The Real Deal Miami

Luxury condo tower in North Miami Beach begins closings

First phase of 468-unit project is now completed

November 23, 2015 12:00PM

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Marina Palms north tower

Marina Palms north tower

Marina Palms Yacht Club & Residences, in North Miami Beach is now recording closings at its north tower. 

Rendering of the Marina Palms

Rendering of Marina Palms

The Plaza Group and DevStar Group are developing the two 25-story tower project on 172nd Street and Biscayne Boulevard. The north tower, which topped off in January, is sold out and the south tower is 80 percent sold, according to a press release. The north tower was slated to open in the summer, developers said earlier this year.

A declaration of condominium for the north tower was recorded in Miami-Dade County on Friday. When both buildings are completed, Marina Palms will have 468 residences.

In March, the developers closed on an $87 million construction loan for the second tower. The project marks the first luxury condo development with a yacht club and marina in Miami-Dade County in more than two decades.

Both buildings will include two, three and four-bedroom residences and penthouses, featuring butler service, an infinity-edge pool and hot tub, a gym, spa, news café, children’s playroom and teen lounge. Other amenities include gated-access with 24-7 valet service. The yacht club and marina will offer 112 boat slips for yachts up to 100 feet in length, a high-speed fuel point and a sundry store.

“While our first residents complete their interior buildouts and prepare to move in, we expect our final finishes in the common areas to be completed towards the end of the year,” Anthony Burns, a DevStar principal, said in the release.

Prices for units started in the low $800,000’s. – Katherine Kallergis