Landmark inn sold to make way for ‘Ocean Delray’ development
Everything changes in time – especially if it’s oceanfront property.
An iconic A1A oceanfront vacation rental property just south of Linton Blvd., in Delray Beach was recently sold to make way for a new development, according to The Real Deal.
In the report, Wright by the Sea and another parcel were sold to National Realty Investment Advisors – a New Jersey-based development and investment firm – for $25 million.
The sale included both the Wright by the Sea, 1.7915 acres, and two lots located across Ocean Blvd at 1060 Del Harbor Drive, 0.5757 acres.
Wright by the Sea has been a Delray Beach landmark since the early 1950s.
Russel M. Wright, a Detroit-based osteopathic doctor, purchased the land and first built a ‘seaside retreat’ that was used exclusively by his family and friends in 1950.
He would later add a second, two-story structure that was open for public use.
The property’s best feature – 200 feet of ocean frontage.
A three-story building will be part of the new construction that replaces the vacation spot, which will include 19 homes, ranging from 3,300 to 4,600 square feet. They will be priced just under $5 million and the development will be called ‘Ocean Delray’ – according to the Sun Sentinel.
Construction reportedly will take two years.
Wright by the Sea was one of the last family-owned rental operations on Palm Beach County’s barrier island.
For information about south Florida commercial or residential properties contact Petruzzelli Real Estate at (office) 561.362.8413 or (email) info@petruzzellirealestate.com
Response to "Landmark inn sold to make way for 'Ocean Delray' development"