Park Residences on Lido off to constructive start

On Nov. 14, Park Residences of Lido Key at 129 Taft Drive held its groundbreaking ceremony. The residences will be the first condos built on Lido Key since 2007.

The project consists of 18 units that will be 2,458 or 2,460 square feet, six of which will be penthouses with private rooftop access. Each condo will have three bedrooms and three bathrooms.

Units range from $1.35 million to $1.6 million, and half of them have been sold.

The condos were in the planning stages for nearly 16 months and are expected to be completed by December 2015.

“Presales are great,” co-developer and Ocean Real Estate Ltd. principal Patrick DiPinto said. “We’ve got an incredible team, and we’re off hitting the ground running.”

The 1.12-acre parcel was the site for the planned Azure condominium project that never broke ground. Its developers lost the property to its lender, Lehman Brothers, and the site became entangled in the company’s bankruptcy.

DiPinto’s Seaward Development LLC purchased the property in August 2013 for $2.21 million.