Midtown Miami developer launches waterfront Fort Lauderdale condo project

Fortune was tapped to handle sales, starting in the $2Ms

Miami /
Jan.January 25, 2021 11:30 AM
Rendering of 160 Marina Bay with Fortune CEO Edgardo Defortuna and Ron Krongold (160 Marina Bay)

Rendering of 160 Marina Bay with Fortune CEO Edgardo Defortuna and Ron Krongold (160 Marina Bay)

UPDATED, Jan. 26, 3:25 p.m.: Developer Ron Krongold launched sales of his latest project, a boutique waterfront condo development in Fort Lauderdale, The Real Deal has learned.

The Midtown Miami developer unveiled plans for 160 Marina Bay, a five-story, 16-unit building at 160 Isle of Venice Drive. Prices will begin in the low $2 millions, with four penthouses asking about $2.5 million, Krongold said. The development will include a private marina with 14 boat slips with deep water access and electrical and water connections.

Krongold is developing the project with Gary Goldbloom and Teig Lawrence.

160 Marina Bay will replace an older two-story condo building that Krongold’s Gold Krown Investment acquired and has started to demolish. The developer tapped Fortune Development Sales to handle sales and marketing. FSMY Architects + Planners and RS3 Design are designing the project. It’s expected to be completed by the second quarter of 2022.

Units, which will flow through the building from east to west, will range from 2,875 square feet to 2,918 square feet, each with three bedrooms.

Krongold said the units are designed for buyers looking for large units with big balconies, privacy and security in a high-tech building. Amenities will include a waterfront pool deck, electric car charging stations that buyers can purchase, a self-service package locker system in the lobby, and smart home technology.

Edgardo Defortuna, president and CEO of Fortune, called it “an easy sell” and said the project is for the end-user. Three potential buyers have expressed interest since launching sales last week, he said. Fortune also handled sales of more than 600 units in Midtown Miami.

Developers and brokers have reported an uptick in condo sales, with more buyers coming from the Northeast and high-tax states such as California and Illinois. In the fourth quarter, condo sales in Fort Lauderdale increased 15 percent, year-over-year, to 566 closings, according to Douglas Elliman’s report.

The Fort Lauderdale site is near Las Olas Boulevard and downtown, as well as minutes from the beach, Krongold said. Buyers who purchase boat slips will be able to get to the ocean in 10 to 15 minutes, he added.

Property records show Gold Krown Vista paid $5.8 million to buy out the previous condo building’s unit owners.





    Related Articles

    arrow_forward_ios
    Mainstreet Capital Partners' Paul Kilgallon with rendering of 30-story rental tower in Flagler Village (Mainstreet Capital Partners, Getty)
    Mainstreet wins approval for 30-story rental tower in Flagler Village
    Mainstreet wins approval for 30-story rental tower in Flagler Village
    2855 West Commercial Boulevard
    Cedar Health scoops up Fort Lauderdale assisted living facility for $39M
    Cedar Health scoops up Fort Lauderdale assisted living facility for $39M
    1 East Broward Boulevard in Fort Lauderdale and Pacific Coast Capital Partners’ co-founders William Lindsay, Aaron Giovara and Donald Kuemmeler (PCCP, Google Maps)
    Lease roundup: West Marine moves HQ to Fort Lauderdale
    Lease roundup: West Marine moves HQ to Fort Lauderdale
    Prime Group Holdings’ Robert Moser and the self-storage site at 2401 West Broward Boulevard in Fort Lauderdale
    Prime buys Fort Lauderdale self-storage facility for $35M
    Prime buys Fort Lauderdale self-storage facility for $35M
    Adriana Lilly , Sarah Desamours and Silvia Lopez de Mesa (Native Realty, Douglas Elliman, Getty)
    Movers & Shakers: Native Realty brings in Adriana Lilly
    Movers & Shakers: Native Realty brings in Adriana Lilly
    Rishi Kapoor and Alex Witkoff
    “We’re at the teenage years of Miami”: Next gen developers see opportunity
    “We’re at the teenage years of Miami”: Next gen developers see opportunity
    Air Communities’ Terry Considine with Southgate Towers at 900 West Avenue and The District at Flagler Village at 555 Northeast Eighth Street (Air Communities, Google Maps)
    Air paying $471M for South Florida apartments
    Air paying $471M for South Florida apartments
    Buyers and developers Tal Levinson and Eric Malinasky and the First Eben Ezer Missionary Christian Church at 312 Northwest Seventh Street in Fort Lauderdale (Google Maps, Tal Levinson and Eric Malinasky)
    Developers plan 300-plus rentals on Fort Lauderdale church site
    Developers plan 300-plus rentals on Fort Lauderdale church site
    arrow_forward_ios

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

    Loading...