Condo, marina sold on Singer Island in Palm Beach Shores
Cannonsport, south of the Blue Heron Bridge and just north of the landmark Sailfish Marina, is a spot for boat lovers, with unobstructed access to the Palm Beach Inlet leading to the ocean.
West Palm Beach downtown office towers, real estate development
New office towers in downtown West Palm Beach, or already completed ones, such as 360 Rosemary, have lured about 100 firms since 2019 to Palm Beach County.
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The Cannonsport condominium and marina in Palm Beach Shores traded earlier this month for $58.5 million to an investor, a sale that reflects the bustling real estate market’s reach into even quiet Palm Beach County towns.
Two entities linked to investor J. Jay Lobell bought the Intracoastal Waterway site at 176 Lake Drive from affiliates of Nationwide Realty Investors, according to a deed recorded on Monday (Oct. 30) with the Palm Beach County Clerk’s Office.
Columbus, Ohio-based Nationwide Realty Investors, the development arm of Nationwide Insurance, purchased the Singer Island property in 2004 for $10.5 million from the Mills family.
Nationwide then tore down an old motel for a three-story, 36-unit condominium complex.
The condos were finished during the height of the recession in the mid-2000s, when the real estate market crashed. This led Nationwide to rent the units out as apartments instead. According to Cannonsport’s website, the dock slips were also available for lease.
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Cannonsport marina in Palm Beach Shores a hit with boaters
Cannonsport, south of the Blue Heron Bridge and just north of the landmark Sailfish Marina, is a favorite spot for boat lovers, with unobstructed access to the Palm Beach Inlet leading out to the Atlantic Ocean. From the private Cannonsport marina, the West End of the Bahamas is only 55 miles away, according to the marina’s website.
During the past 20 years, demand for waterfront property and marina space in Palm Beach County has exploded, and people moving to Florida from cold climes are especially keen to live on or near the water.
Tiny Palm Beach Shores, a quiet community of single-family homes and mostly older condominiums on the southern tip of Singer Island, is not immune from the boom.
This summer, pre-construction sales began on The Pearl, a luxury condominium being built at 123 Ocean Ave. Residences in the boutique 18-unit condo will range in price from $4 million to $7.5 million. The property formerly was the Seaspray Inn and Beach Resort.
It’s unclear whether Lobell plans to make any changes to the Cannonsport property or the marina, including tearing down the existing residences to build a larger complex. He did not respond to emails requesting comment.
But Palm Beach Shores Mayor Alan Fiers said zoning is tightly restricted. Buildings can feature parking at grade level, and then three stories above it.
“They might try to get a little higher,” Fiers said. “A lot have. And a lot have failed.”
Lobell’s company, JSB Capital, recently moved its headquarters to Miami Beach from New York. The company has an extensive portfolio of real estate properties, including 40,000 square feet of retail space on Worth Avenue, according to its website.
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Palm Beach County developer Dan Catalfumo, who built the Cannonsport residences for Nationwide, said the new owner could just upgrade the units and sell them as condos.
“It’s a gem,” Catalfumo said of the waterfront site.
Cannonsport’s two and three-bedroom units range in size from from 1,823 to 2,662 square feet. The residences overlook the Cannonsport Marina, Peanut Island and the Intracoastal.
Alexandra Clough is a business writer and columnist at The Palm Beach Post. You can reach her at [email protected]. Twitter: @acloughpbp. Help support our journalism. Subscribe today.
