1979 to 1980

698-750 Spanish River Road, Boca Raton

Condo-Conversion

74 condominiums, 2 buildings on a deep water canal, 4 and 5-storys

Opportunity:  Built in the early 1960’s, the owners of the two buildings had neglected their rental property for many years and after carrying it through the 1975/77 real estate correction, they were eager to sell it.  The building was acquired in early-1979.

Task:  The challenge was to substantially renovate the 74 units and improve the property as a whole within a defined budget, convert it into condominiums, and to aggressively market them in a peripheral market that had not yet emerged from its recent correction.

Results:  While the project took less than 18 months from beginning to end, its sales were completed in only 10 months.