The Bristol condo in West Palm Beach is moving closer to becoming a reality.
The priciest condominium ever planned for Palm Beach County will hold its groundbreaking on Friday, May 13.
Al Adelson, a partner with developer Flagler Investors LLC, said Tuesday that The Bristol has achieved nearly $200 million in pre-sales. In addition, five of its six penthouses now have been sold. Penthouses range from $14 million to $18 million.
The sales bring the ultra-luxury condo along the Intracoastal Waterway to about 39 percent pre-sold, up from 17 percent in February.
“Do you know how much money $200 million is?” Adelson said. “It’s a tremendous show of faith by multiple people in our project and in our concept.”
The groundbreaking is a milestone for a project that once was mired in litigation and opposition from neighbors objecting to the size and mass of the 25-story building. Last year, developers settled a lawsuit with a citizens group for $1.1 million.
The Bristol counts 69 units, ranging from 3,700 square feet to 14,000 square feet, according to the condo’s website. Some units are being combined to form larger apartments.
The average size of a unit at The Bristol is about 4,500 square feet and costs $10 million.
Twenty-four units have been purchased by independent buyers, Adelson said.
These are not affiliated with four units individually purchased by partners in the project, said Adelson, who confirmed rumors that the project’s partners have purchased units in the property.
This includes Adelson, who said he bought a unit on a lower floor. The total square footage acquired by the owners is 20,000 square feet.
Excluding units bought by developers, about 138,000 of 300,000 square feet is under contract, Adelson said.
The $250 million condo is being built on the former Chapel by the Lake site at 1100 S. Flagler Drive.
Some real estate agents say that a few Palm Beach prospects who have toured the condo’s sales center at 440 Royal Palm Way on Palm Beach like the project but are torn about moving off the island.
But people who are buying are drawn to the property’s newness and its modern, luxury style. The $1.8 million sales center shows off the wood and marble flooring, plus other finishes, that buyers can expect in their own luxury unit.
“I think the building is going to be a game-changer,” said Burt Minkoff, an associate with the Corcoran Group on Palm Beach.
Adelson noted that buyers are not only from the area, but also from other parts of the country, including the Northeast and Midwest. Therefore, he said, the building is not being affected by troubles in South American countries, whose residents tend to buy in Miami.
Although Flagler has spent about $300,000 on television ads, including during Super Bowl 50 in February and The Masters golf tournament earlier this month, Adelson said the best source of business is referrals from people who have committed to buy a unit.
Pre-construction buyers at The Bristol must put up 20 percent at time of contract signing, and another 20 percent when the groundbreaking takes place next month. The groundbreaking is set for 11 a.m. on May 13.