SOURCE: Marina Palms Yacht Club & Residences

March 21, 2013 18:00 ET

Marina Palms Yacht Club & Residences Releases Its Grand Penthouses

Amenity-Rich Residences Offer Unparalleled Views, a Luxury Option Priced Far Below Alternatives in the Miami Market

NORTH MIAMI BEACH, FL--(Marketwire - March 21, 2013) - Marina Palms Yacht Club & Residences has released for purchase four Grand Penthouse units that offer all the features and amenities affluent buyers expect from a Miami luxury condominium -- at a fraction of the cost of any other development in South Florida.

In a market where penthouses have recently traded in excess of $50 million, these waterfront residences will attract upscale buyers looking for luxury living in a unique, high-rise residential and yachting community at prices starting at $1.9 million, or $850 per sq. ft.

"Condominium developments have recently made waves in the market with penthouses priced in the tens of millions of dollars -- and thousands of dollars per sq. ft. Yet none come standard with the amenities and features available at Marina Palms Yacht Club and Residences," said Michael Internoscia, Director of Sales with the North Miami Beach project. "From 10-foot-plus ceiling heights to top-of-the-line finishes and appliances, we challenge any prospective penthouse buyer to find a better value without paying significantly more."

Brisk sales at Marina Palms led to the release of the grand penthouses. Other select penthouse residences start at $950,000. Already, 70 percent of the released inventory at the project has been purchased.

Buyers have been lured by the walls of glass overlooking unobstructed, panoramic waterfront views across the full-service marina and east to the Intracoastal and the Atlantic. Ranging from 2,200 to more than 4,300 sq. ft., each of the four Grand Penthouse residences comes standard with two reserved parking spaces, secured elevator access, as well as Snaidero cabinetry, stone counter tops, and Wolf, Miele and Sub-Zero appliances including a dual-zoned wine storage unit that holds up to 78 bottles.

"Our packages, product and pricing are striking a positive chord with buyers from across South Florida and the Americas," said Neil Fairman, president of The Plaza Group, whose affiliate is developing Marina Palms in partnership with an affiliate of The DevStar Group. "With our elegant finishes, luxury services and unique waterfront lifestyle, Marina Palms is one of the best values in today's market."

Located at 172nd Street and Biscayne Boulevard in North Miami Beach, Marina Palms Yacht Club & Residences will offer amenity-rich living, unparalleled services and a boating lifestyle designed for yachting enthusiasts. With one million sq. ft. of livable space fronting a waterfront promenade, the residential development will entice any buyer in search of luxury waterfront living.

Every two-, three- and four-bedroom residence and penthouse in the two-tower development will offer standard amenities such as butler service, infinity-edge pools, state-of-the-art gyms, a spa, treatment room, sauna, steam room, and workout studios, news café, club room with bar, billiard table and 100" plus TV, children's playroom and teen lounge and secure, gated access with 24-7 valet service. The much anticipated development will be complemented by a full-service yacht club consisting of 112 wet slips -- all perched on the Intracoastal 20 minutes from the ocean.

For sales information on Marina Palms Yacht Club & Residences visit www.marinapalms.com, email Sales Director Michael Internoscia at minternoscia@marinapalms.com, or call (305) 508-5552.

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 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.

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.

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