PMG secures $22M to buy ECHO land

Kevin Maloney of Property Markets Group and the developer of Walker Tower in Manhattan has secured $22 million to purchase 5 acres of land for his planned 190-unit development in Aventura, the firm announced. The Carlos Ott-designed project, dubbed the ECHO, has already generated more than $135 million in sales as is scheduled to break ground in late spring.

The project will offer two, three and four bedroom units each accessed through a private elevator and a so-called Sky Loft connecting the project’s two towers. ECHO will also feature 18 penthouse units each with a private rooftop terrace and plunge pool.

Maloney has also announced that all brokers will receive their full commission at groundbreaking rather than after the building is complete. —Christopher Cameron