Great Gulf and Terrace Mountain Investors have obtained $110 million in construction financing from Bank OZK for LA CLARA, a 25-story, 83 unit condo tower under construction in West Palm Beach. Sales have reportedly eclipsed 50% and over $100 million including an $8.9 million penthouse. LA CLARA is located on a 2.4-acre site at 1515 S Flagler Drive on the Intracoastal waterway which the development partnership acquired for $24 million in 2016. John Moriarty & Associates are the general contractor on the project.

LA CLARA offers 83 residences comprised of one-, two- and three-bedroom units ranging from 1,500 SF to more than 4,000 SF. Pricing starts at $2 million with sales and marketing being exclusively overseen by Douglas Elliman Development Marketing. The building is designed by Hariri Pontarini Architects with Stantec as the architect of record.

The structure’s façade will feature a contemporary Florida Modernist style with a muted neutral palette consisting of stucco, Roman travertine, coral stone and granite with bronze accents. The luxury condominium is designed to achieve LEED Certification by the U.S. Green Building Council. Amenities will include a state-of-the-art fitness center with yoga studio, spa, outdoor garden, dog spa, club lounge, theater, conference room, business center, wine tasting room with storage and a resort style pool.

Sales are being led by Chris Leavitt, Alison Newton and Joey Columbo of Douglas Elliman Development Marketing. The deposit schedule is 10% down at contract, an additional 10% six months later and an additional 5% the following year. The building is expected to be delivered in 2021.

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