South Florida Sun-Sentinel (Sunday)
New luxury townhomes planned for Delray Beach near Intracoastal
This real-estate feature from the South Florida Sun Sentinel highlights the latest plans for new construction as demand rises for more housing, offices and stores across the region. You can submit questions by emailing buildings@ sunsentinel.com, if you’re wondering about “what’s being built there?” in your community. Here’s one of the latest projects.
The location? In Delray Beach at 917 NE 8th Ave., east of Federal Highway and just north of George Bush Boulevard.
What’s planned? The latest in a surge of new luxury developments in east Delray Beach, a three-unit, two-story townhome development is planned two blocks west of the Intracoastal Waterway. The individual townhomes will range between 2,500 square feet to 3,100 square feet and will each have three bedrooms, a pool, a two-car garage and a backyard area.
Stamm Development Group acquired the .30-acre property for $1.3 million in October 2021, according to Palm Beach County Property Appraiser records. The Philadelphia-based development company opened an office in Delray Beach earlier this year and has more than a dozen other home projects in development in the same area, north of Atlantic Avenue and west of the Intracoastal Waterway.
“We really see a lot of value and a lot of upside in that pocket,” said Joseph Kronberg, who helps oversee business development for Stamm Development Group. “And that was really untouched aside from one or two projects before we kind of leaned into it.
And so it’s really exciting to see a lot of that take hold.
“The proximity and location of that pocket has been undervalued, and we see it as somewhere to lean in to and get our hands on as many of those untouched developments as possible to create value for the neighborhood and the area.”
What’s being replaced? The development will replace a two-story, single-family house
that was built in 1948.
When will project be completed? The project is currently going through city approval boards, but the hope is for it to be completed either in the fourth quarter of 2023 or early in 2024, Kronberg said.
What will the townhomes cost? Pricing has not been finalized yet, Kronberg said. However, a three-bedroom, 3,400-square-foot townhome less than a halfmile east that was also built by Stamm Development is being listed for $2.7 million, according to MLS listings.
Seeing demand: Over the past two years, Delray Beach has been inundated with new luxury townhome projects. The city is reviewing a proposal to add 31 townhomes with price tags hovering above $2 million each, just four blocks north of Atlantic Avenue off Federal Highway.
Farther north, Siréne Villas will include six threestory townhomes priced just under $5 million at 1236 George Bush Blvd., just east of the Intracoastal Waterway and one block from the beach. Lynn Townhomes, at 712 NE Eighth Ave. by George Bush Boulevard and Federal Highway, has a proposal for three two-story units that will be priced between $2.5 million and $3 million.
Additionally, a 14-home gated community with pre-construction prices beginning at $3.25 million is slated for Swinton Avenue less than two miles north of Atlantic.
By the beach, Ocean Delray opened its 19-unit luxury condominium development in 2021. The lavish residences ranged from $5.7 million to $10.5 million.
An additional 14 beachfront condominiums are under construction and will be sold for $3.9 million and $7.5 million.