Two Roads Development and Alpha Blue Ventures, the development team behind Forté, a new waterfront luxury condominium at 1309 South Flagler Drive in West Palm Beach, have secured $121.5 million in construction financing from Bank OZK. The loan will fund construction of the 24-story boutique tower, which is set to commence in December and will be completed in 2024. Approximately 60% of Forté’s 41 residences have already been sold, with the majority of buyers coming from markets across the domestic U.S.
Designed by Bernardo Fort-Brescia of Arquitectonica, with interiors by Jean-Louis Deniot, Forté boasts exclusivity: only two residences per floor, each with sweeping views of Worth Avenue, the Intracoastal Waterway and the Atlantic Ocean. Expansive three- and four-bedroom residences range from 4,200 to 8,400 square feet in size with the option to combine residences for a full-floor home. Forté’s six-bedroom penthouse spans 8,900 enclosed square feet with an additional 2,000-square-foot private rooftop deck that includes a pool, summer kitchen, cabana bath and unmatched 360-degree views
“Closing this loan with Bank OZK is a significant milestone for our team and the broader West Palm Beach residential market,” says James Harpel, Chairman and Senior Partner of Two Roads Development. “Forté’s waterfront location, combined with Bernardo Fort-Brescia’s sophisticated design and the equity we’ve built through strong pre-construction sales, have created a powerful combination that puts us in the position to secure favorable financing.” Unit prices at the luxury tower range from about $6.7 million to in excess of $30 million.
