Real estate developer National Realty Investment Advisors has secured a $73 million loan from CIM Group to begin the construction of Ocean Delray, a new condo development at 1901 South Ocean Boulevard in Delray Beach.

The new oceanfront complex will feature 19 residences and 200 feet of private oceanfront. Located on the former site of the Wright by the Sea Hotel, it is the first oceanfront project in the City of Delray Beach in more than 30 years.

Designed by South Florida architect Randall Stofft, the project will offer the $5 to $10 million residences with 3,373 to over 4,475 sq. ft. of luxury living space. The homes feature private elevators, three to five-bedrooms, four-and-a-half to six-and-a-half bathrooms and air-conditioned garages with electric charging stations. Each includes a glass-enclosed oceanfront terrace that adds 682 to over 2,850 sq. ft. of additional living and entertainment space.

Amenities include private beachfront cabanas and lounges, pool access with five-star dressing room areas, and a state-of-the-art Peloton fitness experience room.

NRIA’s general contracting partner is U.S. Construction which has started site prep and expects construction to begin in mid-November.