This Week’s South Florida Deal Sheet: Related, PMG Announce New Condo Towers
Miami-based developers Related Group and BH Group unveiled plans for the 144-unit Ritz-Carlton Residences, West Palm Beach.
The developers officially launched sales for the 28-story tower at 1717 N. Flagler Drive. Douglas Elliman is handling marketing of the units, which are priced from $2.5M to more than $6M and ranging from 1,400 SF to 3K SF.
The Ritz-Carlton Residences were designed by Miami-based architecture and design firms Arquitectonica and Rockwell Group. All of its units offer ocean views and amenities include a pool deck, fitness center and spa. Curated art from the private collection of Related Group CEO Jorge Pérez will fill common areas.
The partnership between the developers and Ritz-Carlton, a subsidiary of Marriott International, has been rumored since April 2022. The project's 2.5-acre site was acquired across two transactions in 2021 that totaled just under $14M, property records indicate.
CONSTRUCTION AND DEVELOPMENT
The 32-story 600 Miami Worldcenter condo tower recently broke ground after its developers secured a $95M construction loan from Mexican financial firm Banco Inbursa, according to a release.
Fort Lauderdale-based Merrimac Ventures and New York-based Aria Development Group are building the 606-unit project at 600 NE First Ave. in Downtown Miami. All of its units are pre-sold and have no short-term rental restrictions.
Units will come fully furnished and range from 407 SF studios to 830 SF two-bedroom condos. Prices started at more than $400K, with most of the buyers coming from the U.S., Colombia, Turkey and Argentina. OneWorld Properties CEO Peggy Olin is managing the sales.
The tower was designed by Miami-based Revuelta Architecture and is slated for delivery in 2026. It’s part of the sprawling 27-acre Miami Worldcenter mixed-use project being master developed by Nitin Motwani, Merrimac’s managing partner, and Art Falcone, the CEO of Boca Raton-based Falcone Group. Los Angeles-based CIM Group is also a partner on the project.
Property Markets Group revealed plans for its first luxury condo project in Fort Lauderdale. Sage Intracoastal Residences Fort Lauderdale will rise 18 stories with 44 condos along 200 linear feet of riverfront property at 900 Intracoastal Drive.
PMG tapped Fort Lauderdale-based FSMY Architects to design the tower, which will have interiors by San Francisco-based BAMO. PMG Residential will handle sales, which are slated to launch in mid-April with prices starting at $3M.
Units range from 2,754 SF to 3,185 SF for standard residences with 10-foot-tall ceilings, along with the Sage Penthouse Collection, which offers taller ceilings, private rooftops that have summer kitchens and plunge pools.
The tower will replace a 16-unit co-op building built in 1957 that PMG has under contract, the South Florida Business Journal reported. PMG, which has offices in New York and Miami, entered into the purchase agreement in June 2023. Its planned tower has not yet received approval from city boards.
FINANCING
JDL Development and Wanxiang America Real Estate Group, the U.S. division of a Chinese auto parts conglomerate, locked in $160M in construction financing to build a 95-unit luxury condo complex. Caretta is planned at 1011 U.S. Highway 1 in Juno Beach on the northern edge of Palm Beach County.
The Chicago-based firms secured the capital from Bsafal Inc., an Indian development firm with offices in New York, according to a release. New York-based firms Argo RE and Taconic Capital also contributed to the loan, The Real Deal reported.
The debt was arranged by a JLL team led by brokers Matthew Lawton, Brian Gaswirth and Paul Adams along with analyst Shane Ciacci.
Caretta is scheduled to deliver in 2026 with Waterfront Properties handling sales of the units, which range from 1,820 SF to 5K SF and are priced between $1.5M and $8M. The project will also include 22K SF of retail, restaurant and office space.
JDL and Wanxiang paid $20M for the 5.5-acre site in 2022, property records indicate, marking JDL’s first development outside Chicago.
