The Ritz-Carlton Residences

Fort Lauderdale & Palm Beach Pre-Construction Condo Market Update: January 2023

South Florida’s housing market may have taken a little holiday break for December, but the condo pre-construction market has been piping hot. This January, two new luxury condo projects launched sales in Palm Beach – the Ritz-Carlton Residences in Palm Beach Gardens and Olara in West Palm Beach. Also, plans for the billion-dollar, mixed-use Bahia Mar in Fort Lauderdale were submitted to the city’s development review board soon after the Related Group joined its pool of developers. Read below to find details on all of these projects and more in our monthly condo pre-construction market round-up for Fort Lauderdale and the Palm Beaches in January 2023: ## — January 2023 - Fort Lauderdale & Palm Beach Pre-Construction Condo Market - Sales Launched ### Ritz-Carlton Residences – Palm Beach Gardens **Groundbreaking – July 2023 | Completion – Q1 2022** Previously called the Landing at PGA Waterway, developer Catalfumo Cos. launched sales for its newly branded Ritz-Carlton Residences this January. Recently approved by the City of Palm Beach Gardens, the ultra-luxury condo project will rise with three 7-story buildings housing a total of 106 condos and a marina. It was previously proposed to rise 6 stories with 98 condos plus a marina. Built for the needs of the year 2040, the waterfront project will be designed by the West Palm Beach-based Spina O’Rourke + Partners. Each residence will come equipped with over-sized balconies with room to accommodate a full dining table, two dishwashers, a second refrigerator in the walk-in pantry, and two electric vehicle chargers installed in their parking spot. The sales center is expected to open this February. Besides a 29-slip private marina (for boats up to 75 feet in length), residents will gain access to a multi-level clubhouse with an event kitchen, a pool deck, a private waterfront park, a game area, a pickleball court, a putting green, a coffee bar, a library, fire pits, a fitness room, a spa, and more. Additionally, Ritz-Carlton will staff the condo association, service the 24-hour concierge, and help maintain the common areas. _Prices range from $4 million to $8 million, with a choice of three- to five-bedroom residences._ ### Olara – West Palm Beach Shortly after winning approval from the city’s Planning Board in December, New York-based Savanna launched sales for its waterfront Olara condos. Designed by Miami’s award-winning Arquitectonica, Olara will feature a 275-unit condo tower plus a 210-unit apartment tower at 1919 and 1911 N. Flagler Drive. The generously-sized floorplans at Olara start at about 1,500 square feet, affording residents a single-family home-like experience. Fronting the Intracoastal Waterway, the two 26-story towers will carry about 80,000 square feet of amenities and some 31,500 square feet of commercial space. Highlight amenities will include a 30,000-square-foot restaurant and epicurean marketplace, two pool decks, a spa with a Japanese-style Onsen, sauna and steam rooms, an open-air yoga deck, a Pilates studio, and a library. _Prices start at $2 million, with a choice of two- to four-bedroom-plus-den residences._ ## — January 2023 - Fort Lauderdale & Palm Beach Pre-Construction Condo Market - Planned/Proposed ### Bahia Mar – Fort Lauderdale With Miami’s Related Group joining the team of developers at the billion-dollar, mixed-use, waterfront Bahia Mar project, plans were submitted to the city’s development review board this January. Replacing the 47-year-old, 296-room Bahia Mar resort will be this 2 million-square-foot project designed by Miami’s internationally acclaimed Arquitectonica to be the ultimate live-work-play destination. Previous plans for the site were approved for seven towers, up to 11 stories high, with a total of 651 condo units. Developers Related Group and Rahn Bahia Mar LLC (inclusive of North Miami-based Tate Capital and Aventura-based Rok Enterprises) have now proposed building five, 270-foot-tall buildings at the 39-acre Bahia Mar site. The billion-dollar project will feature four residential towers plus an H-shaped hotel complex. Together, the buildings will house 350 condo units, 60 condo-hotel units, 256 hotel rooms, 88,000 square feet of commercial, plus 1,291 parking spaces. Highlight amenities at this 801 Seabreeze Boulevard will include a 2-acre park, a 3,330-foot-long waterfront promenade open to the public, parking spots for water taxis within the existing 217-slip marina, a new 11,000-square-foot marina restaurant on the north side of the site, a 6,954-square-foot marina village on the south side of the property, and about 7.3 acres of space to host the annual Fort Lauderdale Boat Show. The boat show arena is expected to feature 160,000 square feet of climate-controlled areas, 41,000 square feet of tent space, a food court, and multiple retail kiosks. Ready to invest or move into a brand-new luxury condo in or around Fort Lauderdale? Call, chat, or email us to have a local, pre-construction condo expert guide you to your desired property. **ARE WE FRIENDS ON SOCIAL MEDIA?** 📣 Connect with us on Instagram, TikTok and YouTube. 📣 Love staying on top of pre-construction news in Fort Lauderdale and Miami? Subscribe to this blog or our YouTube channel for monthly updates!

