4A — December 14 - 27, 2018 — M id A tlantic

Real Estate Journal


D el M ar V a

The Residences at Lighthouse Cove in Dewey Beach, DE Lighthouse Cove Development Co. announces record sales season


EWEY BEACH, DE — The Lighthouse Cove Development

Company announced a record- setting sales season for the pop- ular condominium community known as The Residences at Lighthouse Cove. Over the last six months, the community has sold 16 homes, with only five of the 27 units constructed during the current phase still avail- able. The recent sales activity marks the best sales season since the resort development hit the market in 2012. The remaining four homes consist of three two-bedroom homes, as well as a one-bed- room, with prices ranging from $439,900 to $559,000 while offering direct access to the third-floor rooftop pool, private balconies and terraces, on-site garage parking and other popu- lar Lighthouse Cove amenities. “When we began planning the redevelopment of the cur- rent Lighthouse Cove property nearly a decade ago, we were driven by the immense poten- tial we saw in Dewey Beach as a destination for tourists, families, retirees and other visi- tors alike,” said redevelopment partner, Harvey Hanna &

The Residences at Lighthouse Cove rendering

Associates president Thomas Hanna . “The incredible sale pace we have experienced over the last six months is a testa- ment to that vision, and we look forward to maintaining that momentum as we move closer to the final phase of our plans at this site.” Construction on the final phase of The Residences at Lighthouse Cove began in No- vember 2017, and will include 30 additional bay-front condos, the brand new Lighthouse Cove Event Center, a fully re- designed and remodeled Light- house Restaurant, additional parking in the interior garage and a first-ever recreational bay walk. The redevelopment also includes Delaware’s first- ever Hyatt Place Hotel, which

opened in October 2013. The full project is expected to be completed in 2019. “The consistently robust sales at The Residences are setting a new market pace in Dewey Beach, as demand is increasingly comparable to neighboring Rehoboth Beach. Thanks to recent upgrades in accommodations, a growing list of new restaurants and gastro- pubs, and the Dewey Business Partnership’s popular public events have all contributed to its continuously rising appeal among homebuyers,” said Joe Maggio , Owner of JoeMaggio Realty . “We expect that trend to continue as the next phase of the Lighthouse Cove develop- ment is delivered in the coming months.” 



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