As the population of Palm Beach County continues to grow, the demand for residential and commercial properties is also rising. In response, South Florida communities such as the Town of Lake Park are making development plans to provide for the needs of its residents. Here is more on the Lake Park condos that are on the horizon.
Located at Cypress Drive and Lake Shore Drive, just west of the Lake Park marina, the construction of Lake Park’s newest luxury condominium tower is well underway. Upon completion, the Nautilus 220 towers will have 24 floors and offer 330 “one-to-four-bedroom residences ranging from 1,100 to 3,400 sq. ft.” The penthouse properties will have “private rooftop terraces, plunge pools, and 12′ ceilings”, and the property will also have twelve 650-square-foot guest suites. According to a recent report, “the sixth floor will be an amenity deck with more than 1 acre of space that includes a pool, cabanas, and indoor dining area. The fifth floor calls for a bowling alley, golf simulator, movie screening room, gaming room, and a soundproof studio.”
In addition to luxury condos, plans for Nautilus 220 project include “13,000 sq. ft. of office space, 8,058 sq. ft. of retail, and 14,550 sq. ft. of space for two waterfront restaurants.” Further, “five floors of parking will offer 863 spaces for residents and the public.”
Property sales launched in March of this year, with units priced between $600,000 and $3 million. Boca Raton-based firm Forest Development is developing the Nautilus 220 towers. The project architects are Boca Raton-based RDA Architects, and the interiors are being designed by Interiors by Steven G. Nautilus 220 is expected to be completed in late 2023.
According to a recent report, the town hopes that the $180 million waterfront development will be the start of significant growth along U.S. 1. Mayor Michael O’Rourke commented, “It’s not just this Nautilus project. We’re hoping this is the first of what will happen in this corridor along U.S. 1.” Mayor O’Rouke has also expressed optimism regarding future potential revenue stating early on that the project is expected to “bring in more than $1.7 million in annual revenue to the Town, which will help us create new programs and potentially reduce taxes, plus generate hundreds of construction jobs and dozens of permanent jobs for area residents.”
The town made zoning and master plan changes to permit the Nautilus to be constructed. Namely, it made zoning code changes to allow for greater density and amended its comprehensive plan to allow for more building height. Lake Park’s original plan only allowed for buildings up to eight stories. Standing at 24-stories, the Nautilus 220 condominium apartment tower will be one of the tallest buildings in northern Palm Beach County.
Since the project was submitted, Forest Development has paid $1.8 million to the town that will be devoted to public improvement projects. According to Mayor O’Rourke, these funds will be used to improve the town’s public parks. He also commented that these funds would give the town the opportunity to work to make that area a real part of our community and have them share in all the benefits.” Forest Development will also pay $2.1 million in permitting fees which Lake Park plans to use for new community programs and services.
Noel Martinez, CEO of the Palm Beach North Chamber of Commerce, recently commented that the Nautilus 220 project is anticipated to create $750 million in economic impact on the area’s northern region and create 1,850 direct and indirect jobs. The chamber believes that the project will be transformative for the town of Lake Park.
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