Affiliates of the Paris-based holding company FIMALAC purchased 693 Fifth Avenue, a boutique office tower located in the Plaza District, from Thor Equities for $527 million. The buyer was advised by Savitt Partners’ Michael Dubin and Bob Conover. Simultaneous to the acquisition, the new ownership appointed Savitt Partners as the exclusive leasing and management agency for the irreplaceable, high-profile […]
Marina Palms Yacht Club and Residences promises to marry the yachting lifestyle with luxury condominium living. With two towers and 468 spacious residences, a waterfront promenade and one million square feet of residential space, the centerpiece will be the full-service marina and yacht club. All told, the $400 million development will serve a wide target audience with unique amenities not seen in a new condo project in two decades.
Located on a 14-acre waterfront property at the lighted intersection at 172nd Street and Biscayne Boulevard, Marina Palms Yacht Club & Residences will cater to an emerging market — just as the condo recovery continues gaining momentum.
For those who covet the boating lifestyle, the development is unequalled. The 112-slip, full-service marina and yacht club will be the first built in recent memory. It will feature a full-time, on-site dock master and yacht club concierge, fuel service, dock-side Wi-Fi, sundry store, and space to accommodate boats up to 90 feet in length. It will take boaters less than 20 minutes to reach the ocean.
“The South Florida condominium market’s continued recovery has set the stage for broad acceptance and quick absorption of this unique project,” said Neil Fairman, president of The Plaza Group, whose affiliate is developing Marina Palms in partnership with The DevStar Group. “It hits the right market demographic with the perfect location, features, services and amenities at the right time.”
Market conditions and residential realities strengthen the development’s prospects. Unit prices will start in the low $300’s per square foot, a significant discount from the up to $1,200 per square foot at properties on Miami Beach. Spacious two-, three- and four-bedroom condos will lure traditional northeasterners and Canadian residents, affluent Latin American families looking for a seasonal home, and locals who want to keep their boat or yacht behind their residence — with unobstructed water views in all directions.
“Miami has seen a significant resurgence among residential condominiums and Marina Palms is perfectly suited and priced to serve this luxury sector,” said DevStar Group Principal Anthony Burns. “People are looking for an amenity-rich, waterfront experience. We’re filling a niche in an under-served market — especially for those who enjoy the boating lifestyle.”
The Plaza Group’s successful projects include upscale developments The Palms, a luxurious twin tower condominium which is still the highest priced in Fort Lauderdale, and the 40-story Ocean Palms on the beach, just north of the Diplomat Hotel in Hollywood. Recent successes of The DevStar Group principals include Ocean House in South Beach and Paramount Bay in Miami.
High-end shopping and restaurants — like Houston’s, Morton’s and P.F. Chang’s — are literally steps away. The Aventura Mall is a five-minute drive and it is 15 minutes to Bal Harbour Shops. Marina Palms also offers the convenience of being less than 30 minutes from Fort Lauderdale-Hollywood and Miami international airports.
Image courtesy of Marina Palms