In Boca Raton, a condominium project under construction is logging sales as the busy winter selling season approaches,.
In Boca Raton, a condominium project under construction is logging sales as the busy winter selling season approaches, according to Noam Ziv, director of development for El-Ad National Properties El-Ad National Properties.
Alina Residences is a luxury condominium complex on Mizner Boulevard in in the heart of downtown, just west of the Intracoastal Waterway. El-Ad owned the site, a former rental apartment complex, for years before deciding to tear down the apartments and start building luxury condominiums.
Ziv explained the decision to build was due to changing demographics, with Baby Boomers moving to Palm Beach County to restire but wanting an active luxury lifestyle.
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“There’s a shift that we’re going through. (Boca Raton) no longer is a place for Jerry Seinfeld’s parents,” Ziv said.
With Alina being downtown, “it’s walkable. There are a ton of restaurants and shopping and services.”
The first phase features 121 units rising nine stories, with prices ranging from $1 million to more than $6.5 million, set to open in December 2020. Another phase will feature about 190 units.
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Ziv said a number of sales have been in the larger, more expensive units, including one 3,000-square-foot penthouse unit that sold in the $4 million range.
He’s hopeful returning snowbirds will be more interested in buying at Alina now that the project is rising rapidly and already is past the 6th floor.
Alina includes condominium units and villas in a resort-style setting, with pools, gardens, cabanas, outdoor kitchens and fire pits. The property stretches nine acres downtown, with views of the Boca Raton Resort & Club golf course to the east and city views to the west.
Buyers come from a range of backgrounds, Ziv said. There are people buying Alina from dated condominiums on the ocean. There are people who want to see city lights instead of the blackness of ocean at night.
Then there are those who are moving east from western country club communities, or moving south from the Northeast to escape high taxes.
Finally, there are professionals who see Alina as a convenient place to live for commutes to jobs in Fort Lauderdale or Miami. If Brightline/Virgin Trains builds a station downtown, as is now being discussed, that would make Alina even more attractive to buyers, Ziv said.