Ari Pearl brought in Douglas Elliman Development Marketing to handle leasing of Slate Hallandale Beach. Months after opening, the high-end apartment tower is less than a third rented.
Pearl’s PPG Development developed Slate Hallandale Beach at 101 Diplomat Parkway with partner, Paramus, N.J.-based Premium Capital. Fort Lauderdale-based BH3 Management bought a 50 percent stake in the tower in May, according to its website. The 250-unit, 26-story tower is the first phase of a mixed-use development that includes a Greg Norman-designed golf course.
Slate obtained its certificate of occupancy in April, and the developers secured a $150 million refinancing at that time. The building began leasing then, opened to renters over the summer and is now about 30 percent leased, said Joe Azar, Douglas Elliman’s managing director of new development leasing.
https://therealdeal.com/miami/2022/04/11/ari-pearl-completes-luxury-apartment-tower-in-hallandale-beach-scores-150m-refi/
https://therealdeal.com/miami/2022/09/12/compass-agent-joe-azar-jumps-to-douglas-ellimans-leasing-arm/
Slate is among the first leasing projects for Elliman’s new development renting arm, which expanded to South Florida in July.
https://therealdeal.com/miami/2022/07/14/ellimans-new-development-rental-arm-expands-into-south-florida/
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Slate offers one- to three-bedroom apartments and penthouses. One-bedrooms start at $3,200 per month, two-bedrooms at $4,400, and three-bedrooms at $6,200, Azar said. Penthouses have additional bedrooms and bathrooms, with 14-foot ceilings.
The building’s amenities include a golf simulation room, a kid’s game room, a movie theater, a wine cellar, and a pet grooming station.
So far, Slate has attracted “the standard snowbirds,” as well as Europeans, New Yorkers, and local Miamians, Azar said. He hopes to reach full lease-out in six to eight months.
South Florida has experienced a boom in multifamily construction during the pandemic, as developers bank on demand from new residents and their willingness to pay soaring rents.
https://therealdeal.com/miami/2022/08/22/slamming-on-the-brakes-south-floridas-record-rent-hikes-slow/
Pearl’s broader project, which includes the 127-acre site of the former Diplomat Golf & Tennis Club, remains underway. PPG Development brought in Witkoff as a partner on the golf course development in September of last year, and secured a $55 million loan for the project.
https://therealdeal.com/miami/2021/09/14/witkoff-joins-ari-pearls-mixed-use-golf-resort-development-in-hallandale-beach/ The golf course is set to finish construction early next year, according to a press release.