Forest Development Launches Sales at Florida Community

Nautilus 220. Image courtesy of Forest Development

Forest Development has launched sales for its 330-unit luxury condominium project in Lake Park, Fla. The project, Nautilus 220, is expected to break ground in the fall with an expected completion in the fourth quarter of 2023.

Nautilus 220 will offer two- and three-bedroom units with some penthouse options with prices starting at $700,000 and topping out at more than $3 million. The units will range in size from 1,500 to 3,400 square feet and will be built with hurricane impact windows and balconies with hurricane-proof glass railings. 

The majority of the units will be located in the top 18 floors, while a five-story podium will accommodate space for a parking garage, some podium residences, restaurants, retail and offices. The developer will also build a more than 1-acre amenity deck on the sixth floor that will include a pool, sundeck, lounge, outdoor kitchen, dog run, private beach club and guest suites. Residents also will get access to the Lake Park Harbor Marina, which can accommodate vessels up to 100 feet with 100 slips.

Forest Development tapped RDA Architects to design the property, while Interiors by Steven G. Inc. designed the community’s interiors. Compass was also hired to handle the community’s sales and marketing. Peter Baytarian, managing partner for Forest Development, said in prepared remarks that the company also worked with the Town of Lake Park for many years regarding the community’s design and planning.

DEMAND FOR WATERFRONT LUXURY

Beth Butler, Compass’ director of new Southeast development, said in prepared remarks that Palm Beach County was seeing record waterfront sales on a monthly basis. Butler added in her prepared statement that South Florida was still rising in popularity amongst financial firms, tech companies and people.

Baytarian also said in prepared remarks that the Palm Beach County market for new luxury waterfront condominium residences has been active, leading to the decision to start sales with the community.

“Florida has had an overall increase in single family home and condominium sales and there are many factors that have led to this including lower taxes, COVID-19 and the weather,” Baytarian told Multi-Housing News. “This is a general trend of which Palm Beach County is seeing the effects.”

Baytarian also noted in his prepared statement that Forest Development is currently in the process of signing contracts with local buyers as well as those from the northeast U.S. Recently, the South Florida region has attracted many New Yorkers who were looking to get out of the city due to complications from COVID-19.