Miami yacht club project ready to sell condos in 2nd tower

Miami /
Oct.October 24, 2013 04:10 PM

UPDATED, Oct. 25, 10:30 a.m.: Miami-Dade’s first new yacht club and condo development in 20 years is gearing up to launch sales in a few weeks for its second tower. The Marina Palms Yacht Club & Residences expects work on the skyscraper to start next spring.

The 14-acre North Miami Beach project, jointly developed by affiliates of the Plaza Group and the DevStar Group, will have two 25-story towers with 468 units as well as a full-service yacht club and a 112-foot marina with 112 boat slips for yachts.

The towers, at 172nd Street and Biscayne Boulevard, are identical except for the asking price of their units. The homes in the second tower will have an average asking price of $550 per square foot, compared with the first tower’s $450 per square foot. Owners in the second tower will look out on the marina and the Intracoastal Waterway; those in the first tower, which broke ground last month, will see the marina and city views.

“It’s a water-view premium,” Anthony Burns, a principal of DevStar Group, told The Real Deal. “Those buying homes at the second tower prefer the ambiance of being on a large marina.”

The second tower’s higher prices also reflect changing market prices, a larger pool deck, unobstructed views and other factors, Burns said.

The DevStar Group handles all sales and marketing in-house to, as Burns put it, “wield a much greater degree of control in execution.”

Based on data from its other developments, DevStar knows 40 percent of its condo unit buyers live in Latin America; 40 percent live in Florida – some of who hail from Latin America; and 20 percent live in Europe, the northeastern U.S. or Canada, Burns said.

The first tower should be finished in 2015; the second one is looking at a 2016 completion date. Slattery & Associates is handling the architectural design; Coastal Construction is serving as contractor.


Related Articles

arrow_forward_ios
From left: Jon Paul and Jorge Pérez with 1650 NE 124 Street (North Miami Florida,
Pérez’s Related scoops up multifamily dev site in North Miami
Pérez’s Related scoops up multifamily dev site in North Miami
RK Centers' Ranaan Katz, Seritage Growth Properties’ Andrea Olshan, an aerial of 10790 Biscayne Boulevard and 1290 Northeast 108th Street in Miami-Dade County (RK Centers, Getty, Google Maps)
Ranaan Katz’s RK Centers buys Aldi-anchored plaza near North Miami
Ranaan Katz’s RK Centers buys Aldi-anchored plaza near North Miami
Fontainebleau Development's Jeffrey Soffer and PowerHouse Marina at 13255 Biscayne Boulevard (Fontainebleau Development, Google Maps, Getty)
Jeffrey Soffer’s Fontainebleau buys North Miami marina
Jeffrey Soffer’s Fontainebleau buys North Miami marina
Back to school: Aging college campuses draw developers
Back to school: Aging college campuses draw developers
Back to school: Aging college campuses draw developers
Turnberry Associates’ Jackie Soffer (Gio Alma, Getty)
Developer Jackie Soffer on SoLé Mia, Miami’s boom & more
Developer Jackie Soffer on SoLé Mia, Miami’s boom & more
A rendering of the Kayla at Library Place apartment building planned for North Miami with Coral Rock Development Group’s principals David Brown, Michael Wohl, Victor Brown and Stephen Blumenthal (Coral Rock Development Group)
Coral Rock plans workforce, affordable housing in North Miami
Coral Rock plans workforce, affordable housing in North Miami
Yizhak Toledano and a rendering of the project at 2261 Northeast 164th Street in Miami beach (Cohen Freedman, YizhakToledano.org)
BH Group: Big investments, big partners and big mystery
BH Group: Big investments, big partners and big mystery
From left: Integra Investments' Nelson Stabile, Victor Ballestas, and Paulo Melo with 11295 Biscayne Boulevard
Integra JV lands $101M construction loan for Biscayne Shores project
Integra JV lands $101M construction loan for Biscayne Shores project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...