SOURCE: Marina Palms Yacht Club & Residences

February 06, 2013 10:31 ET

Twin Luxury Condo Towers to Rise in North Miami Beach: Plaza Group/DevStar Group to Build Miami's First Yacht Club/Residences in Two Decades

One Million Square-Foot Project Makes It Largest New Condo Development in Dade County

NORTH MIAMI BEACH, FL--(Marketwire - February 06, 2013) -  Marina Palms Yacht Club & Residences promises to marry the yachting lifestyle with luxury condominium living. With two towers and 468 spacious residences, a waterfront promenade and one million square feet of residential space, the centerpiece will be the full-service marina and yacht club. All told, the $400 million development will serve a wide target audience with unique amenities not seen in a new condo project in two decades.

Located on a 14-acre waterfront property at the lighted intersection at 172nd Street and Biscayne Boulevard, Marina Palms Yacht Club & Residences will cater to an emerging market -- just as the condo recovery continues gaining momentum.

For those who covet the boating lifestyle, the development is unequalled. The 112-slip, full-service marina and yacht club will be the first built in recent memory. It will feature a full-time, on-site dock master and yacht club concierge, fuel service, dock-side Wi-Fi, sundry store, and space to accommodate boats up to 90 feet in length. It will take boaters less than 20 minutes to reach the ocean.

"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. "It hits the right market demographic with the perfect location, features, services and amenities at the right time."

Market conditions and residential realities strengthen the development's prospects. Unit prices will start in the low $300's per square foot, a significant discount from the up to $1,200 per square foot at properties on Miami Beach. Spacious two-, three- and four-bedroom condos will lure traditional northeasterners and Canadian residents, affluent Latin American families looking for a seasonal home, and locals who want to keep their boat or yacht behind their residence -- with unobstructed water views in all directions.

"Miami has seen a significant resurgence among residential condominiums and Marina Palms is perfectly suited and priced to serve this luxury sector," said DevStar Group Principal Anthony Burns. "People are looking for an amenity-rich, waterfront experience. We're filling a niche in an under-served market -- especially for those who enjoy the boating lifestyle."

The Plaza Group's successful projects include upscale developments The Palms, a luxurious twin tower condominium which is still the highest priced in Fort Lauderdale, and the 40-story Ocean Palms on the beach, just north of the Diplomat Hotel in Hollywood. Recent successes of The DevStar Group principals include Ocean House in South Beach and Paramount Bay in Miami.

High-end shopping and restaurants -- like Houston's, Morton's and P.F. Chang's -- are literally steps away. The Aventura Mall is a five-minute drive and it is 15 minutes to Bal Harbour Shops. Marina Palms also offers the convenience of being less than 30 minutes from Fort Lauderdale-Hollywood and Miami international airports.

For sales information on Marina Palms Yacht Club & Residences visit www.marinapalms.com, call 866.829.1133 or email Sales Director Michael Internoscia at minternoscia@marinpalms.com

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 partnering 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. iStar, one of the largest investors in luxury condominium, multi-family and master-planned residential developments throughout the United States, has financed and invested over $10 billion in residential projects since 1993, with a portfolio that has included interests in over 18,000 condominium units in the nation's top markets. 

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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