The first post-crash condo tower on Singer Island started construction last month. In one twist, the developer decided to break ground on Vista Blue Singer Island in Riviera Beach after taking reservations on only four of the tower’s 58 units.
That’s possible because the developer, Third Palm Capital of Simpsonville, South Carolina, is financing the project internally rather than taking a construction loan, said Kevin Spina, a Keyes Co. Realtors agent who’s marketing the property. Banks traditionally require developers to sell half the units before starting construction.
“We are doing things a little bit differently,” Spina said.
Prices start at $1.6 million for units facing west and top out at $7 million for a penthouse on the ocean side of the building.
The project is scheduled for completion in 2017. Spina called the condo the first new construction on Riviera Beach’s oceanfront since 2007.