Five-story luxury condominium going up in downtown Delray

A luxury condominium project in Delray Beach obtained a $20.59 million construction loan to build on 1.12 acres, just a block from the city’s Atlantic Avenue business and entertainment district.

The builder, SOFA I, LLLP, has started construction on a five-story building with 70 residences and ground-floor retail.

The loan was arranged by Trez Forman Capital Group of Boynton Beach.

The project, called 111 First Delray, will include a pool with cabanas, recreation deck, covered open-air lounge, summer kitchen, bar, billiard tables and a fitness center. The building will allow pets and also feature secured gated parking, bicycle valet, private storage, electric car charging stations and an atrium lobby.

When he first announced the project three years ago, developer Felipe Vergara said he saw a gap in the economic rebound in downtown Delray Beach. Most of the construction focused on shops, office and apartments, but not condos, he told the Sun Sentinel.

Vergara forecast that his project, at 111 SE First Ave., would be well-received because of the growing popularity of downtown Delray Beach and a dearth of condo unit inventory.

In a statement, Trez Forman president and CEO Brett Forman indicated there are plenty of restaurants, shops and nightlife for any resident living at 111 First Delray to sample.

“This community is being developed in one of the hottest parts of Palm Beach County,” he said.

And the commercial growth continues. An office building and an iPic theater are on the drawing board for the area.

111 FIRST DELRAY/COURTESY The condo, called 111 First Delray, will include a pool with cabanas, recreation deck, covered open-air lounge, summer kitchen, bar, billiard tables and a fitness center. Pets will be welcome.