HomeMy WebLinkAbout1977-10-02 Old Port Cove Historic Success (Palm Beach Post)Old Port
isto ric
By BOB ROLL/ S
Post Business Editor
On a 60-acre peninsula extending from .U.S. 1 in
North Palm Beach along the Intracoastal Waterway
and Lake Worth, buildings of the condominium commu-
nity rise majestically to a panoramic view of the area.
If the facility had been constructed 80 years ago,
owners could have sat on their balconies and watched
travelers get off trains at the terminal of the Celestial
Railroad to climb aboard boats at the end of the cove
for the last leg of their journey to Palm Beach.
Perhaps that's what the original developer, E.
Llwyd Ecclestone Jr., had in mind when he began the
project and called it Old Port Cove.
. The early -day travelers are gone. So is the historic
Railroad.
Even Ecclestone has left the project for a new one. But
when he talks of plans to build a home for the Profes-
sional Golfers Association, he reminds listeners of his
experience with Old Port Cove and terms it, "the finest
high-rise complex in Florida and one of the best in the
U.S."
He began Old Port Cove in 1970 as a planned unit
development of 1,250 units with a partner, General
Portland Cement of Dallas, that sold its interest later
to Acer, a Canadian investment firm. In May, Eccle-
stone sold his interest to Acer, which brought in more
Canadian investors.
Cove:
ccess
Today, Old Port Cove consists of four 12-story
buildings, Admirality A and B, Quay North and South,
and a 20-story marina tower for a total of 608 living
units — all sold.
The complex also includes a yacht club, two mar-
inas and a six -building plaza of professional offices and
commercial shops with 40 tenants. Located within the
village of North Palrn Beach, the facility provides its
own streets and security.
Harry R. Gonzalez, president of Old Port Cove who
came to Palm Beach in 1967 as chief executive of the
Flagler System and later formed Land Logistics Corp.,
a real estate and management firm, recently discussed
plans for completion of the community.
"We're shooting real hard for a completion date of
1982," Gonalez said, adding the new developers are
"trying to improve the product and lower the density
with a total sell -out below 1, 000:..units . "
At an average price of just under $100,000 per unit,
Old Port Cove is well on its way to becoming a $100.
million project.
The next phase of development, now under con-
struction on 17 acres adjacent to U.S. 1 and the In-
tracoastal, will be Harbor Village, a group of 92 luxury
low-rise residences and six townhouses surrounding a
Turn to COVE, F2
'�I'.t!�H:ytii;•:1��,1.VGJ'�4'.:t iy:r "•^,.'
.L•iT f 3. YY.raG G-.'!•A+Y�.��'(!t
�«T :yam ��n•. rc^..�Q� ..":� :
r#".ii�f�n5
i, 'Stet •�'
'i::uri rl ���.':::i�; t1`4cae'fa:z •�'� r.dii: ,.,:: '="' _ ,,.,
r .., ;l.r•'e::i(?n". - .. ~`'�•',_t=•l�i;`y.',`rr<.�G^:�
YET:':::: i::'::::'!:.'.:�'i "'t:j:t;'t: •.�.....�..:: y'�; �:',�.'
Three More 'Marina Towers' Are Planned at Old Port Cove ,
tis
•
'Old Port Cove is a product that
has established itself in the
marketplace. We're working on
the basis that we have a good
economy and it's going to
continue. With each phase we
have offered better quality and
everyone has benefited. Units
that sold five years ago for
$25,000 now sell for $50,000.
Harry R. Gonzalez, Old Port
Cove president