The Real Deal Miami

Developers top off second Marina Palms tower in North Miami Beach

Completion date set for end-year 2016

May 13, 2016 01:30PM

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Marina Palms' south tower on the 20th floor

Marina Palms’ south tower on the 20th floor

Marina Palms Yacht Club & Residences is about to top off the second of its two condo towers in North Miami Beach.

Developers Plaza Group and DevStar Group announced Friday they’re holding an official topping off ceremony for the 25-story tower at Northeast 172nd Street and Biscayne Boulevard.

With one tower already completed and the 468-unit project approaching sellout, the developers are hoping to wrap up construction of the second building by end-year 2016.

In March, DevStar and Plaza raised commissions at the project from 6 percent to 7 percent in a bid to drum up business and sell out its remaining 40 units. The developers have also secured a total of $185 million in construction financing.

Units at the twin-tower development range from two-bedroom to four-bedroom residences, with prices averaging around $1.5 million for the remaining units.

The project’s signature feature is a yacht club and marina with 112 boat slips that can fit yachts up to 100 feet long. Its other amenities include butler service, an infinity-edge pool, gym, spa, news cafe and lounges for both children and teenagers.

Marina Palms is one of the newest projects in a wave of redevelopment hitting North Miami Beach. The neighborhood’s land prices along the Intracoastal Waterway make it a favorable location for developers, as buildable waterfront parcels in the already-hot neighborhoods of Miami Beach and Edgewater are both exploding in cost and quickly evaporating. — Sean Stewart-Muniz

Check out a time-lapse video of construction for Marina Palm’s first tower here.