One Million Square-Foot Project Will Be Miami's First Yacht Club/Residences in Two Decades
Affiliates of The DevStar Group and The Plaza Group have announced Marina Palms Yacht Club & Residences in North Miami Beach, two residential towers that will each have 25 floors with a combined 468 condo units.
The project is the first luxury condominium and marina/yacht club development in Miami-Dade County in more than 20 years.
Marina Palms Yacht Club & Residences will cater to an emerging market, just as the condo recovery gains momentum. The $400 million waterfront development on 14 acres at 172nd Street and Biscayne Boulevard will include a total of 1 million square feet of residential space and a full-service, 112-slip marina and yacht club.
"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, whose affiliate is developing Marina Palms in partnership with The DevStar Group, whose principals are Anthony Burns and George Helmstetter. The DevStar Group is partnering with iStar Financial, a $7 billion dollar finance and investment company.
The Plaza Group has developed several upscale projects, including The Palms, a luxurious twin tower condominium in Fort Lauderdale; and the 40-story Ocean Palms on the beach, just north of the Diplomat Hotel in Hollywood, FL.
Other projects connected to DevStar Group principals include Ocean House South Beach and the 47-story Paramount Bay in Miami.