An apartment complex and marina on Singer Island in Palm Beach Shores will convert to a condo after renovations are completed.
PBS Condominium LLC, an affiliate of Palm Beach-based Johnston Group Capital Management, acquired the 36-unit building and 54-slip marina at 176 Lake Drive from $58.5 million in October. At the time, it was called the Cannonsport apartments and marina.
It was developed on the 2.36-acre site in 2008. The original developer planned to sell the building as condos, but that didn’t happen at the time.
Sixteen years later, the building will finally go condo.
Johnston Group Capital has rebranded the property as the HAVN Residences & Yacht Club, started renovations and launched condo sales. Ranging from 1,823 to 2,662 square feet, the condos are priced from $2 million.
The developer said the units should be ready for delivery in April. Miami-based Shim Projects is the interior designer. The upgrades will include Sub-Zero and Wolf appliances.
The building has a pool, hot tub and fire pit.
This condo will not permit short-term rentals, as units may be rented up to twice per year.
“As our first project in Palm Beach Shores, we embarked on a meticulous journey to maintain the architectural brilliance of the area while capturing the allure of modem coastal living:• stated Ryan Johnston, CEO at Johnston Group. “With access to a private yacht club and an unequaled location within ‘The Best Little Town in Florida: our goal was to seamlessly integrate exclusivity, convenience, and subtle sophistication to elevate the overall design and functionality of the buildings!’
The Heilman Team at Compass is brokering sales for the property owner.
F3 Marina manages the yacht club and its marine store. The site has easy access to the Atlantic Ocean via the Palm Beach Inlet.
There was a wave of condo conversions across South Florida in the early 2000s, but that came to a crashing halt during the Great Recession in 2008. There haven’t been many condo conversions since, but this project aims to capitalize on the wave of wealthy people moving to coastal Palm Beach County.
Read the article by Brian Bandell for the South Florida Business Journal.
