Domani to set new price peaks

By Ed Duggan

11/25/05

Palm Beach County's most expensive new condominium community, Domani, opens for sales in early December on the shores of Lake Worth.

Prices start in the high $2 million range and top out at $9 million for residences in both an 18-story tower and eight adjacent two-story mansions - all surrounded by formal Italianate gardens. Sizes for properties in Domani, which means "tomorrow" in Italian, range from about 5,000 to 8,000 square feet.

Domani's developer, West Palm Beach-based Kolter Communities, promises a luxury community unlike any other in its size, refinement, sophisticated classic style and amenities.

"It's our first [community] in this price range and a pinnacle project for any residential developer," said Kolter VP Mary Kay Willson, adding that sellout could top $400 million.

Being the highest-priced new condominium community may raise alarm bells for those who see a real estate bubble ready to burst. But not for F.F. "Chappy" Adams, president of Illustrated Properties, who continuously takes the market pulse.

Palm Beach Gardens-based Illustrated Properties sold $1.6 billion of new and resale homes in 2004, with sales expected to hit $2 billion this year.

"There is still good demand in the $2 [million], $3 [million] and $4 million price range," said Adams, who is not associated with either Kolter or Domani.

"The Kolter project is in an incredible location, just across the lake from Lost Tree Village and up the road from Seminole, which has a $20 million home for sale right now," he said.

Adams said his firm sold a home in Lost Tree Village a few years ago for $4 million - and the buyer then tore it down to rebuild.

"Kolter has a good reputation for quality," he said. "Domani sounds exciting."

To create Domani, Willson, along with a number of Domani technical vendors, journeyed to Italy for ideas and inspiration.

The trip started in northern Italy at Lake Como on the Swiss border, then progressed through Lombardy, Tuscany and Sienna.

Two film crews and three still photographers accompanied the group to document communities, buildings, interiors and grounds of interest.

"I didn't get to make the trip because my daughter was going into surgery," said Larry Cohan, architect with BC Architects in Coral Gables who designed the community's master plan, as well as Domani's 69 tower residences.

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