Last 2012, when the Florida housing market was just starting to recover, Grand Birch LLC acquired nearly an acre of property located at North Birch Road in Fort Lauderdale for only $2.45 million. The initial plan was to construct Privage, an 11 story condominium with a nice view of the ocean and the Intracoastal Waterway.
After four years, the project is on the brink of breaking ground. The project has a new name and is under a different developer. On May 2015, Grand Birch LLC decided to sell the property to an affiliate of SobelCo. for $10 million— almost four times more than the acquisition price.
Florida property management mentioned that SobelCo. plan to construct a 23-unit condo called 321 at Water’s Edge at 21 North Birch Road. SobelC.o will begin construction this fall and the project is expected be completed by 2018.
Condo units will range from 2,600 square feet to 3,800 square feet, and the prices start at $2 million. The amenities will include a fitness center with a majestic ocean view, a wine storage area for each owner and four docks for boats.
Peter Zalewski, the principal of Condo Vultures consulting firm expects that the project will be successful and will attract a multitude of clients.