5400 N Ocean Dr 2.67 Acres of Commercial Land Offered at $90,019,149 CAD in Riviera Beach, FL 33404

ONE Commercial Real Estate is pleased to present this rare opportunity to acquire 2.67 acres of direct access beachfront land along Singer Island, Palm Beach County, Florida. The site boasts 200 linear feet of unobstructed waterfront views and is primed for the redevelopment of a new, 20-story ultra-luxury condominium tower with up to 53 units under as-of-right allowances. The existing condominium association and its unit members have unanimously engaged One Commercial Real Estate to retain a purchaser and pursue the strategic sale of the property along with the dissolution of condominium. ONE Commercial Real Estate has the authority to find a purchaser for the property.
The support of unit members is present for developers seeking to purchase & pursue this remarkable redevelopment opportunity.
Under as-of-right allowances, a new 20-story luxury condominium tower with 53 units can be designed with ample surface parking, unobstructed ocean-to-intracoastal views, and lifestyle & amenity services supported by existing market demand. Waterfront condominiums in Palm Beach County are reaching record values due to the lack of available inventory. In downtown West Palm Beach, larger Intracoastal units within the segment are commanding prices above $3,000.00 per sellable square foot. The newest pre-construction offerings are now beginning at price points reflective of this, underscoring the unmatched demand for coastal luxury
inventory. Considered a pinnacle of luxury living, Palm Beach County ranks as one of the top 5 fastest-growing wealth markets globally, with a concentration of over 71,000 millionaire households and 68 billionaires calling it home. Singer Island boasts seven miles of pristine beaches, upscale hotels and resorts. The site benefits from proximity to major points of interest such as the Beaches, Ocean Reef Park, the Palm Beach Inlet, and downtown West Palm Beach. Singer Island’s Ocean drive runs thin with condo towers on the east and Lake Worth Lagoon to the west. This offers a feeling of privacy and quiet tranquility upon approach and also ensures unobstructed west & east views both now and into the future. The location lends itself to the segment, suitable for desirable features supporting the demand for luxury boutique development.