Carolyn DiPaoloMast Capital has offered $50 million for three buildings at Shore Club.
A Miami developer has offered $50 million to the owners of three buildings at Shore Club, a North Palm Beach waterfront condominium.
Why it matters: With booming prices for residential development and limited supply, developers are making a play for property to redevelop along the Intracoastal Waterway throughout Palm Beach County. The effects will be seen for generations.
In a letter of intent obtained by Stet News, Mast Capital offered the 132 owners of Shore Club units $300,000 to $455,000 depending on the size and location of their home. Mast officials haven’t said what they want to build and didn’t respond to requests for comment.
Other new developments threatening to alter the last traces of Old Florida in many communities include:
- Bristol developer Al Adelson has offered $150 million to owners of Portofino waterfront condominiums in West Palm Beach.
- Miami-based Fort Partners paid $20 million for two aging apartment buildings between Washington Road and South Flagler Drive just north of the Southern Boulevard bridge in West Palm Beach.
- Related Group of Miami is preparing to build the 21-story, 39-unit Apogee condo on North Flagler Drive in the place of one single-family home.
Shore Club is a 55-and-over community east of U.S. 1 at Northlake Boulevard built in 1967.
- It is an attractive property because it is directly on the Intracoastal Waterway overlooking the Earman River.
- The complex falls under the state’s strict rules enacted after the 2021 collapse of the Surfside condo in Miami Shores that help make it a target for developers.
The condos are across the street from the planned Village Place mixed use project at the old Twin Cities Mall site.
Context: Mast Capital helped develop the Edera apartment complex at the former YMCA site on Congress Avenue in Palm Springs. A one-bedroom unit there starts at $2,100 a month.
What’s next: Condo owners will vote on whether to accept Mast’s offer.
