L
ionstone Development, led by Alfredo and Diego Lowenstein, acquired the site at 123 Ocean Avenue in Palm Beach Shores from Kannega Glades LLC for $13 million. The purchase was financed with a $7.5 million mortgage from City National Bank of Florida. Lionstone's portfolio includes high-end projects like Ritz-Carlton Residences in Bal Harbour and South Beach.
The site had previously been owned by Deepak Khosa's Atlantic Group, which bought it for $8.1 million in 2021. Khosa launched sales for the Pearl, an 18-unit luxury condo project with prices ranging from $3.6 million to $10.5 million, last year. Construction on the Pearl began in May.
Palm Beach Shores has become a popular destination for investors and developers, with recent projects like Havn Residences & Yacht Club, which includes a 52-slip marina and was sold by Johnston Group Capital Management and JSB Capital Group for $58.5 million last year.
