The Wright by the Sea hotel, located on the ocean in Delray Beach, sold for $25 million. The Purchaser, New Jersey-based National Realty Investment Advisors LLC, and Co Developer US Construction Inc. will soon close the hotel as they work on a redevelopment plan for the prized oceanfront site. The buyer received a $22 million mortgage from affiliates of New York-based Ares Commercial Real Estate management.
The last oceanfront condo built in Delray Beach was in 1974. The available land for construction of new oceanfront residential units has been limited due to zoning code limitations and lack of land for new construction. These same factors are affecting land along the Intracoastal in Delray. The last newly constructed building, Seagate Residences, was located across from the beach, and it was built in 2007. The Wright by the Sea hotel was built on its 1.8-acre site in 1953 and has been under the same ownership for over 40 years. "We're tapping into the design expertise of several Delray Beach professionals to ensure we get this right," says Glenn La Mattina SVP of Property Management at NRIA.
"Randall Stofft and his top-notch architectural design team are working closely with us to design 'Ocean Delray,'" added John Farina, President/CEO of US Construction. "This will definitely be a project worthy of this rare oceanfront location. Randy has done amazing creative work all across the country, but Ocean Delray is located in his backyard, which makes it very important."
US Construction's diverse portfolio of residential projects, range from luxury townhome and condo developments to expansive, oceanfront mansions. The projects are located in downtown Philadelphia PA, Brooklyn New York and several oceanfront property single-family homes in Palm Beach County. NRIA has developed about 715 units since 2010 and currently has $335 million worth of projects in progress.
"It's a little early to share the details, but we're excited about what lies ahead," Farina noted. "Delray Beach has become one of the most sought-after coastal towns in the United States, and there hasn't been an oceanfront offering in decades." While plans are being finalized, NRIA & US Construction have assembled a top professional marketing and sales team for Ocean Delray. Stuart-based Cotton & Company will take the marketing lead with IMI Living managing sales. No official sales release date is available at this time.
Delray Beach prides itself in maintaining a local vibe and laid-back lifestyle while providing all of the comforts of a larger city. The main attraction: Delray's pristine beaches - a 20-minute walk from downtown. The downtown area, Atlantic Avenue, was named among the 10 great American shopping streets by USA Today for its walkability and mix of civic, residential, local and national retailers, restaurants and hospitality.