Delray Beach: Pineapple Grove Village.

Corcoran Group Handles Condo Sales at Pineapple Grove Village By Matthew Marin, Associate Editor MAY 01, 2006 --
Delray Beach, Fla.--The sale of the remaining units of Pineapple Grove Village, a mid-rise, luxury condominium conversion developed by The Bainbridge Cos. in partnership with AIG Global Real Estate Investment Corp., is being handled exclusively by The Corcoran Group, a full-service residential real estate agency. Working from the on-site sales center at 325 NE 2nd St., the Corcoran team has taken charge of sales of the one-, two- and three-bedroom residences and townhomes. Prices at Pineapple Grove Village range from the mid-$300,000s to $600,000s. More than half the residences have been sold since last summer.Nestled between Boca Raton, Fla. and Palm Beach, Fla., Delray Beach has undergone major revitalization and growth over the past 10 years, becoming one of Florida's most affluent metropolitan areas. The location of Pineapple Grove has attracted interest from a combination of buyers, such as young professionals, retirees and second-home buyers. Brian Wilson, condominium development manager of The Bainbridge Cos., told MHN, "We think it's an irreplaceable piece of real estate. Delray Beach is a happening place, and Atlantic Avenue is always hopping with people." Dubbed an "all-American city" by the National Civic League, Delray Beach is considered the epitome of Old-World charm, and it embodies a combination of history and modernism. The exterior design of Pineapple Grove consists of tin roofs and cottage-style homes that reflect the historic architectural style of the nearby homes, luring prospective buyers. "It's not trying to be an ultra-modern residential experiment," Wilson notes. "It fits right into the community. It offers a relaxed, Floridian lifestyle."The village consists of two five-story and four three-story buildings, which were converted into condominiums after The Bainbridge Cos., in partnership with AIG Global Real Estate Investment Corp., bought the property in May 2005 for a purchase price of $52.2 million. Lehman Brothers financed the transaction. Ram Development Co. had built the property in 2003, and Slattery and Associates designed the exterior architecture.In addition to the sales efforts, The Bainbridge Cos. commissioned Sole Interiors as the "exclusive" designer of its model residences, five of which were recently sold while another five are still available. Based in Plantation, Fla., Sole Interiors specializes in residential design and model residences for developers throughout the Sunshine State.Wilson commended Margaret Sole, principal of Sole Interiors, for the look of the models, which is one of classic elegance, featuring dark woods and upscale furnishings, saying, "Customers always seem to love what she does for us." The design of the models focused on the quality, simplicity and functionality of the environment. By mixing modern, contemporary and rustic elements, Sole was able to create spaces that inspired rather than dictated a particular style.The size of the townhomes and condos ranges from 895 to 2,042 square feet. The village features units with expansive living and dining areas, gourmet kitchens equipped with granite and stainless steel appliances, lavish baths with oval soaking tubs and walk-in showers and spacious bedrooms with walk-in closets. Heidi Swanson Cole, a top real estate agent for the Palm Beach-based Corcoran Group, has recently been named sales director for the village. She will be heading the sales program and supervising onsite sales. "We are pleased to have The Corcoran Group on board," says Rick Giles, president of Bainbridge Property Management, a division of The Bainbridge Companies. "Their imaginative approach to real estate sales and their high energy level will be great assets to Pineapple Grove Village."