Copyright New York Post
Fort Lauderdale is done being the middle child of South Florida luxury development. Staking a claim to the wealth Miami and West Palm Beach have captured until now, the city is entering a new phase of real estate ambition — rolling out branded towers, remaking marinas for megayachts and pricing condos at levels that would shatter local records. Some of the region’s biggest developers are leading the charge. A partnership that includes Miami’s Related Group is building a “mini-Monaco” at Bahia Mar, the city’s largest marina, with plans for a $2 billion project that will bring a St. Regis hotel and residences, where a $3 million condo is the starting price. The marina itself is being remade for superyachts, with slips for vessels up to 350 feet — a nod to a seafaring lifestyle that routes between Monaco and St. Barts. Nearby, a condo tower branded by Italian yacht maker Riva will bring 36 boutique residences, capped by a penthouse that could list for as much as $30 million — double the city’s current $15.4 million condo sale price record. At the under-construction Andare Residences, set to become the city’s tallest condo tower, a 46th-floor penthouse is listed at $16 million, a price that could also break the current record. Fort Lauderdale’s Galleria mall was acquired last month for $73 million, with developers led by Russell Galbut’s GFO Investments planning a luxury makeover of the 1980-built property that Saks Fifth Avenue left nearly two decades ago. And there’s a 45-story Viceroy tower, promising high-rise beach club living for affluent downsizers, with over 200 units, the priciest at $7 million. “This is the yachting capital of the world and there are very expensive and high-quality single-family homes — but what about those who don’t want to live in single-family homes?” said Miki Naftali, whose New York-based Naftali Group is building the Viceroy as its second South Florida condo project. “There is no real alternative.” The influx of wealth to South Florida since COVID has redefined what qualifies as luxury in Fort Lauderdale. In the second quarter of 2020, a “luxury” condo — the top 10% of the market by price — was any unit that sold at $950,000 or higher, according to appraiser Miller Samuel and Douglas Elliman Real Estate. Compare that with the second quarter of this year, when the threshold for condo luxury was any unit selling at $1.45 million or higher. In September, buyers signed contracts for 16 condos in Broward County priced between $3 million and $4.99 million — up from just one a year earlier, Miller Samuel and Douglas Elliman data show. Condo deals at $5 million and above also spiked, with six contracts signed compared to only one in September 2024. Fort Lauderdale condos priced above $5 million are part of “a niche that hasn’t been fully served,” said Jonathan Miller, president of Miller Samuel. Developers are eager to fill that void, designing homes for yacht owners and jet-setters who prefer turnkey living to sprawling estates. Merrimac Ventures’ Bungalow East is offering residences priced between $2 million and $7 million, each with private elevators and access to yacht charters, for those who don’t want the hassle or expense of owning a boat, managing partner Dev Motwani said. Another project takes the nautical theme further. Vertical Developments spent two years persuading Italian yacht maker Riva to lend its name to a 20-story boutique tower with units starting at $3.5 million, according to Fernando de Nuñez y Lugones, the firm’s CEO. Condos at Riva Residenze will span from 2,000 to over 4,000 square feet, with interiors inspired by Riva’s yachts (one of which will be docked in front of the sales gallery). Amenities include a cinema, a wine room and up to eight marina slips available for residents to purchase. A two-story penthouse of over 8,000 square feet is also planned, with an asking price between $25 million and $30 million, de Nuñez y Lugones said. “You’re not in a market that is price sensitive, because you are dealing with the richest people on the planet,” he added. Early marketing of the units has taken him to yacht shows in Palm Beach and Monaco and, so far, buyers have committed to about 18% of them. Construction begins next year. At Bahia Mar, the redevelopment will replace the aging DoubleTree with a 200-room St. Regis hotel topped by 79 furnished condos, plus four stand-alone residential towers also branded under St. Regis. Several penthouses across the development (some with private rooftop pools) will start at $20 million, said Nick Pérez, president of Related Group’s condominium division, which is developing the site with Tate Capital and Rok Acquisitions. Of the units currently for sale — about 160 between the hotel and the first stand-alone tower — about 25% are under contract, ahead of a broader marketing push planned during this month’s Fort Lauderdale International Boat Show, Pérez said. Several buyers of the furnished hotel residences are yacht owners who purchased them for their crews to use while their vessels are in port, he said. The redevelopment also reimagines the waterfront itself, adding 88,000 square feet of retail and restaurants, a public park, a pedestrian promenade and a marina retrofitted to berth superyachts. “I fully stand by what I said about making it “mini-Monaco,’ ” Pérez said. “You know, that South of France vibe, if you will. I think we can easily replicate it here.”
