The Wright by the Sea hotel, located on the ocean in Delray Beach, sold for $25 million. The Purchaser, New Jersey-based National Realty Investment Advisors LLC, and Co Developer US Construction Inc. will soon close the hotel as they work on a redevelopment plan for the prized oceanfront site. The buyer received a $22 million mortgage from affiliates of New York-based Ares Commercial Real Estate management.
The last oceanfront condo built in Delray Beach was in 1974. The available land for construction of new oceanfront residential units has been limited due to zoning code limitations and lack of land for new construction. These same factors are affecting land along the Intracoastal in Delray. The last newly constructed building, Seagate Residences, was located across from the beach, and it was built in 2007. The Wright by the Sea hotel was built on its 1.8-acre site in 1953 and has been under the same ownership for over 40 years. Were tapping into the design expertise of several Delray Beach professionals to ensure we get this right, says Glenn La Mattina SVP of Property Management at NRIA.
Randall Stofft and his top-notch architectural design team are working closely with us to design ‘Ocean Delray,'” added John Farina, President/CEO of US Construction. This will definitely be a project worthy of this rare oceanfront location. Randy has done amazing creative work all across the country, but Ocean Delray is located in his backyard, which makes it very important.”
US Constructions diverse portfolio of residential projects, range from luxury townhome and condo developments to expansive, oceanfront mansions. The projects are located in downtown Philadelphia PA, Brooklyn New York and several oceanfront property single-family homes in Palm Beach County. NRIA has developed about 715 units since 2010 and currently has $335 million worth of projects in progress.
Its a little early to share the details, but were excited about what lies ahead, Farina noted. Delray Beach has become one of the most sought-after coastal towns in the United States, and there hasnt been an oceanfront offering in decades. While plans are being finalized, NRIA & US Construction have assembled a top professional marketing and sales team for Ocean Delray. Stuart-based Cotton & Company will take the marketing lead with IMI Living managing sales. No official sales release date is available at this time.
WANT TO BUILD A FINANCIAL EMPIRE?
Subscribe to the Global Banking & Finance Review Newsletter for FREE Get Access to Exclusive Reports to Save Time & Money
By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
Delray Beach prides itself in maintaining a local vibe and laid-back lifestyle while providing all of the comforts of a larger city. The main attraction: Delrays pristine beaches – a 20-minute walk from downtown. The downtown area, Atlantic Avenue, was named among the 10 great American shopping streets by USA Today for its walkability and mix of civic, residential, local and national retailers, restaurants and hospitality.
ABOUT US CONSTRUCTION
Since 2007 and its ongoing expansion, US Construction has helped contribute to the story and values of communities in Philadelphia, New York, and South Florida, all while helping to preserve each neighborhood’s rich individual history, and at the same time adding in a bit of fresh personality. Over the past 10 years U.S Construction has developed and constructed more than 1500 luxury homes and units among 50 different complexes and has been a leader in redeveloping prime neighborhood locations.
National Realty Investment Advisors, NRIA, has developed about 715 units since 2010 and currently has $337 million worth of projects in progress. The firm also currently has a portfolio of nearly 1,000 rental/managed units on the east coast.
For US Construction Inc.
Laurie Andrews, 772-600-3501