A waterfront lot, ready to be
what the market wants.
Ground-up custom spec on a 10,019 sq ft canal lot with deepwater access toward the Intracoastal. Acquisition, demolition, and full ground-up construction by the Lot 29 Capital team and our exclusive build operator.
The numbers, at a glance.
A teardown candidate on a coastal canal.
10,019 sq ft lot in the Lake Rogers / Caribbean Keys area of northeast Boca Raton. Approximately 100 linear feet of navigable water frontage with access toward the Intracoastal. Currently improved with a 1965 CBS single-family home (3BR/2BA, 1,621 sq ft) which will be demolished as part of the scope.
The seller is asking $2.0M. Our acquisition target is $1.6M with a defined walk-away at $1.5M. Above $1.6M, the deal does not pencil at our return thresholds. The property has been on market briefly with no offers received and we expect to negotiate the basis over the diligence period.
Where the $5.45M goes.
Land in equity, vertical in debt.
Targeting a 75% LTC non-recourse construction loan against the vertical (hard plus soft costs), with land equity-funded and held outside the loan basis to optimize lender terms.
LP equity sized at approximately $2.9M. A 10% hard cost contingency, dedicated operating reserve, and 8.5% relationship lender rate are baked into the model.
Eighteen months, start to wire.
Two cases, honestly modeled.
Profit by scenario, after total cost.
Net profit pool at close, available for distribution to LPs and GP.
Recent execution at the highest tier.
5 Barefoot Lane, Hypoluxo Island
Custom estate Completed 2026 by our exclusive build partner. 6,511 sq ft, 5BR/7.5BA, 85 LF deepwater frontage on a gated 4-home street between Manalapan and Palm Beach. Three levels, elevator, infinity spa, Lutron HomeWorks, dock for up to 75-foot vessel. Demonstrates execution at a tier above the subject project, in the same coastal corridor, with the same operator.
772 Gloucester Street (Villa Mariner), Boca Keys. Sold 6/13/2025 for $6.55M at $1,273/sf. New construction completed 2024, 5,145 sf, 5BR/6BA, 90 LF deepwater. Original land basis $1.725M (March 2022, near-identical to subject acquisition target). The base case is anchored directly to this closed sale.
Active comps in the directly adjacent Lake Rogers / NE 7th area are listed at $3.5M–$4.9M for non-new-construction inventory, supporting the new-construction premium reflected in the underwriting.
Full MLS-grade closed comp set will be appended prior to formal offering.
What could go sideways, and how we manage it.
List-to-close discount.
Villa Mariner closed 12.7% below original list. Base case assumes a 10% list-to-close discount priced into the underwriting. If broader Boca waterfront softens, deeper discounting risk is absorbed first by margin, not LP capital.
Build execution.
Mitigated by build partner track record, 10% hard cost contingency, defined budget variance thresholds, and joint approval on scope changes above limit. Daily oversight by Lot 29.
Time on market.
Boca waterfront median DOM is 139 days. Base case assumes pre-listing during construction with buyer lined up by CO. Stress case extends listing to 8 months. Operating reserve covers extended carry without capital call.
South Florida specifics.
Insurance, FEMA elevation, seawall condition, and tree preservation requirements all subject to confirmation during the diligence period. Marine inspection is a closing condition.
Ready to walk through the model.
Full underwriting model and term sheet available to interested partners after an initial conversation. Subscription documents will follow once the project is under contract and the offering is structured by counsel.