Plaza Group and DevStar Group are currently working together on the development of the all-new Marina Palms Yacht Club & Residences that promise to combine the yachting lifestyle with luxury condominium living. With two towers and 468 spacious residences, a waterfront promenade and one million square feet of sellable residential space, the centerpiece will represent the full-service superyacht marina as well as yacht club.
Marina Palms Yacht Club and Residences under development by Plaza Group and DevStar Group
All said, the $400 million development will serve a wide target audience with unique amenities not seen in a new condo project in two decades.
Located on a 14-acre waterfront property at the lighted intersection at 172nd Street and Biscayne Boulevard, Marina Palms Yacht Club & Residences will cater to an emerging market – just as the condo recovery continues gaining momentum.
For those who covet the boating lifestyle, the development is unequalled. The 112-slip, full-service superyacht marina and yacht club will be the first built in recent memory. It will feature a full-time, on-site dock master and yacht club concierge, fuel service, dock-side Wi-Fi, sundry store, and space to accommodate yachts up to 90 feet in length. It will take boaters less than 20 minutes to reach the ocean.
“The South Florida condominium market’s continued recovery has set the stage for broad acceptance and quick absorption of this unique project,” said Neil Fairman, President of The Plaza Group.
Marina Palms Yacht Club and Residences to Rise in North Miami Beach
“It hits the right market demographic with the perfect location, features, services and amenities at the right time,” said Fairman, whose affiliate is developing Marina Palms in partnership with an affiliate of The DevStar Group.
Market conditions and residential realities strengthen the development’s prospects. Unit prices will start in the high $300’s per square foot, a significant discount from the $1,200 per square foot price at properties on Collins Avenue in Sunny Isles.
Spacious two-, three- and four-bedroom condos will lure traditional northeasterners and Canadian residents, affluent Latin American families looking for a seasonal home, and locals who want to keep their boat or yacht behind their residence – with unobstructed water views in all directions.
“Miami has seen a significant resurgence among residential condominiums and Marina Palms is perfectly suited and priced to serve this luxury sector,” said Principal Anthony Burns. “People are looking for an amenity-rich, waterfront experience. We’re filling a niche in an under-served market – especially for those who enjoy the boating lifestyle.”
Twin Luxury Condo Towers Rise in North Miami Beach
The Plaza Group’s successful projects include upscale developments The Palms, a luxurious twin tower condominium which is still the highest priced in Fort Lauderdale, and the 40-story Ocean Palms on the beach, just north of the Diplomat Hotel in Hollywood. Recent successes of The DevStar Group principals include Ocean House in South Beach and Paramount Bay in Miami.
High-end shopping and restaurants – like Houston’s, Morton’s and P.F. Chang’s – are literally steps away. The Aventura Mall is a five-minute drive and it is a mere 15 minutes to Bal Harbour Shops. Marina Palms also offers the convenience of being less than 30 minutes from Fort Lauderdale-Hollywood and Miami international airports.
The permanent sales center is scheduled to open in February 2013.
About Marina Palms
Marina Palms Yacht Club & Residences represents the first luxury condominium and full-service superyacht marina/yacht club development in Miami-Dade County in more than 20 years.
Developed by Marina Palms Residences North LLC., a venture controlled by subsidiaries of The Plaza Group and The DevStar Group. The two residential towers each will have 24 floors with a combined 468 condo units. The marina and yacht club will offer concierge service and 112 slips with mooring for yachts in excess of 90 feet.
About The DevStar Group
The DevStar Group is a development and investment firm headquartered in Miami, FL that focuses on the high-end residential condominium market. DevStar Principals Anthony Burns and George Helmstetter have spearheaded the redevelopment and sales efforts of some of South Florida’s most exciting luxury condominium projects including the 47-story Paramount Bay located in the Edgewater District of Miami and Ocean House South Beach, a collection of boutique oceanfront residences located in the exclusive South of Fifth neighborhood.
DevStar is partnering with iStar Financial, a $7 billion dollar finance and investment company focused on real estate and traded on the New York Stock Exchange under the symbol SFI. iStar, one of the largest investors in luxury condominium, multi-family and master-planned residential developments throughout the United States, has financed and invested over $10 billion in residential projects since 1993, with a portfolio that has included interests in over 18,000 condominium units in the nation’s top markets.
About The Plaza Group
During the past two decades, Neil Fairman, President and Founder of The Plaza Group, has successfully foreseen opportunities that result in world- class real estate developments.
From hotels and high-rise, luxury residences to retail shopping centers and commercial space, their diverse portfolio of real estate projects has reshaped communities and spurred real estate trends. Successful projects include The Palms in Fort Lauderdale and Ocean Palms in Hollywood Beach.
