Royal Palm Residences is a new condominium planned for downtown Boca Raton, featuring units priced from $1.75 million. New Yorkers fleeing high taxes already are making inquiries.
A new condominium is coming to downtown Boca Raton, and this one will feature the latest in luxury touches and technology.
Royal Palm Residences is slated to begin sales this month. The nine-story boutique condominium will feature only 48 units, priced from $1.75 million to more than $7 million.
For that money, buyers will live in a building that is even more upscale than a nearby condominium, 327 Royal Palm, built by the same developer, Group P6.
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327 Royal Palm, a 24-unit project, was the first condominium built in downtown Boca Raton after the recession that started more than a decade ago. It did well, with 21 units sold. Prices range from $1.6 million to $3.1 million. Three units remain available for sale.
But at Royal Palm Residences, unit prices start higher and some will cost more than double the 327 Royal Palm price.
The reason? A better location, more luxury touches and strong buyer demand.
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In fact, there already is buyer interest from Northeast residents seeking to flee high taxes, said Ignacio Diaz, Group P6 managing partner.
If Royal Palm Residences is successful, it will reinforce the demand for the luxury lifestyle in Boca Raton sought by retiring Baby Boomers and relocating Northeasterners.
Both Group P6 properties, 327 Royal Palm and Royal Palm Residences, are on East Royal Palm Road, south of Palmetto Park Road and west of the Intracoastal Waterway.
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But Royal Palm Residences has the better views because it is farther east, at 5th Avenue. It also is next to the Boca Raton Resort & Club, near the bridge and the Intracoastal Waterway.
Therefore buyers in certain Royal Palm Residences will be able to enjoy unobstructed views of the Intracoastal and the resort’s golf course. In the distance, they can see the ocean.
Royal Palm Residences will feature smart-home technology, Wolf gas barbeque grills on every terrace, and units flooded with light on three sides. “It’s absolutely unique in the market,” Diaz said.
Most importantly, the units will be big, in keeping with demand from buyers moving east to downtown from large homes in country club communities in suburban Boca Raton.
“People in Boca really want large floor plans,” Diaz said. “That’s something we learned from 327 Royal Palm. They’re leaving their big houses out west.”
But while 327 Royal Palm was sought after by local buyers, people inquiring about Royal Palm Residences are heavily from the Northeast, Diaz said. He credits the tax law changes.
“Everybody mentions the taxes,” Diaz said. “It’s unbelievable. I’m sure there are some happy New Yorkers in New York, but everybody has (taxes) in mind.”
Todd Richardson, vice president of sales and marketing for Group P6, said potential buyers from the Northeast already have inquired about Boca Raton’s private schools.
Royal Palm Residences will consist of three towers. Each tower has only two units per floor and those units can be combined.
This means that a buyer in the east tower, the largest, can buy a unit with 3,400 square feet or 3,700 square feet. Or the units can be combined to form an entire floor of more than 7,000 square feet, allowing 360 degree views of Boca Raton.
In the middle tower, the condo units are 2,500 square feet, while the west tower features units with 2,900 square feet. But on each of those two-unit floors, the condos also can be combined to form one large residence.
There are other changes with this newly launched condo by Group P6. The builder is Suffolk Construction, which built The Bristol in West Palm Beach. The Bristol is the most expensive condominium ever built in Palm Beach County and features units that range in price from under $5 million to $43 million for an entire floor.
Another change: Diaz is bringing a designer to the project, Steven Zelman, from the get-go.
A sales showroom displays the building’s interior features, such as its contemporary design and neutral white, gray and taupe colors. A building model also shows the project’s planned exterior flourishes, including trellises and wrap-around balconies on certain floors. Parking is underground.
As is typical with luxury enclaves, this one is heavy on amenities. They include a pool, spa and club room, as well as two assigned garage parking spaces, a rarity in many condos that only provide one assigned space.
But Royal Palm Residences also is being designed to accommodate the latest in retail trends: Shipped packages and deliveries. Diaz said Royal Palm Residences will feature more packaging and storage space due to on-line shopping and deliveries.