Midtown Miami developer launches waterfront Fort Lauderdale condo project

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

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.

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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.