More luxury waterfront condos — 15 on the Intracoastal Waterway just south of Indiantown Road — are up for approval at Tuesday’s 7 p.m. town council meeting.
Starting price for the condos will be about $800,000, according to Richard Witham, the registered agent of Jupiter Investments, the developers of the site.
Cornerstone, which would be five stories, would have condominiums varying is size between 2,000-4,000 square feet. A public dock about 14 small boats is planned.
Jupiter Investments bought the property for $507,000 in 1993, according to Palm Beach County records. Witham plans on living in one of the two top floor units.
“It’s a beautiful view of the Intracoastal Waterway and Jonathan’s Landing,” Witham said.
There are negatives to Cornerstone, such as proximity to the Indiantown Road bridge and noise from U.S. 1 traffic, said north county Realtor John True. But those negatives are outweighed by the powerful demand for residential waterfront housing, he said.
“The demand is mind boggling. (Witham) will have no problem getting his price,” True said.
Cornerstone would be the second luxury waterfront residential development in Jupiter approved this month. Inlet Waters, a 33-unit complex walking distance from DuBois Park, was approved Dec. 5.
The new Mediterranean-style Cornerstone building would be about a dozen feet shorter than Harbourside Place, which is on the other side of Indiantown Road from the proposed Cornerstone project. The highest building in Harbourside Place is about 60 feet.
Cornerstone would have about 2,500 square feet of office/retail space on the first floor. Parking for about 44 vehicles would be below the building.
The one-acre parcel on the southwest corner of U.S. 1 is now occupied by the three-story Profile Art Gallery, an office building. Realtors, accountants and insurance agents now occupy about 90 percent of the building. Profile Art Gallery will be demolished if the $16 million Cornerstone plan is approved, said Witham.
Construction on Cornerstone would start this summer and be complete in about two years, Witham said.