SOURCE: Marina Palms Yacht Club & Residences
MIAMI, FL--(Marketwired - December 16, 2013) - Neil Fairman made his mark twice on the South Florida luxury condominium marketplace -- and now he's doing it a third time. His latest project, Marina Palms Yacht Club & Residences in North Miami Beach, is the first yacht club condominium community to be developed in Miami-Dade County in 20 years.
His previous projects -- The Palms in Fort Lauderdale and Ocean Palms in Hollywood -- remain among the most successful Broward County condominium developments in recent memory, with The Palms still fetching the highest per-square-foot resale prices in the market. Fairman is certain his third Palms will also be a charm.
"Success is about location and timing. In my career, I've been able to time both well," said Fairman, founder / president of The Plaza Group, a Hollywood-based luxury condominium developer whose subsidiary is developing Marina Palms Yacht Club and Residences in partnership with The DevStar Group.
Timing is critical. When Marina Palms hosted a broker event in February, it resulted in ten contracts actually written that night. The project broke ground in September and they are currently building the new marina complex with slips for 112 yachts -- some up to 90 feet. Sales for the second building commenced this week.
The Palms is a two-tower, seven-villa, Mediterranean-style project on 450 feet of Fort Lauderdale oceanfront and was completed in 1999. The spot is special for the Quebec, Canada, native because he spent many childhood vacations there. The Palms was followed by the Ocean Palms, a 40-story condominium on Hollywood's oceanfront beside the fabled Diplomat Hotel. The project was 50 percent sold within one year of announcement and sold out one year before completion in 2006 -- and heralded a transformation of the entire coast.
Followers of the South Florida real estate economy may realize the significance of Fairman's timing. The Palms project was completed before one market slow down; Ocean Palms was completed one year before another. Though he had a third South Florida luxury condo deal on the table after Ocean Palms was completed, Fairman decided to wait out what he anticipated would be a difficult coming market. In 2008, the "Great Recession" hit, stalling or scuttling countless condo deals throughout South Florida.
"I was one of the few South Florida developers who didn't get hurt in the recession," he says.
During that time, he looked overseas to Eastern Europe. His first project was pre-development of a mixed-use office, retail, high-rise and high-end residential development in Tbilisi in the Republic of Georgia. Next, an oligarch investor in that project brought Fairman to handle pre-development and planning work on a luxury hotel, underground shopping mall, and an office-residential mixed use development on the Neva River in St. Petersburg, Russia. The combined projects were valued at $3.5 billion.
As the western markets settled, Fairman looked to South Florida once again. That's when he discovered the undeveloped parcel that today is Marina Palms Yacht Club & Residences. Situated on the Intracoastal Waterway at Biscayne Boulevard in North Miami Beach -- with clear views across open vistas down the bay and across to the Atlantic -- the development has the hallmarks of a phenomenal residential project. It also combines uniquely South Florida attributes of luxury living and the yachting lifestyle amid an alluring year-round climate.
For Fairman, the timing is perfect. Not unlike his personal pursuits of auto racing and sailing, success in real estate comes from identifying risks, timing one's move, and navigating to good fortune, says Fairman, a long-time resident of Miami Beach.
"Development is like racing. You have to be disciplined to know when to speed up and when to put on the brakes," Fairman says. "Like planting palms, my team is always looking for the ideal location and combination of conditions to create the next remarkable luxury condominium development."
About Marina Palms:
Marina Palms Yacht Club & Residences represents the first luxury condominium and full-service marina/yacht club development in Miami-Dade County in more than 20 years. Developed by affiliates of The DevStar Group and The Plaza Group, the two residential towers each will have 25 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. To learn more, visit www.marinapalms.com.
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.
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 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. The principals of The DevStar Group are Anthony Burns and George Helmstetter. DevStar is proud to be in partnership 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.
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