The Swan Luxury Condos & Villas
A Prime 2.36-Acre Investment in Downtown Delray
The Site, strategically positioned just two blocks south of the bustling intersection of Pineapple Grove and Atlantic Avenue, spans nearly an entire City Block. Pebb Capital, a renowned developer, has already kickstarted a 240-million-dollar project just 1 block to the west of our subject site. Pebb's Sundy Village project, a shining example of the area's potential, will boast 96,000 sf of high-end office space and 28,000 sf of retail and restaurants. Our property, with its unique location and potential for development, is a prime investment opportunity.
The property's immediate surroundings have experienced significant improvements, including a million-dollar project that has added (61) parking spaces along the east side of the road, enhancing accessibility and convenience for the entire project. Notably, we have also seen substantial investments in The O.G./STANDARD hospitality-concept, located within ½ a block of the property, further enhancing the area's appeal. These positive changes in the vicinity of our property indicate a growing and thriving neighborhood, making it an attractive investment opportunity.
The site is currently comprised of 14 contiguous residential and commercial properties that are consolidated at 2.36 acres or 103,000 square feet. The property has been rezoned with full entitlements including upzoning of residential to Central Business District and an increased density of 70 units/acre and up to 5 stories based on height restrictions. In 2023, The sponsor had previously received full site plan approval for a 165-unit Multi-family rental project comprising 300,000 sf and 5 stories in height. The city planners and certain city commissioners have expressed support for the dramatically downsized and appealing townhouse concept.
The CBD zoning district, one of the most coveted zoning designations in the Delray Beach area, is a significant advantage for our property. Combined with the Railway Corridor Underlay, it allows for greater height and density, and a variety of uses, including multifamily, retail, office, hotel, and mixed-uses. This zoning designation opens up a world of possibilities for our property, making it a highly valuable investment.
The Delray Swan project is located near the beach and in the very core of Downtown Delray Beach, where no other sites of this size can be achieved. This site is only two blocks from the hottest intersection of Delray Beach, where East Atlantic Avenue meets the gateway to the Pineapple Grove Arts District—Ground Zero. The site is also only two blocks from the new Delray Beach Market. This project is currently under renovation to incorporate two new tenants. Bounce Sporting Club (an upscale sporting lounge) now open on the north end, while Lefkes Estiatorio (fine dining Greek restaurant) which will be opening at the south end.
Atlantic Avenue is the central entertainment district and a major east-west thoroughfare containing a wide variety of restaurants, shops, office buildings, and hotels, along with public parks and performing arts venues. According to Experian, the surrounding neighborhood consists primarily of luxury single-family homes and townhomes with nearly nine percent population growth (2010-2016) and an average household income of $107,670 within three miles. Delray Beach has seen a resurgence in activity in the Pineapple Grove Arts District near downtown. The art district plays host to Gallery Walks every Friday from October to April with live music and intimate studio tours. On the Ave, a community event is held five times a year, including music, food, and an outdoor art gallery. Other outdoor activities in Delray Beach include The Green Market, an open-air marketplace, the world-renowned Delray Beach Tennis Center, Miller Park, championship links, Atlantic Dunes Park, and The Seagate Beach Club. The City of Delray Beach was recently named an All-American City twice and the Most Fun Small Town in the USA by Rand McNally and USA Today in 2012
