Cristelle Cay, a luxury oceanfront condominium project under construction just south of 32963, is nearly sold out almost a year prior to expected completion.
With the buildings about halfway done, 19 of 21 units have been sold.
Just two apartments are left in the sleek modernist project that Cardinal Ocean Development LLC, of Lauderdale-by-the-Sea is building at 4810 Ocean Palms Drive, just off State Road A1A, 3 miles south of the Indian River County line.
The project consists of two four-story buildings on a 3.28-acre parcel, with a parking garage, exercise room, heated pool and 436 feet of ocean frontage.
The Sailfish Building has nine three-bedroom homes, three on each floor, ranging from 1,977 to 2,100 square feet. Preconstruction prices started at $1.3 million.
The Mahi-Mahi Building has 12 two-bedroom homes, four on each floor, ranging in size from 1,785 to 1,884 square feet. Prices started around $1 million.
David Gilman, who owns Cardinal Ocean Development along with his wife Gail, said he expects to complete construction in January or February 2023.
“We’ve been enjoying a very good market. The project is heavily sold,” Gilman said last week.
“All we have is two left. We opened up last May. Between May and February, we sold 19.”
In addition to the hot real estate market, Gilman credited the rapid sales to the project’s location, design and price.
“Obviously there has been a great demand for housing in our area, all over whether in homes or condominiums,” Gilman said. “So, that has contributed to our sales.
“My observation is that purchasers were waiting for the right beachfront location, the right design of an apartment and the right price,” Gilman said. “I think those are the factors that contributed to our sales.”
North Hutchinson Island is loaded with parks and preserve land, including the neighboring Queens Island Preserve.
“Having built in Pompano Beach and working my way up the coast, I don’t know of another location right now that is as naturally beautiful as Vero and North Hutchinson Island,” Gilman said.
Cardinal Ocean Development is a family-owned and operated business that has been building condominium projects for more than half a century, Gilman said.
“My wife is a designer. She designs the apartment plans,” Gilman said. “She has a lot to do with the design of the building. We’ve worked together like that for many years. It’s a mom and pop business.”
