PMG is relocating ahead with its to start with rental tower in Fort Lauderdale that will swap an ageing waterfront co-op constructing on the Intracoastal Waterway.
The New York and Miami-centered company is launching Sage Intracoastal Residences, a prepared 18-tale, 44-unit creating at 900 Intracoastal Push. The luxurious undertaking would substitute a circa-1957 co-op named after the deal with.
Developers are ever more trying buyouts of older condominium and co-op buildings alongside the waterfront in South Florida, particularly after the deadly Surfside condo collapse and apartment security legislation the Florida Legislature handed right after the tragedy.
House records display the two-tale Fort Lauderdale making has 16 units. The developer signed a invest in and sale arrangement with the co-op previous summer season. The website overlooks the Bonnet House Museum & Gardens, a historic dwelling and gardens, to the north.
PMG’s handling partner Ryan Shear explained the developer will shut on the assets this yr. Shear declined to disclose the acquire value. Jake Maya, who performs on acquisitions at PMG, introduced the offer to the organization, Shear stated.
The product sales start for Sage is prepared for mid-April, in accordance to a press launch. The challenge will consist of two- and a few-bed room units ranging from 2,754 sq. feet to 3,185 sq. feet. Penthouses will have taller ceilings and personal rooftops with plunge swimming pools and summer kitchens. Units will get started at $3 million, and PMG will tackle profits in-household, with a sales group that includes Nir Perets, Jaime Cristancho and Olga Rogers.
FSMY Architects and inside design organization BAMO are operating on the design. The creating will also have extra than 17,000 square ft of amenities, which includes a spa, pool, personal cabanas and an owners’ lounge, according to the release. It will mark the 2nd Sage building for PMG, which concluded a boutique Sage venture on Florida’s west coastline.
PMG’s to start with progress in Fort Lauderdale was Modern society Las Olas, a phased mixed-use apartment challenge along the New River. In July, the developer and its companion Greybrook secured a $226 million building mortgage for the next section, a 42-tale, 563-unit condominium tower at 140 Southwest 2nd Street.
PMG, led by Shear and Dan Kaplan, and Greybrook offered the initial phase of Society Las Olas to WeWork co-founder Adam Neumann’s Flow start out-up in 2021.
PMG is expected to start a new condominium undertaking in Miami’s Brickell neighborhood before long, Shear stated.
