PMG paid $19.2 million for a waterfront co-op building on Fort Lauderdale’s Intracoastal Waterway, as the firm moves forward with plans for a condo tower on the site.
The New York and Miami-based firm secured approval from the city’s planning and zoning board for its planned project in October, according to a press release. The developer plans to build Sage Intracoastal Residences, a 28-story, 44-unit building at 900 Intracoastal Drive.
PMG signed a purchase and sale agreement with the co-op last year. The two-story, 16-unit building overlooks the Bonnet House Museum & Gardens, a historic home and gardens, to the north.
Sage Intracoastal Residences will have two units per floor, according to the release. The condos will have three to four bedrooms each, plus home offices. They’ll start at 3,191 square feet. The penthouses will have private rooftops with outdoor kitchens and plunge pools.
Units are starting in the mid-$3 million range, according to the release. PMG’s in-house sales team includes Nir Perets, Jaime Cristancho and Ron Laviv.
FSMY Architects and BAMO are designing the new project, which is expected to have 19,000 square feet of amenities, including a spa, fitness center, yoga lawn and golf simulator.
Marcus & Millichap brokers Joseph Thomas, Aik Aliferis and Aaron O’Connor represented the co-op owners in the sale of the development site.
It will mark the second Sage building for PMG, which completed a boutique Sage project on Florida’s west coast. It’s also the first luxury condo tower for PMG in Fort Lauderdale.
PMG’s first development in Fort Lauderdale was Society Las Olas, a phased mixed-use apartment project along the New River.
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 in 2021. But buyouts are incredibly challenging because they require buy-in from all or nearly all owners in a building.
In South Beach, developer Michael Stern’s JDS recently secured support from nearly 100 percent of owners at an older condo building just south of his completed Monad Terrace luxury condo project, a source told The Real Deal. A joint venture between JDS and GV Development Group are proposing a 29-story, 100-unit condo tower on the site. The source said the developer is set to close on the rest of the bulk purchase next year.
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PMG plans first luxury condo tower in Fort Lauderdale
Development
South Florida
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