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A $59M construction loan from Miami-based City National Bank of Florida will advance an apartment project at 301 and 305 Madeira Ave. in Coral Gables, the South Florida Business Journal reported.
The debt was provided to Urban 301 Madeira LLC, with Erwin Sredni, Jacobo Azout and Issac Sredni of Aventura listed as guarantors of the loan. The borrowers are all executives at Miami-based Privee Capital. The entity acquired the 1.5-acre site in March 2013 for $1.8M, property records indicate.
Several apartment buildings composed of 38 units currently occupy the site. The Coral Gables City Commission approved a plan in 2022 to replace the buildings with a 145-unit project designed by local architect Behar Font & Partners. The new apartment building would have 227 parking spaces and nine live/work units where a small business could be hosted in the apartment, per SFBJ.
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BlueFin Financial provided $44M in acquisition and development financing to Boca Raton-based Lotis Group for the development of The Square & Residences in Wellington in Northwest Palm Beach County, according to a release.
The project is part of the 64-acre Lotis Wellington development that is slated to include 372 residential units, 61K SF of commercial space and 60K SF of medical office space. The Square & Residences will be built directly south of the Estates at Lotis Wellington, which includes 100 single-family homes and 72 townhomes.
PopStroke, a mini golf concept backed by Tiger Woods, has signed on to open a location at The Square, and Cooper’s Hawk, Frank Pepe Pizza and Lazy Dog Restaurant have also pre-leased space, according to the release.
Lotis went through multiple revisions of its plans for the Wellington development as it negotiated the project's scope with the village council, which ultimately approved the project in January.
Sean Harrington of Coconut Grove-based Aztec Group secured the debt on behalf of Lotis. Douglas Papy, BlueFin’s chief investment officer, negotiated the deal for the lender.
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South Miami-based Estate Cos. and FHCP LLC secured $50M to refinance Soleste Spring Gardens, an eight-story apartment building just south of Jackson Memorial Hospital at 1005 Spring Garden Road, Connect CRE reported.
A fund associated with Ares Management provided the financing, which was arranged by a JLL team led by Brian Gaswirth.
The recently completed Soleste Spring Gardens has 240 apartments ranging from 400 SF studios to 1,100 SF two-bedroom units. Monthly rents range from $2,011 to $4,404, according to online listings.
The project was built with a $36M construction loan provided by Bank OZK in September 2020. Estate Cos., part of Estate Investment Group, and FHCP, which is described in a release as an opportunistic investment and development firm, paid $3M to acquire the site in 2019, property records indicate.
SALES
The 24-acre Mall at 163rd Street in North Miami Beach traded for $46M, The Real Deal reported.
An affiliate of New York-based Brixmor Property Group sold the property to a joint venture of Taillard Capital, Tuesday Properties, Ark Ventures and Strategic Capital Alliance. Hollywood-based Sheridan Capital provided $16M in acquisition financing.
Brixmor, which paid $20M for the mall in 1998, was represented by Avison Young brokers John Crotty and David Duckworth. Brixmor had previously sold one outparcel on the site to Home Depot in 2000 for $5.1M and a second outparcel to Walmart for in 2003 $13M, per TRD.
The mall is currently 85% vacant and Matt Press, a principal with Tuesday Properties, told TRD the joint venture was negotiating with “a major entertainment complex” to bring in “a bunch” of new tenants.
Press said the “goal is to revitalize the mall” but that the joint venture “will ultimately redevelop the property.” The sale listing said the site could host up to 12,000 apartments if developed under Florida’s Live Local Act, per TRD.
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Atlanta-based PulteGroup paid $20.5M for a 31-acre site in Davie where it is planning to build 60 single-family homes, according to a release and deed records collected by property intelligence platform Vizzda. The seller of the agricultural land, located at the intersection of Pine Island Road and Griffin Road, was Coconut Grove-based TM Real Estate Group.
PulteGroup is planning to build Marigold, a gated community of farmhouse-style homes that are expected to start at more than $1M, according to the release. The site currently hosts an ornamental plant nursery.
