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Several weeks after buying out the owners of a 40-unit condominium along Florida’s coast, Jeffrey Soffer’s Fontainebleau Development filed plans to replace it.
Fontainebleau paid $102.3 million for the Regency Condominium in Tequesta, Fla., at the northern tip of Palm Beach County. The company plans to demolish the existing building, built in 1969, and replace it with 34 units in a 10-story condominium, according to documents filed with the Village of Tequesta.
The building, at 250 South Beach Road on Jupiter Island,
will be designed by Arquitectonica and cost $62 million to build, according to the application, first reported by the South Florida Business Journal.
So, given some very rough math, units will have to start at about $5 million for Soffer to recoup the cost. As befits a luxury oceanfront condominium boasting of 326 feet of ocean frontage, the building will include two private rooftop pools, in addition to an oceanfront pool and a raft of other amenities.
Soffer is also developing a condominium next door at 300 South Beach Road called the Savoy. The 26-unit building will replace another condo that Soffer terminated last year.
The Tequesta Village Council is scheduled to meet Sept. 8 to review both the initial application for 250 South Beach and an architectural update for 300 South Beach regarding the elevation of the building.
Fontainebleau did not immediately respond to request for comment.
Chava Gourarie can be reached at firstname.lastname@example.org.
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