.
Atlantic Group of Companies, founded by Khosa, plans the six-story building with 18 units at 123 Ocean Avenue, according to a news release from the developer. Condos will range from 2,400 square feet to 7,000 square feet, offering two- to four-bedroom units and the option for buyers to customize their condo.
Prices start at $1,500 a square foot for the first crop of buyers, according to the release. That means units are selling for $3.6 million to $10.5 million depending on the unit size.
Harlan Goldberg and Jarret Willis of Corcoran’s The Experience Team are leading sales.
Pearl will have 20,000 square feet of indoor and outdoor amenities, including a 55-foot lap pool and a rooftop pool.
Construction is expected to start in the first quarter of next year and completion is slated for the fourth quarter of 2025, according to a representative for the developer.
In 2021, Atlantic Group bought the 0.7-acre development site for $8.1 million, by purchasing the distressed Seaspray Inn and Beach Resort out of bankruptcy, records show. Atlantic Group purchased the hotel from the lender after the previous owner, Seaspray Resort, had filed for bankruptcy.
Parkland-based Atlantic Group, which Khosa started in 2002, has had projects in North Carolina and Florida’s Port St. Lucie, Fort Myers, Tallahassee and West Palm Beach, according to Khosa’s LinkedIn.
Khosa also has invested in South Florida multifamily real estate. In 2021, he paid $10.6 million for the 105-unit Card Sound property at 27707 South Dixie Highway in south Miami-Dade County’s Naranja neighborhood. That same year, he also paid $7.9 million for the Lake Arjaro Apartments complex at 4885 Lake Arjaro Drive near West Palm Beach.
Palm Beach Shores, a coastal town with just over 1,000 residents on the tip of Singer Island, is a largely residential community that hasn’t experienced real estate development and investment flurry like other South Florida markets.
Among the few recent deals, Philip Pilevsky’s New York-based Philips International sold an 87-unit multifamily portfolio that included properties along Bamboo Road and Claremont Lane in Palm Beach Shores, as well as along Surf Road in Riviera Beach, for $17 million last year. CSA Seascape, linked to Coral Gables-based Arena Capital Holdings, was the buyer.