Fairfield Site Goes Condo

By Ed Duggan

12/03/2004

Miami-area developer Allen Greenwald has the 486-unit Villas at Emerald Dunes project in Palm Beach County under contract from Texas-based Fairfield Residential for an undisclosed price.

Closing is scheduled for late spring/early summer, Greenwald said.

Emerald Dunes was originally planned as a rental community to be built and owned by Fairfield. A hot residential market changed those plans and made it a conversion target when ground was broken.

As a condominium community, Greenwald estimates it will realize $120 million in sales.

"It's a great location - five minutes to I-95, one minute to the Turnpike - and we've completely upgraded the entire project to upscale condominium standards," he said. Already under construction are two clubhouses, two Olympic-size swimming pools, a billiard room, tennis court, putting green and meditation gardens.

Apartments within the three-story, campus-style buildings include upgraded carpeting and tile, granite counters and stainless steel kitchen appliances. 224 units have garages.

Mellon Bank has the inside track for the acquisition financing, although the deal has not yet been signed, he said.

Located on the north side of Okeechobee Boulevard and just west of Florida's Turnpike, the gated condominium community is scheduled for completion in stages during the next year.

"It's a low-rise community with a terrific location, excellent, private amenities and attractive pricing. In other words, a very hot property," said Nancy Cardone, a director of Illustrated Properties, the exclusive sales agent for Emerald Dunes.

Pre-construction prices range from near $170,000 for one bedroom to near $270,000 for three. In the first two weeks, 115 were sold.

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