The Atlantic Group of Cos. hopes to break ground on the 18-unit Pearl in the first quarter of 2024, with completion planned for the fourth quarter of 2025. The development will measure six stories above grade, ranging from two-bedroom to four-bedroom homes. They range from 2,400 square feet to 7,000 square feet each. They come with oceanfront views.
Per a report from the South Florida Business Journal, the smallest units will start at $3.6 million. The Real Deal notes that the largest units (measuring more than 7,000 square feet) will cost more than $10 million.
Homes range from two-bedroom to four-bedroom units.
The Pearl will offer 20,000 square feet of amenities, including an athletic-style swimming pool, breakfast café, wellness center, fitness center, steam showers, and more. There is also easy access to many of Palm Beach Shores’ amenities.
The Atlantic Group of Cos. purchased the .65-acre build site for $8.1 million nearly two years ago. It first proposed the Pearl in July 2022, with the original plan requesting 30 units. Before construction commences, the general contractor will have to demolish the Seaspray Resort, which was built in 1966. It was seized by bankruptcy creditors in 2020.
The luxury development will replace the Seaspray Resort.
The Pearl could take shape at 123 S Ocean Ave., Palm Beach Shores, Florida, 33404, in Palm Beach County.
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Does anyone have the contact info for The ATLANTIC GROUP Of COS? Thanks in advance.