Fort Lauderdale’s New and Pre-Construction Condo Update: December 2022

As South Florida’s high-flying housing market took a slight pause with an increase in mortgage rates, the preconstruction market continued showing its strength and appeal to buyers. With wealthy families and well-paid employees seeking opportunity here in Florida as a low-tax state, and the unmatched lifestyle, developers in Fort Lauderdale and Palm Beach continued moving ahead with their plans for new condo developments. This December, New York-based Savanna’s waterfront condo-apartment project got a green from the city’s planning board. And, Miami-based Cymbal DLT Cos. filed for the next phase of its Rivertree project. Read below to find details on these projects and more in our monthly condo pre-construction market roundup for Fort Lauderdale this December 2022: --- ## Fort Lauderdale Pre-Construction Condo News - Project Approved - December 2022 --- ### Olara – West Palm Beach Approved by the city’s Planning Board this December, New York-based Savanna will now be able to move ahead with seeking site plan waivers and plat approvals for its waterfront condo-apartment project. Aiming to launch sales by mid-January, Olara is approved to rise at 1919 and 1911 N. Flagler Drive. Designed by Miami’s celebrated architecture firm - Arquitectonica, Olara will feature a 275-unit condo tower plus a 210-unit apartment tower. The 306 feet tall, 26-story towers will also be home to about 80,000 square feet of amenities, including two pool decks, plus about 31,500 square feet of commercial space. Affiliates of Savanna assembled the 1.82-acre lot for a combined $15.9 million between June 2021 and June 2022\. The land currently holds one- and two-story office buildings. --- ## Fort Lauderdale Pre-Construction Condo News - Project Planned - December 2022 --- ### Nautica – Fort Lauderdale **Groundbreaking – Q1/Q2 2024 | Completion – NA** Filing plans with Fort Lauderdale’s Development Review Committee, Miami-based developer Cymbal DLT Cos. took the next step in bringing its three-tower vision to life. With its hotel tower - Riverwalk Raintree Residences - already under construction, Cymbal filed for approval of two other towers and a marina at 400 S.W. 3rd Avenue. Designed by Miami’s award-winning Arquitectonica, Nautica will rise 50 stories with 241 luxury residences along the busy New River district adjacent to Downtown Fort Lauderdale. Units are expected to range from one-bedroom floorplans to three-bedroom plus den residences. The Miami-based developer is also working on striking a deal with a luxury hospitality brand for the riverfront development. Sales launch and partnered branding are expected to be revealed by October 2023. Owners at Nautica’s condo tower will be allowed short-term rentals. Expected amenities include a membership club with spa, a pool deck, a lounge, a game room, a fitness center, a hotel ballroom, a party room, a kid’s room, and a coworking center. One of the more unique facilities will be a yacht valet, where owners could have their yacht ready and stocked to-go in just three minutes of tapping their phone. Besides the 50-story luxury branded condo tower, the riverfront property will also feature a 39-story apartment tower with 454 units, a 32-story hotel with 155 rooms, 16,700 square feet of commercial space, 13,150 square feet of restaurants, a 4,600-square-foot café, and a marina with 78 dry stack slips plus 12 wet slips. --- ## Fort Lauderdale Pre-Construction Condo News - Other Updates - December 2022 --- ### Selene Oceanfront – Fort Lauderdale Beach **Groundbreaking – Late 2022 | Completion – End of 2024** With one of the largest construction loans in South Florida in recent years, developer Kotler Urban broke ground on its oceanfront condo project. (Kolter Urban is the condo development arm of Delray Beach-based Kolter Group.) This December, the Kotler Group secured a $240 million construction loan to start building its two-tower development. Once complete, the pair of condo towers will be one of the tallest along Fort Lauderdale’s oceanfront. Designed by Miami’s prolific Kobi Karp Architects, Selene Oceanfront will be a pair of 26-story condo towers with