$35,000,000 The Overlook | Community Development Port St Joe, FL

Summary

The Overlook is a community of 49 townhomes and condos along the Gulf coast in Northwestern Florida. The property includes over 100,000 sq ft of livable space, roughly 825ft of continuous ocean frontage, and is situated on nearly three acres of land – including private and public beach access.

Challenge

The development site was assembled through four separate land purchases. The parcels are located in both County and City jurisdictions, which required an easement to maximize the density of the assemblage. COVID-related challenges included building department closures, material & labor shortages, rising costs and an uncertain financing environment.

Solution

Through our grassroots development efforts, we built relationships with both local public officials and regional construction professionals. With diligence and foresight, we negotiated subcontractor contracts early in our planning process and ordered materials months in advance, locking in both price and availability. Through our lender network, our equity platform was able to secure a $19.15mn construction loan to finance the development.

Visit theoverlookpsj.com