Singer Island Low-Rise to be Demolished, Luxury Community Set to Take Its Place
According to a report from the Palm Beach Post, it appears the days are numbered for one of the last few remaining low-rise condo developments on Singer Island—a part of Palm Beach County that is now basically dominated by towering oceanfront high-rises with jaw-dropping views and a wide-range of amenities to match.
Harbor Point, located at 5000 N. Ocean Drive on Singer Island in Riviera Beach, has reportedly been sold for $15 million to The Kolter Group, which plans to demolish the deteriorating 37-unit building and develop a new luxury community that still needs to be approved by the city.
Prior to the market collapse, offers of $30+ million were received for the Harbor Point property—yet another indication of just how hard the Palm Beach County real estate market fell around that time.
Harbor Point was originally built back in 1964 and according to reports, about 30 units are still controlled by private owners, which was another contributing factor as to why the deal was so challenging.
As of now, more details have yet to be released about Kolter’s new luxury development.
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