The Real Deal Miami

Paramount Fort Lauderdale completed, set to sell out for $210M

Developers launched sales in 2014
By Katherine Kallergis | October 25, 2017 05:30PM

Paramount Fort Lauderdale with Peggy Fucci and Dan Kodsi (Credit: PFTL)

Paramount Fort Lauderdale Beach is completed and expected to sell out for about $210 million, broker Peggy Fucci told The Real Deal.

The 95-unit, 18-story tower at 701 South Atlantic Boulevard has three units remaining, including two penthouses asking $9 million and a unit on the amenity level asking $2.8 million.

Developers Dan Kodsi, Art Falcone and Nitin Motwani launched the Fort Lauderdale Beach project with Fucci’s OneWorld Properties in October 2014. Fucci expects to complete closings next month. Records show 56 units have closed so far in county records.

Buyers included empty nesters from west Broward County, the Northeast and Chicago. About 15 percent of the building was sold to foreign buyers from Brazil, Mexico, Venezuela, Argentina and other countries, Fucci said. The project required 30 percent deposits, lower than the standard 50 percent required in Miami.

Prices ranged from about $1 million when sales launched to $9 million for penthouses. They range from 1,910 square feet to 3,500 square feet, and penthouses include private pools with more than 6,000 square feet of outdoor space. The amenity level has a lounge, club room, massage and steam room, oceanside restaurant, poolside bar and cabanas, gym and summer kitchen, according to a press release.

The building was designed by Revuelta Architecture with interiors by ID & Design International. Last year, the project closed on $63.6 million in construction financing from Bank of the Ozarks.

The developers are also working on Miami Worldcenter, a massive mixed-use project in downtown Miami.