PMG, Lion Development Group, Eden Residential and Sterling Equities have partnered to launch a short-term rental-friendly condo project in Miami.
It marks the first ever branded residence for Palm Tree Crew, the music festival purveyor led by the DJ Kygo and his manager, Myles Shear. The planned Palm Tree Residences Miami is slated for the site at 31 Northwest 10th Street, according to a spokesperson for the project.
The tower will span 37 stories and 483 fully furnished units, the press release shows. Floor plans will range in size from studios to three bedrooms, and prices will range from $500,000 to $1.8 million. The developers tapped Kobi Karp Architecture & Interior Design to design Palm Tree Residences, and amenities will include a pool, fitness center, padel court, spa facilities, a golf simulator and a juice bar, the release shows.
Palm Tree Crew will also operate a dining and nightlife venue on the ground floor.
PMG Residential is leading sales and marketing. Ryan Shear, Dan Kaplan and Kevin Maloney lead the Miami-based PMG.
The Palm Tree Residences launch marks the latest in a flurry of activity for the developer. Earlier this month, PMG and its partner Lndmrk Development landed $126 million in construction financing for a short-term rental-friendly condo project slated for Miami’s Wynwood neighborhood. It is also partnered with Lndmrk on a Frida Kahlo-branded condo project, also in Wynwood. Last month, PMG launched sales for the second phase of a Brickell condo development. In February, the firm launched sales for its planned Delano Residences Miami, a supertall bearing the brand of the iconic Art Deco Miami Beach hotel.
Michael Simkins leads the Miami-based Lion Development. He partnered with David Martin’s Terra to launch the planned Jean-Georges Miami Tropic Residences in 2024, marking the Michelin-starred chef’s first branded residential project.
Another Miami-based, Eden, is helmed by Jay Massirman and Jay Jacobson. While the New York-based Sterling is led by the Katz and Wilpon families. They were the longtime majority owners of the Mets before selling to billionaire Steve Cohen in 2020.
Miami has seen a wave of short-term rental-friendly condo launches in recent months, as developers capitalize on their appeal to investors. In March, Forth Development and MICL secured a $17 million loan for their planned Botanic Residences, a short-term rental-friendly project with 51 units. Wave Group Development, Vitrium Capital and Zambala Luxury Apartments launched sales for Duos Wynwood in April, a short-term rental-friendly project with 49 units.