a total of 194 luxury residences. The tropical-modern buildings will be built to maximize ocean and city views. Their elevated amenity decks will be positioned to maximize exposure to sunlight while fully utilizing the space between the two towers. All 194 luxury residences will feature flow-through contemporary floor plans, interiors by ID & Design International, and 10-foot-deep glass-railed balconies. Less than a mile from Las Olas Boulevard, highlight amenities at Selene Oceanfront will include an elevated pool deck overlooking the ocean, a resort-style pool, a 75-foot lap pool, a poolside entertainment area with multiple firepit lounge areas, and a shaded pool bar. Other amenities include The Wave entertainment lounge with simulated video experiences and card tables, a Seasons gathering lounge, a two-story fitness center, a theater room, a coworking center, a 5,300 square-foot restaurant, a dog run, and more. _Prices for remaining inventory starting at $2.7 million, with a choice of two- and three-bedroom residences._ --- Ready to invest or move into a brand-new luxury condo in or around Fort Lauderdale? Call, chat, or email us to have a local, pre-construction condo expert guide you to your desired property. **ARE WE FRIENDS ON SOCIAL MEDIA?** 📣 Connect with us on Instagram, TikTok and Youtube. 📣 Love staying on top of pre-construction news in Fort Lauderdale and Miami? Subscribe to this blog or our YouTube channel for monthly updates!

Fort Lauderdale’s New and Pre-Construction Condo Update: October 2022

Boosted by an influx of wealthy residents from high-tax states and new businesses, South Florida continues to stay a destination and hotbed for construction activity. Attracted by golden beaches, year-round warmth, and a yachting lifestyle, the waterfront housing market is still expected to grow. So, even as the luxury condo market took a seasonal break from recording new sales highs this past quarter, developers here have continued announcing new projects to appeal to sophisticated dwellers from across the globe. This October, Fort Lauderdale got busy. We had two ultra-luxury projects launch sales - The Residences at Pier Sixty-Six & the Edition Residences Fort Lauderdale Beach. The Related Group and New York-based New Leaf Development proposed two new condo projects in Fort Lauderdale. And, Ocean Land Investments re-launched its rental apartment tower called Sixth & Rio as a condo development. Read below to find details on these and other projects in our monthly condo pre-construction market roundup for Fort Lauderdale this October 2022: --- ## October 2022 – Fort Lauderdale Condo Pre-Construction Market at a Glance --- **Sales Launched** * The Residences at Pier Sixty-Six – Fort Lauderdale * Edition Residences Fort Lauderdale – Fort Lauderdale **Planned/Proposed** * Sixth & Rio – Fort Lauderdale * Muse Tower – Fort Lauderdale * Las Olas Condo – Fort Lauderdale **Watchlist** * OKO Group and Cain International’s $147M Purchase – Palm Beach * Alta Developer’s $21M Shovel-ready Purchase – Fort Lauderdale --- ## October 2022 – Fort Lauderdale Pre-Construction Condo Market - Sales Launched --- ### The Residences at Pier Sixty-Six – Fort Lauderdale **Groundbreaking – Fall 2021 | Completion – Early 2024** As expected, Tavistock Development Co. launched sales for its most luxurious project in one of East Coast's premier yachting destinations this October. Designed by West Palm Beach-based Garcia Stromberg, renovations and construction are already underway at the historic and reimagined Pier Sixty-Six hotel and marina as well as its two, 11-story condo buildings plus two 4-story villa buildings. Affording a unique combination of history and amenities, residences at this waterfront project will be delivered designer-ready. Offering a total of 93 units, its two condo towers will feature 31 boutique condos each along with 31 boutique villas in the shorter waterfront buildings. Besides absolute owner customization and fine finishes, each of the residences will feature its own private pool. Residents will further enjoy direct access to the marina, a promenade with shops and restaurants, a private restaurant and lounge in The Club Room, a dynamic