The first thing Alloy Development built at its condominium site in Indian River Shores was a sturdy, two-level observation platform above the beach that lets prospective buyers sample the ocean views that will be available from the 18 luxury homes that will be built there.
To put it mildly – the views are spectacular.
On a recent sunny Saturday, when the ocean was calm, and white-fringed waves broke gently on the shore, the vista north and south along the coast was both soothing and inspiring, encompassing a sweeping sensation of natural beauty that Alloy is counting on to attract buyers for the $3-million-and-up residential masterpieces.
The 3-bedroom homes will have 4 or 4.5 baths and 3,300 to 3,900 square feet of air-conditioned living space, along with 950 to 1,840 square feet of outdoor terraces and balconies. All homes will be oceanfront.
The site, which is marked by several large vermillion-colored planters on the east side of A1A north of John’s Island, was large enough for 21 units but Alloy chose to build fewer.
“A less dense development resulted in all residences having more ocean frontage,” said Premier Estate Properties broker associate Kay Brown, who is offering the condominiums for sale. A matching Vermillion planter has been placed at the corner of A1A and Beachland Boulevard, where Premier’s office is located and where Brown has opened a sales center for the project.
The architectural style of the development, called 8050, its address on A1A, will bring a new and much-needed modernist element to Vero’s built environment.
“We are very excited about the project and think the design will be very well received,” said island resident and Alloy CEO Katherine McConvey.
Alloy president Jared Della Valle said 8050 will be a “thoughtfully contemporary project, offering the market something they have not seen before. It will celebrate the special location and take advantage of this being the gateway to the tropics.”
“I think the buyers here are quite sophisticated,” said McConvey. “They will see that our design really allows the incredible coastline to be the main feature of the home. It will be a simple design that blends the exterior and the interior. The focus will not be on crown molding but on the world outside the windows.”
Della Valle says the planned 103,000-square-foot building, which has two setbacks that make it look more like three buildings than one, will harmonize with the built as well as the natural environment, fitting in with the structural rhythm of The Carlton, its neighbor to the south.
“We are a very design-driven company with a strong sense of responsibility about what we do,” he said. “Buildings like these have a long lifespan with lasting impact on the place they are built, and we care deeply about what we leave behind, the value of the architecture and the quality of the work.”
“The quality of construction and interior finishes for the project surpass anything that has been built in the area,” said Brown. “The building has been designed with the latest technologies to make it energy efficient and storm resilient.”
McConvey found the site and showed it to Della Valle, architect of record for the project, who reports that he was “enamored with the expanse of the horizon, the quality of the existing native habitat and the vibrant colors of the flora.
“Before we started the design process, we established that preservation of the site’s most treasured features – the landscape itself – was a requirement our team of designers, architects, builders and craftsmen would have to embrace.”
Alloy bought the 4.8-acre parcel across from Palm Island Plantation in October 2014 for $7,250,000. Clark French and Cindy O’Dare of Premier Estate Properties represented Beachlen Development, the seller. Brown was the buyer’s agent.
The company has been working on design and permitting for 8050 for the past 10 months, with Proctor Construction providing pre-construction services. Della Valle said the project required “10 or 11 permits” from local, state and federal entities and that “all the permits are approved or about to be approved – there is no impediment. The town (of Indian River Shores) has been wonderful, and the county has been terrific in working with us.”
Bank financing is not in place but Della Valle said lenders are waiting in the wings. “It is always better to make those deals on a non-speculative basis. We want to be able to sit down and say, ‘Here are the facts: This is how much the project will cost; here is my construction partner; here are the permits; here are the materialized sales.’ ”
With a complete package of project details in hand, Alloy should be able to secure the best possible terms from a lender. “We are confident we won’t have any challenge. We believe there is strong market pressure. The brokerage community is very excited and we have had great discussions with potential buyers. The reaction has been overwhelmingly positive.”
Della Valle plans to have units sold and financing in place in time to begin construction this summer. The entire project will be built with no phasing, and he expects homes will be ready for delivery in the summer of 2018.
“Units are available for sale now!” said Premier Estate Properties agent Jeanine Harris, who works with Brown. “We have contracts and condominium documents in our office and we are able to sell at any time.
“We are very pleased with buyer interest since our launch in December. Interest is coming from all over the globe and our website 8050verobeach.com is offering a beautiful glance at our exceptional contemporary residences.
“Brokers have shown a strong interest and have visited our 8050 sales center to preview the video of 8050 and see our scale model of the project. We have project packages that can be picked up at our office for any potential clients, and we can offer a personal visit to the site and arrange a visit with the developers for brokers and their clients.”
“We are very excited to be where we are in the process and we have all the confidence in the world that we will have a wonderful season,” Della Valle said.