New condos slated for Boca downtown find success with buyers

9:01 a.m. Tuesday, Nov. 21, 2017 Business
Ignacio Diaz, with Group P6, stands with a rendering of 327 Royal Palm, a luxury condo underway in Boca Raton on October 19, 2015. (Richard Graulich / The Palm Beach Post)

Builders are eager to construct apartments throughout the county, but new condominiums are scarce. There’s an exception to the rule, however, and that’s in downtown Boca Raton.

Developer Group P6 has been pleased by the response to its boutique condominium now under construction, the 24-unit, nine-story 337 Royal Palm on East Royal Palm Road, west of the Intracoastal Waterway off of Palmetto Park Road.

Former IBM campus in Boca: Once tech hub, now set for housing?

The condo is 70 percent sold. Units average 3,200 square feet and can go up to three bedrooms. Prices range from $1.6 million to $2.9 million.

Now Group PG has decided to build a second condominium complex on the same street, to meet buyer demand for large units.

Details on Restaurant Row planned for central Boca Raton

At 475 Royal Palm, there will only be two units per floor. But if requested, the two units can be combined into one unit, meaning a buyer could have a 360-degree view. “Combining of units is a big trend,” said Group P6’s Ignacio Diaz.

At 475 Royal Palm, a 2,200 square foot condo can be doubled to a 4,400-square-foot one, a 2,750-square-foot unit can be doubled to a 5,500 square foot unit or a 3,500 square foot unit can be doubled to a 7,000-square-foot residence.

Condo sales boom, rentals going fast as market heats up

The combined units will take up an entire floor, allowing 360-degree views overlooking the Boca Raton Resort & Club and some Intracoastal Waterway views. The units will have “tons of light,” Diaz said, but retain the boutique condominium feel he’s aiming for.

The three-building condo will feature 16 units in each building for a total of 24 units. Plans are afoot to start marketing next winter. Prices have not yet been set.

Buyers at 337 Royal Palm are coming from very large homes, some of them in nearby Royal Palm Yacht & Country Club and others from golf and country club communities west of the city, Diaz said. “They’re empty-nesters,” he said. “They want to walk to restaurants. They want the freedom to travel and not worry about taking care of the house.”

And they want large units. Diaz said he wished he had built more 5,000 square foot units at 337 Royal Palm.

But he can still work a little magic on some unsold space. So he’s decided to combine two penthouse units to create one unit totaling 6,700 square feet (not including the balcony). The $5.2 million unit will have 18-foot ceilings and three site lines, Diaz said.