At Palm Beach County's Most Expensive Condo Building, Sales Pass $300M
The most expensive condo ever built in Palm Beach County is not in the ritzy town of Palm Beach, which sits on a barrier island, but rather across the bridge, at 1112 South Flagler Drive on mainland West Palm Beach.
The Bristol is a 25-story building with 69 units, and the developer said that even with units costing about $10M apiece — $1,500 to more than $2,500 per SF — it is 60% sold.
"We thought it would take three years to sell out, and it looks like it’s going to take less than a year and a half," developer Al Adelson, of Flagler Investors LLC, told the Palm Beach Post. "We’re extraordinarily happy with sales."
As land prices have risen the past few years, development has crept northward from Miami, with Fort Lauderdale and Broward County now booming, and Palm Beach County also growing, but not as fast. Billionaire Jeff Greene has several projects in the works there, but has been cautious about the ability of residents to afford new projects in the area.
Units at The Bristol range from 3,700 to 9K SF, with three to five bedrooms. Sales materials play up the unobstructed views of the Intracoastal Waterway, Atlantic Ocean and Palm Beach Island.
Sales started in 2015 with a commercial that aired during Super Bowl 50. The project broke ground last year, and will be completed this year. Flagler Investors paid $21M for the waterfront development site in July 2014 and got a $206M construction loan last year.