A waterfront site, on Clearwater Beach, has been acquired by BH3 Management and U.S. Development with plans for a condominium project.
The three-acre site, at 551 Gulf Boulevard, was purchased for $24.75 million.
Plans for the development include a pair of nine-story buildings with 86 luxury residences, a resort-style pool deck and a 270-foot-wide private beach.
Residences are expected to range in size from 2,000 to 5,500 square feet, and will average just under 3,000 square feet, with prices from $2 million to $10 million.
BH3 Management, led by partners Gregory Freedman, Daniel Lebensohn and Eric Edidin, has developed more than 4 million square feet of real estate, including Privé at Island Estates condominium in Aventura. U.S. Development, led by John Farina, chief executive officer, and Dustin Salzano, chief financial officer and principal, has $1.1 billion worth of residential projects in its east coast portfolio, including Ocean Delray and 1625 Ocean, in Delray Beach.
Sales for the project are expected to launch in late 2024, and vertical construction is set to begin in 2025.