National developer PMG has secured a waterfront site to build its first condominium project in Fort Lauderdale, Florida, to try to capitalize on spillover buyer demand for high-rise residences in Miami and West Palm Beach.
PMG bought the site that is just over 2 miles from downtown Fort Lauderdale and within walking distance of the beach at 900 Intracoastal Drive for $19.15 million. The property is set to become home to Sage Intracoastal Residences, a 28-story tower with 44 three- and four-bedroom units. The smallest residences start at 3,191 square feet and prices begin at the mid-$3 million mark, with sales led by the group’s in-house brokerage, PMG Residential.
The location “is a rarity in today’s market,” said Dan Kaplan, one of PMG's managing partners, in a statement. The site includes 200 linear feet of waterfront access along the Intracoastal Waterway. Future residents will have their waterfront views protected "in perpetuity" thanks to the presence of the Bonnet House Museum & Gardens, a 35-acre museum and historic home across the channel that is designated a historic landmark.
South Florida has seen robust demand for newly constructed condos ever since the pandemic, driven by wealthy transplants migrating to the region from across the country. In Fort Lauderdale's Broward County, sales for new condos priced above $1 million were up 131% in September compared to the same month in 2019, according to the Miami Association of Realtors.
That was the highest growth rate for Miami's tri-county area. In Palm Beach County, condo sales above $1 million grew 121%, while Miami-Dade County sales were up 87% compared to 2019, according to the association.
The region’s growth has led both local and national residential developers to pay increased attention to South Florida as a result. According to ISG World, a luxury real estate brokerage based in Miami, there are 4,099 condo units under construction in Broward County, representing about 18% of the nearly 23,000 new condos being built in Broward and Miami-Dade counties.
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While Miami-Dade County may command the lion's share of new development, Kaplan said in an email that "Fort Lauderdale has undoubtedly become a premier destination for luxury real estate development. The city is experiencing remarkable growth, attracting residents who seek a unique blend of waterfront living, world-class dining and a vibrant cultural scene."
Sage Intracoastal Residences is expected to be completed in the second quarter of 2027. Residences are expected to include 10-foot-high ceilings, floor-to-ceiling energy-efficient and impact-resistant windows, private terraces with summer kitchens, smart home technology and primary bedrooms with their own wet bars.
Over 19,000 square feet of indoor and outdoor amenities are planned, including a wellness spa, fitness studio and yoga lawn. A resort-style pool, jacuzzi, grilling station, private cabana suites and waterview bar and lounge are also planned.
The project is the latest in South Florida from national developer PMG. Across South Florida, PMG is developing multiple projects, including what is expected to be Miami’s first supertall tower, the Waldorf Astoria Hotel & Residences, and West Eleventh Residences Miami, a nightclub-branded condo project. In Fort Lauderdale, the group previously developed Society Las Olas, a waterfront apartment complex, that it then sold to Adam Neumann's Flow.