PMG is moving forward with its first condo tower in Fort Lauderdale that will replace an aging waterfront co-op building on the Intracoastal Waterway.
The New York and Miami-based firm is launching Sage Intracoastal Residences, a planned 18-story, 44-unit building at 900 Intracoastal Drive. The luxury project would replace a circa-1957 co-op named after the address.
Developers are increasingly attempting buyouts of older condo and co-op buildings along the waterfront in South Florida, particularly after the deadly Surfside condo collapse and condo safety legislation the Florida Legislature passed after the tragedy.
Property records show the two-story Fort Lauderdale building has 16 units. The developer signed a purchase and sale agreement with the co-op last summer. The site overlooks the Bonnet House Museum & Gardens, a historic home and gardens, to the north.
PMG’s managing partner Ryan Shear said the developer will close on the property this year. Shear declined to disclose the purchase price. Jake Maya, who works on acquisitions at PMG, brought the deal to the company, Shear said.
A Marcus & Millichap team led by Joseph Thomas and Aik Aliferis marketed the site on behalf of the co-op.
The sales launch for Sage is planned for mid-April, according to a press release. The project will include two- and three-bedroom units ranging from 2,754 square feet to 3,185 square feet. Penthouses will have taller ceilings and private rooftops with plunge pools and summer kitchens. Units will start at $3 million, and PMG will handle sales in-house, with a sales team that includes Nir Perets, Jaime Cristancho and Olga Rogers.
FSMY Architects and interior design firm BAMO are working on the design. The building will also have more than 17,000 square feet of amenities, including a spa, pool, private cabanas and an owners’ lounge, according to the release. It will mark the second Sage building for PMG, which completed a boutique Sage project on Florida’s west coast.
PMG’s first development in Fort Lauderdale was Society Las Olas, a phased mixed-use apartment project along the New River. In July, the developer and its partner Greybrook secured a $226 million construction loan for the second phase, a 42-story, 563-unit apartment tower at 140 Southwest Second Street.
PMG, led by Shear and Dan Kaplan, and Greybrook sold the first phase of Society Las Olas to WeWork co-founder Adam Neumann’s Flow start-up in 2021.
PMG is expected to launch a new condo project in Miami’s Brickell neighborhood soon, Shear said.