BG Singer Island Teaser 8
Transcript of BG Singer Island Teaser 8
The OfferingBlueGate Partners, LLC and its affiliates (collectively“BlueGate”) have been retained by the Owner (the“Owner”) to arrange the sale of its fee simple interest inthe Singer Island Yacht Club Development Site located at2525 and 2429 Lake Drive, Singer Island, Palm BeachCounty, Florida (the “Site” or the “Property”). Togetherthe Site totals approximately 1.79 acres and is situatedat the southwest corner of Blue Heron Boulevard and
Lake Drive along the eastern side of the IntracoastalWaterway (Lake Worth). The Property currently includes109 existing condominium units and 15 marina slips all ofwhich are owned or controlled by the Owner and largelyvacated. The Site is prominently positioned as the gatewayto Singer Island with nearby, deep water access to theIntracoastal Waterway (Lake Worth), the Palm Beach Inletand the Atlantic Ocean.
Premium In-fill Development SiteThe Property’s location along Lake Drive at the entrance to Singer Island pro-vides it with a high profile location within both Singer Island and Palm BeachCounty. Due to recent developments along the Atlantic Ocean, the PalmBeach Inlet and the Intracoastal Waterway (Lake Worth); there are few devel-opment parcels left and available for development on Singer Island.
Proximity to Major Highways & Transportation HubsBlue Heron Boulevard provides direct access to I-95 (exit 76, 3.5 miles west)and Florida’s Turnpike (via the Beeline Highway at exit 107, six miles west) aswell as a recently completely Publix Shopping Center less than one-half milewest of the Site. In addition, it merges with North Ocean Drive approximate-ly one-quarter mile east of the Property and eventually merges with PGABoulevard approximately five miles north of the Property, providing additionalaccess to Palm Beach Gardens and a number of amenities including theGardens Mall. The Property is also within six miles of the Palm BeachInternational Airport and the Port of Palm Beach.
Popular Resort DestinationSinger Island is one of South Florida’s most desirable year around destinationsfor hotel, resort and timeshare customers. Marriott operates three facilities onSinger Island totaling over 1,000 rooms including two timeshare resorts - OceanPointe and the under constructions Oceana Palms, and a resort property - thePalm Beach Marriott Singer Island Beach Resort & Spa; the Berkley Groups oper-ates the 260-room Palm Beach Shores Resort; and, Hilton Hotels operates the222 room Hilton Singer Island Oceanfront Palm Beaches Hotel.
Zoning Allows Variety of UsesThe Property offers an impressive 292 lineal feet of frontage along the Intracoastal Waterway (LakeWorth) and is currently zoned Residential Multi-family/ Hotel-15. The RMH-15 zoning allows anumber of uses including multi-family "for sale" properties, multi-family "for rent" properties,hotels, motels, resorts and timeshares. In addition, given the current condition ofthe existing improvements and the Site’s high profile, the municipality willlikely be motivated to encourage a potential redevelopment of the siteto a higher density and a variety of uses.
Exit 83
Exit 109
Exit 79
Exit 107
Exit 77
Exit 76
Exit 74
Exit 71
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Lake Park
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Shores
Riviera Beach
Peanut
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Cypress Lakes
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Donald Ross Rd.
PGA Blvd.
Northlake Blvd.
45th St.
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Flagler Memorial
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JunoBeachStatePark
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MacArthurState Park
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Singer IslandDevelopment Site
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Stuart
Hobe Sound
Boca Raton
DelrayBeach
MiamiInt'l Airport
Ft. Lauderdale/Hollywood Airport
Palm BeachGardens
Coconut Creek
KendallRichmond
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Coral Gables
Weston
Chokoloskee
Ochopee
JeromeCopeland
Everglades City
Hollywood
Hialeah
Pompano Beach
Hillsboro BeachLakeviewCreek
Jupiter
Juno Beach
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Immokalee
Lehigh Acres
Sunniland
LaBelle
Denaud
Deep Lake
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MooreHaven
Venus
PlacidLakes
Citrus Center
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Lakeport
BuckheadRidge
TaylorCreek
BryantPahokee
Indiantown
Arthur R.Marshall
LoxahatcheeN.W.R.
North Palm Beach
Palm BeachInt'l Airport
Singer Island
West PalmBeach
Exit 80
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PortMayaca
Green Acres
Loxahatchee
Singer IslandYacht Club
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[email protected] [email protected] [email protected]
Palm Beach: 250 Royal Palm Way, Suite 390, Palm Beach, FL 33480 • Tel: 561.655.1743 • Fax: 561.655.1745
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[email protected] [email protected]
New York: 1412 Broadway, Suite 2102, New York, New York 10018 • Tel: 212.381.7612 • Fax: 917.591.9696
BlueGate and the Owner make no warranty or representation, express or implied, to the accuracy of the information contained herein. The information has beensubmitted in good faith subject to the possibility of errors and omissions; change of price, rental information or other related Property information; or, withdraw-al without notice. Purchasers should rely solely on their own independent analysis, due diligence and verification of Property information. Prospective Investorsagree that BlueGate and the Owner shall have no liability to the purchaser or purchaser’s representatives or agents resulting from the use of the information con-tained herein or distributed by BlueGate and the Owner in the future.
Strong Performing Condominium MarketAccording to MLS the condominium market on Singer Island has expe-rienced a significant comeback from the economic downturn in 2007and 2008. In 2011, MLS reported 210 condominium sales on SingerIsland an increase of 19 percent over the 2010 figure of 176 sales.Pricing for newly developed, comparable condominium sales aver-aged over $465 per sf with a peak price of approximately $700 per sf.It is important to note that recent sales are largely resales of existingunits as no new condo developments have been built on Singer Islandsince 2008 with less than 50 new units remaining in the market.
Quality of LifeResidents and international visitors alike flock to Singer Island for its47 miles of scenic Intracoastal and Atlantic Ocean beaches, plentifulwaterfront destinations and unique style of Florida living. Shoppersand diners frequent the recently completed Publix market at the west-ern base of the Blue Heron Bridge and the newly renovated SingerIsland Ocean Mall and Beach Park, approximately one-quarter mileeast of the Property. The nearby Sailfish Marina has long been a pop-ular spot for locals and tourists to dine, drink and walk the docks.World class inshore and offshore fishing are plentiful around the PalmBeach Inlet located less than one-quarter mile south of the Propertyand boaters also have immediate access to the warm waters of theAtlantic Ocean and Gulf Stream as well as being only 60 miles west ofthe fishing, diving and cruising grounds of the Bahamas. The Site’slocation also provides residents and visitors nearby proximity to WestPalm Beach, Palm Beach and Palm Beach Gardens and the numerousdestinations within each city including Worth Avenue, Clematis Street,the Gardens Mall, City Place and PGA National Resort and Spa.
View Looking South from the Property