multi-level pool experience, a lavish spa, a Technogym-powered fitness center, a kids’ club, a family entertainment lounge, 42,000 square feet of meeting and event spaces, and much more. _Prices start at $3 million, with a choice of 2 to 4-bedroom residences._ ### Edition Residences Fort Lauderdale – Fort Lauderdale **Groundbreaking – Early 2023 | Completion – Early 2026** Soon after launching their first-ever stand-alone Edition Residences in Miami’s Edgewater neighborhood, Marriott International’s EDITION Hotels launched sales for their very first condo offering in Fort Lauderdale this October. Co-developer Rishi Kapoor’s Location Ventures had first filed plans for the 1.5-acre site at 551 Bayshore Drive in early 2021. The waterfront Edition Residences Fort Lauderdale will feature two, jewel-box-like, 11-story condo towers designed by West Palm Beach-based GS4 Studios/Garcia Stromberg. Meticulously uniting modern sophistication with cultural artistry, the towers will feature only 65 waterfront residences. With interiors designed by the internationally-recognized Clodagh Design, each unit will be delivered fully finished with the option to purchase furniture packages. All amenities and hospitality services in the condo buildings, such as dining and entertainment, will be managed by Edition Hotels. Built for utmost privacy, Fort Lauderdale’s first Edition-branded towers will allow annual leases only and no short-term rentals. Featuring more than 20,000 square feet of outdoor amenities, residents will gain access to two pools, including an oversized resort-style pool with private cabanas, a residents-only poolside restaurant, a moonroof and sunroof with Zen gardens, an outdoor movie screen, a health and wellness center, plus an eat-in lounge with gourmet kitchen. There will also be lushly landscaped pathways leading to an outdoor meditation walkway and an Intracoastal riverwalk with temporary boat dockage. _Prices range from $3 million to $7.5 million, with a choice of 2- to 4-bedroom residences. The four penthouses are priced at $10 million onwards._ --- ## October 2022 – Fort Lauderdale Pre-Construction Condo Market - Planned/Proposed --- ### Sixth & Rio – Fort Lauderdale’s Rio Vista **Groundbreaking – Q3 2023 | Completion – Summer 2025** Following in the successful footsteps of The Elser Hotel and Residences in Miami, Sixth & Rio – originally a rental apartment tower – will be re-launched as a condo project. The development firm behind the meticulous “Aqua” series of condos, Ocean Land Investments, decided to make the switch owing to rising construction costs following Hurricane Ian. Launching sales soon, Sixth & Rio will rise 9 stories with 94 luxury condos along the south bank of New River at 501 SE Sixth Avenue. The boutique residential building will mark the first new condo project in over a decade for the Rio Vista neighborhood. The waterfront development was previously called Aviva on the River. Owners at this waterfront community will be restricted to rentals of at least 3 months, which means short-term rentals won’t be allowed. Amenities at this boutique tower will include a rooftop swimming pool and cabanas, a fitness center, a cafe/restaurant, and co-working space. _Prices expected to start in the $900,000s and go up to more than $2 million, with a choice of 1- to 3-bedroom residences and four penthouses._ ### Muse Tower – Fort Lauderdale Submitting plans to the city’s Development Review Committee this October, New York-based New Leaf Development proposed a 30-story condo tower just north of downtown Fort Lauderdale. The proposed Muse Tower is expected to feature an exoskeleton design, similar to the late Zaha Hadid’s One Thousand Museum Park in Miami, and appeal to future residents with large floor plans and extra-large balconies. Designed by New York’s INOA Architecture in association with R-Method in Deerfield Beach, the tower is expected to house 112 condos, an 854-square-foot art gallery on its ground floor, a 4th-floor amenity deck with two pools, and 137 parking spaces in a mechanical garage with car elevators. The condo tower is expected to feature a mix of 2 one-bedroom units with lofts, 6 two-bedroom units with lofts, 52 