Luxury Condos In And Around Palm Beach Gardens Selling Fast

Dated: 10/16/2018

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Azure wraps up construction, nets more than $155 million in sales

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Azure condominium complex in Palm Beach Gardens

A luxury waterfront condominium complex, five years in the making, just wrapped up construction in Palm Beach Gardens, selling $155 million worth of units so far.

In 2015, Azure was one of the first post-recession luxury condos out of the ground in Palm Beach County, with units selling from $900,000 to $3 million.

Despite its heady prices, the project is nearly sold out, reflecting demand for boutique luxury living, in-town, in northern Palm Beach County. Buyers include residents from nearby country club communities and out-of-state buyers seeking the Florida lifestyle — and most recently, those seeking an escape from high tax states.

MORE: Legal eagles on deck: New Sears, Gardens lawsuit brings in top lawyers

Nearly all the 101 units have sold, with only two remaining. One unsold unit, priced at $2 million, has 3,200 square feet. The other, larger unit, with 4,850 square feet, is priced at $3.3 million.

Most of the buyers who have closed on their units have moved into the buildings, said developer Tom Frankel of Frankel Enterprises.

Azure, featuring two five-story buildings, is next to the Loggerhead Marina at Donald Ross Road and the Intracoastal Waterway. The Azure property was purchased in 2013.

+ This submitted rendering shows how the completed Azure development near Donald Ross Road and the Loggerhead Marina in Palm Beach Gardens photo
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This submitted rendering shows how the completed Azure development near Donald Ross Road and the Loggerhead Marina in Palm Beach Gardens... Read More

A number of Azure’s buyers seem to like the boating lifestyle. In fact, about 15 percent of them rented boat slips, Frankel said.

Azure buyers get more than great views of boats outside their windows. The units are large, from 2,600 to more than 5,000 square feet, with additional covered terraces overlooking the marina.

Azure features two swimming pools, a putting green and fitness center with steam rooms and saunas. The property spans 14 acres.

Azure’s second building is a little different from the first. Frankel said residents moving from large homes with 7,000 square feet or more wanted more space, so he redesigned the second building to meet theirdemands.

Plans were for the second building to have 67 units. But the number of units was cut to 55, with each about 5,000 square feet in size.

+ Tom Frankel at Azure condominium in Palm Beach Gardens. photo
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