The Real Deal Miami

Developer starts construction of Fort Lauderdale condos

Grupo Alco makes initial foray into U.S. with Adagio on the Bay
Adagio on the Bay rendering

Adagio on the Bay rendering

A developer with a strong track record in Panama and Venezuela is making its first foray into the U.S. with a boutique waterfront condo project in Fort Lauderdale.

Grupo Alco is constructing Adagio on the Bay, a 12-unit project at 1100 Seminole Drive, the Sun-Sentinel reported. Unit prices range from $1.5 million to $1.7 million. Four of the condos are under contract.

All 12 units are about 3,000 square feet. Project amenities include floor-to-ceiling windows, wine coolers and a private marina. Adagio is expected to be ready to open by the end of 2014.

Grupo Alco has developed about 10,000 condos in Panama and Venezuela. It paid $1.8 million for the Adagio site two years ago. The firm recently opened a Fort Lauderdale office. [Sun-Sentinel]Eric Kalis