Forest Development announced that it has engaged in a joint venture partnership with Royal Palm Companies for Nautilus 220, a two-towered condominium development of 24 stories at 220 Lake Shore Drive in Lake Park, Florida. The mixed-use development is designed by R+N Architecture with Interiors by Steven G. and landscaping from Insite Studio, and comprises 330 condominium residences across both towers with restaurants, retail, and offices alongside a marina. A $269 million construction loan from Fortress Investment Group LLC has closed for Nautilus 220, with financing arranged by Concord Summit Capital.
“Our team is committed to creating value with all of our projects, said Peter Baytarian, Managing Partner, Forest Development, and engaging with Royal Palm Companies, a Florida based and seasoned high-rise developer as our partner for Nautilus 220, aligns with this goal.” “The condominium residences are more than 60% sold for this new luxury project, and construction is underway with completion anticipated for Summer 2024.”
“Nautilus 220 is a visionary and neighborhood-making development for the Town of Lake Park and the surrounding area,” said Daniel Kodsi, CEO, Royal Palm Companies. “Sales are strong for the condominiums, and we are pleased to offer our more than 40 years of expertise in the industry as the project comes out of the ground and is brought to completion.”
“We are delighted to have acted as financial advisor to Forest Development and Peter Baytarian and to have participated in the development of this project. We have acted as advisor on over 65 condominium projects in South Florida and consider this one of the most exciting and well-amenitized projects we have ever worked on. The testimony and proof are in the sales as the project has been selling out at a very rapid rate. We look forward to seeing this completed and occupied over the next few years,” said Kevin O’Grady, Managing Director and Partner of Concord Summit Capital.
“This transaction underlines the strength of Peter’s vision and the importance of the Nautilus 220 project to the area,” said Mr. Kang, a partner with Saul Ewing. “We are proud to be part of a development team that has the neighborhood’s best interest at heart and is behind the largest development ever approved by the Town of Lake Park. This milestone project will transform the waterfront into a vibrant destination with mixed uses for residents and tourists to enjoy for generations to come.”
Justin Morrow and Kevin O’Grady of Concord Summit Capital arranged the financing. Luis Flores, Anthony Kang, and Rick Carroll of Saul Ewing Arnstein & Lehr LLP represented Forest Development in closing this transaction.
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