Developer Deepak Khosa has launched the sale of his planned beachfront pearl condominium project on Palm Beach Shores.
Atlantic Group, a company founded by Khosa, plans to build a six-story, 18-unit building at 123 Ocean Drive, according to a developer press release. Condominiums range in size from 2,400 to 7,000 square feet and offer two- to four-bedroom units, with buyers having the option to customize their apartment.
Prices for the first buyers will start at $1,500 per square foot, according to the release. That means units are selling for between $3.6 million and $10.5 million, depending on unit size.
Sales were handled by Harlan Goldberg and Jarret Willis of the Corcoran Experience Team.
Pearl will feature 20,000 square feet of indoor and outdoor amenities, including a 55-foot lap pool and a rooftop pool.
Construction is expected to start in the first quarter of next year, with completion expected in the fourth quarter of 2025, according to a representative of the developer.
In 2021, Atlantic Group purchased 0.7 acres of development land $8.1 million, records show, through the purchase of the bankrupt struggling Seaspray Inn and Beach Resort. Atlantic Group purchased the property from lenders after previous owner Seaspray Resort filed for bankruptcy.
The Parkland-based Atlantic Group, which Khosa founded in 2002, has projects in North Carolina and Florida in Port St. Lucie, Fort Myers, Tallahassee and West Palm Beach, according to Khosa’s LinkedIn.
Khosa also has investments in South Florida multifamily real estate. In 2021, he paid $10.6 million The 105-unit Card Sound property is located at 27707 South Dixie Highway in the Naranja neighborhood of South Miami-Dade County.In the same year, he also paid $7.9 million Located in the Lake Arjaro Apartments complex at 4885 Lake Arjaro Drive near West Palm Beach.
Palm Beach Shores, a coastal town at the tip of Singer Island with just over 1,000 residents, is a predominantly residential community that hasn’t experienced the real estate development and investment boom that other South Florida markets have.
In recent transactions, Philip Pilevsky’s New York-based Philips International has sold an 87-unit multifamily portfolio that includes properties along Bamboo Road and Claremont Lane in Palm Beach Shores and along Surf Road in Riviera Beach. , $17 million last year. CSA Seascape, linked to Coral Gables-based Arena Capital Holdings, is the buyer.
