Approved Site Plans 306 NE 2nd St 6,011 SF Office Building Delray Beach, FL 33483 $7,495,000 ($1,246.88/SF)

Site Plan Approved
Marketing description
The Maxwell Delray represents a rare, fully entitled development opportunity in one of South Florida’s
most sought-after submarkets. After more than three years of planning, design, and stakeholder
coordination, the project has secured full site plan approval, with key endorsements from Pineapple
Grove Main Street and the Delray Beach Community Redevelopment Agency. While not yet shovel-
Ready, the property is positioned for near-term vertical development, requiring only the final stages of
engineering and MEP readiness — an estimated 9 to 12 months and approximately $1.6M in
remaining pre-development investment.
Investment highlights
The Maxwell Delray is designed as a premium boutique condominium with high-end finishes and a rooftop amenity program featuring a pool and fitness center. The opportunity addresses a meaningful supply gap: new-construction, non-waterfront condominiums remain exceptionally scarce in this submarket. Comparable products delivered post-2019 have achieved pricing of $1,100 to $1,450 per saleable square foot, underscoring durable demand fundamentals and supporting strong projected development economics relative to the offering basis.
A distinguishing feature of the offering is the existing on-site income-producing structure, currently leased on a month-to-month basis. Rental income effectively covers taxes, insurance, and operating expenses, materially offsetting carrying costs throughout the pre-construction period — a meaningful advantage for incoming sponsors.