For half a century, the Harbor Point condominium has clung to the shore of Singer Island in Riviera Beach, one of a few aging holdouts among a canyon of newer gated high rises.
But the deteriorating beachfront building at 5000 N. Ocean Drive has courted buyers for years and finally found a suitor last week with the Kolter Group, which bought the complex for $15 million.
Chip Armstrong, a Realtor with the Keyes Company in Palm Beach Gardens, said the 37-unit condominium will be razed and replaced with a luxury development.
No one from Kolter could be reached for comment.
“This was a challenging sale to say the least,” Armstrong said. “The building is old, it’s falling apart and almost everyone in there has been wanting to sell for some time.”
Just four of the owners have homestead exemptions on their units, meaning they consider it their primary residence, according to the Palm Beach County Property Appraiser.
Armstrong said the condominium, which is at the end of a long curving drive fronted by a hand-painted marker, had offers as high as $30 million before the real estate market collapse.
Riviera Beach City Councilmember Dawn Pardo, whose district covers Harbor Point, said the city is happy with the purchase and looks forward to the new project.
One delay in closing the sale was a city code amendment that pushed allowable development to the west of the dune line, but Pardo said the change was necessary to mitigate damages from beach erosion.
“We know there is a problem with erosion on the island and it would be insane to continue to allow development on or close to the dunes,” Pardo said.
Kevin Dickenson, an agent with Berkshire Hathaway Home Services who specializes in waterfront properties, said waterfront condominiums are in demand.
“We do have a serious shortage of new towers on the sand,” he said. “Kolter’s Water Club appears to be doing very well and an oceanfront tower would command an even higher price point.”
Kolter is building a two-tower complex in North Palm Beach on the Intracoastal called the Water Club. Prices range from $700,000 to more than $1 million.