Marina Palms Yacht Club launched - First condo and yacht club to hit Miami in two decades

Marina Palms Yacht Club and Residences is the first luxury condominium and yacht club project in the last two decades to be constructed in Miami-Dade County. The project has just launched and is now accepting reservations from interested buyers.

The 25-story condominium towers will be located on 17201 Biscayne Boulevard in North Miami Beach and will consist of two towers, each with 234 units along with its full-service marina.

The project is being developed by iStar Financial and The Plaza Group with offices located in Aventura.

“These two developers are definitely known for the quality of their product. If you’re able to look through their design, you can really see the quality of them,” said Jennifer Markovich, sales executive on the project.

Set to commence construction in the third quarter of 2013, the project’s estimated completion date is estimated to occur in the last quarter of 2015. The timetable for the project may seem far in the future, but investors are already taking action as prices only rise the closer the project nears completion. Markovich said affordability is one of the main reasons this development is worth looking into.

“Definitely most important is the value price per square foot,” said Markovich.

“Nobody can touch us. When you’re looking at competitors from a buyer’s perspective, you’re asking ‘what is it costing me?’ Based on finishes, amenities, and price, we stand apart.” Prices for units start at $311 per square foot and range to $527 per square foot.

All properties will include imported Italian stone countertops and floating bathroom vanities by Snaidero, a major Italian manufacturer of modern and innovative furniture. Grohe, the largest and world leading manufacturer and supplier of sanitary fittings is responsible for the bathroom fixtures in all of the models.

Another distinct feature of the property is its large balconies. While the size of the outdoor terrace on each unit varies, they are each 8 feet deep with glass railings and floor-to-ceiling glass, nine feet or more in length.

“The view is amazing,” said Malkovich.

“The balconies are angular. No matter where you are in the building you are still going to have some views. It’s not just a small balcony that you go out on. There is actually living space.”

The property will offer various two bedroom and three bedroom models varying in the number of bathrooms (2, 2.5, 3, 2.5) for a total of 6 different options.

Prices for the two bedroom units range from $594,000 (1,912 sq. ft.) to $922,000 (1,904 sq. ft.). As for the three bedroom models, prices range from 723,000 (2,287 sq. ft.) to 1,396,000 (2,599 sq. ft.).

“The functionality of these floor plans is amazing,” said Markovich.

With over 30 amenities, Marina Palms is not without its vast residential privileges. Aside from the gated community’s a state-of-the-art fitness center, club room, and business lounge, residents will also enjoy an infinity pool that will seem to vanish into the ocean’s horizon. It will have a news café with a daily newspaper service as well a studio for yoga and pilates.

One of most interesting features of this development is its full service marina. Offering 112 boat slips for yachts up to 90 feet in length, Marina Palms will provide boat-owning residents with a full service concierge, a full-time dock master, fueling services, as well as dockside Internet and cable services. The private marina will offer boat slips in conjunction with their unit at $2,500 per linear foot.

The pricing schedule for Marina Palms is 10 percent during the reservation, 10 percent at the sign of the contract, 20 percent at groundbreaking and 60 percent at closing.

iStar Financial is a real estate investment trust focused on commercial real estate. The company has worked on projects such as Ocean House in South Miami Beach and development Paramount Bay in downtown Miami.

The Plaza Group a real estate group known for its development of The Palms in Fort Lauderdale and Ocean Palms in Hollywood Beach as well as other projects.

This is a two bedroom two bath with a terrace facing the intracoastal waterway. Click for a larger view.

This is two-story condo unit with 2 bedrooms and 2.5 bath. The first floor of the condo has a terrace with the second floor having a balcony overlooking the terrace. Click for a larger view.

Photos courtesy of Marina Palms