The Spear Group is launching sales of 15 planned luxury single-family homes in Delray Beach, amid a surge of new development in the area.
The family-owned developer tapped Douglas Elliman’s Steven Solomon to lead sales for the Estates at Morikami Park Road, a press release shows. The project, at 6671 Morikami Park Road, will be adjacent to the 200-acre Morikami Park, which includes a 16-acre Japanese garden and museum.
The Estates at Morikami Park Road will include three models, ranging between 3,600 square feet and 4,400 square feet, each with four to six bedrooms, the release shows. Miami-based architectural firm MAS+ is designing the homes. Construction will begin in the coming weeks, Solomon confirmed.
Prices range from $2.3 million to $2.8 million, Solomon said. He anticipates buyers will be young families, locals in golf communities and people relocating from the Northeast.
“We get a pretty wide variety of potential buyers,” he said. “Our new construction price point is attractive to many of the buyers coming into our area.”
The Spear Group bought the Delray Beach project’s 5-acre development site for $1.5 million in 2020, records show.
The Spear Group is a real estate development and investment firm based in Fort Lauderdale and led by Jeff, David and Daniel Spear. The firm has built more than 30 residential and multifamily projects across Florida, Massachusetts and Maine, its website shows. Its South Florida projects include the 52-unit Valencia at Abacoa in Jupiter, 73-home Legends at Egret Landing in Jupiter, and 74-unit Sorrento Townhomes in Miami-Dade County.
The Delray Beach luxury market has surged in recent years, drawing the attention of brokerages and developers alike. Compass opened a Delray Beach office in February, and Premier Estate Properties expanded its office in March. In October, Arnaud Karsenti’s 13th Floor Homes received a $14.1 million construction loan for a senior housing community with 74 rental townhouse units. Ron Ellish’s Ellish Builders is also building a 14-home project, and landed a $25 million construction loan in September.