two-bedroom units, and 52 three-bedroom residences. Currently home to two small apartment buildings, the combined 0.43-acre site at 408 and 416 N.E. First Ave. was acquired by developer New Leaf Development in 2021 for a total of $4.05 million in 2021. ### Las Olas Condo – Fort Lauderdale After almost a 15-year hiatus spent building apartment towers in Fort Lauderdale, the Related Group made a comeback with its proposal for a 45-story condo at 529 and 521 E. Las Olas Blvd. Affiliates of the Group assembled the 0.65-acre site for a combined $11.25 million in 2020\. Plans for the condo project are currently under review by the city’s Development Review Committee. Designed by Cohen Freedman Encinosa & Associates Architects in Miami Lakes along with the Italian automotive and architecture company Pininfarina, the building will complement Fort Lauderdale’s nautical history while standing out from its surrounding structures. The entire building will prominently feature curvilinear glass along with full wraparound balconies with rounded edges that flow in a wave-like appearance, instead of the standard staggered balconies. Named Las Olas Condo, for now, the project is expected to feature 192 units, a 3,684-square-foot restaurant, and 354 parking spaces. Most of the amenities would be housed on the 10th and 11th floors. Expected amenities include a roof deck with two pools and a pool bar, another pool, a fitness center, a spa, an outdoor kitchen, a loggia, an outdoor lounge, fire pits, a kid’s room, a game room, a club room, a card room, a library, and co-working space. --- ## October 2022 – Fort Lauderdale & Palm Beach Pre-Construction Condo Market - Watchlist --- ### OKO Group and Cain International’s $147M Purchase – Palm Beach Partnering to purchase two aging co-op buildings, the OKO Group and Cain International closed on the Ambassador Hotel & Residences plus Edgewater House for a combined $146.6 million. The deal gives this developer duo access to two prime waterfront sites in one of the most expensive residential real estate markets in South Florida with tremendous redevelopment potential along the beachfront. OKO and Cain purchased The Ambassador Palm Beach Hotel & Residences for $87.7 million and the Edgewater House for another $48.6 million. The buildings sit across the street from one another - one along the oceanfront and another on the Intracoastal. The duo now has ownership of all 97 units of the oceanfront Ambassador Hotel located at 2730 South Ocean Boulevard as well as the 36 units of the Edgewater House at 2720 South Ocean Boulevard. While the hotel was built in 1963, Edgewater House was built in 1967. Even as the duo claims that they will continue to operate the hotel as normal, we’re keeping this deal on our watchlist since the co-developers have given Miami two of its most iconic waterfront developments in recent times - Edgewater’s Missoni Baia and Brickell’s Una Residences. ### Alta Developer’s $21M Shovel-ready Purchase – Fort Lauderdale Pre-approved to carry a 35-story project, Miami-based Alta Developers closed on the nearly 1-acre site at 608, 612 and 614 S.W. Flagler Ave. plus 100 S.W. Sixth St. and 609 S.W. First Ave. for $20.75 million. The prime parcel sits south of the New River and within walking distance of Downtown Riverwalk Park. Previously owned by New River Property Owner LLC, managed by Alessandro Pallaoro of New York-based Bizzi & Partners, the shovel-ready site is already approved to carry 400 apartments, 4,198 square feet of retail, and a 463-space parking garage. We’ll be keeping a close watch on this deal since developers have been converting their rental projects into condo developments owing to an increase in demand for luxury housing by wealthy out-of-towners and empty-nesters looking to downsize. Ready to invest or move into a brand-new luxury condo in or around Fort Lauderdale? Call, chat, or email us to have a local, pre-construction condo expert guide you to your desired property. **ARE WE FRIENDS ON SOCIAL MEDIA?** 📣 Connect with us on Instagram, TikTok and Youtube. 📣 Love staying on top of pre-construction news in Fort Lauderdale and Miami? Subscribe to this blog or our YouTube channel for monthly updates!