The developer of a Palm Beach spec home told The Real Deal he is moving ahead with construction after winning architectural approval, with plans to price the home at about $40 million.
The 13,500-square-foot mansion is located at 520 Island Drive on Everglades Island in Palm Beach. With terraces and a courtyard, the overall indoor-outdoor space will amount to 16,500 square feet, the price equates to $3,000 a square foot.
The seven-bedroom, 10-bathroom home will be built on a .9 acre lot, which is the second largest lot on Everglades Island. It will be called “Villa Lago-a-Lago” to reflect the nature of the lot, which has Lake Worth Lagoon lakefront on both the front and back yards. The home was approved by the Palm Beach Architectural Commission on Wednesday.
All over South Florida, developers have been turning their focus to high-priced spec homes, particularly in Miami Beach and Bal Harbour.
Roger Janssen of Dailey Janssen is the architect on the project. The landscape architect is John Lang of Lang Design Group. The interior designer is DKOR Interiors. Features will include two master bedrooms, a central courtyard and two swimming pools, including one that wraps around the rear of the house like a moat. Construction is expected to begin in October or November, and the home will be completed in March 2018.
The home is expected to hit the market in the beginning of 2017.
