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By Brian Bandell, South Florida Business Journal
The Paramount Fort Lauderdale condominium has opened, featuring beachfront views, spacious units, and penthouses that might set price records for the city.
Art Falcone and Nitin Motwani's Encore Housing Opportunity Fund teamed with Royal Palm Communities, led by Daniel Kodsi, to develop the 18-story condo at 701 N. Fort Lauderdale Beach Blvd. It is the first ground-up condo project to open on Fort Lauderdale beach in about 10 years.
It’s along a popular stretch of beach with many restaurants and hotels, close to Sunrise Boulevard and the bridge leading to the Galleria mall.
Peggy Fucci, president and CEO of the project’s exclusive broker One World Properties, said 92 of the 95 condos have been sold and closings have been proceeding quickly. Most of the buyers are second homeowners from the Northeast U.S. or Canada. There were also some South American buyers with existing ties to Broward County and some suburban Broward residents who wanted to downsize in a beachfront location.
The unsold units include a third-floor condo and two rooftop penthouses. Each penthouse is listed at $9.9 million, which would break a record for the most expensive condo ever sold in Broward County.
Each of the unsold penthouses has 4,930 square feet on the first floor, 1,057 square feet on the second floor and about 5,600 square feet of terraces, including a 20-foot-long private pool with a wooden deck and a summer kitchen on the roof. Fucci said the developer has left the penthouse floor plans open, not yet building out the interior walls, bathrooms and kitchen, to give buyers maximum flexibility to design the unit as they want.
All of the condos at Paramount Fort Lauderdale come designer ready, meaning the buyer needs to install floors, lighting and other fixtures. The developer included Subzero refrigerators, double ovens from Wolf, electric rangers from Bosch, wine cellars and Sonos speakers in the ceilings. The electrical outlets in the bedroom have built-in USB outlets for mobile device charging.
Fucci said the condos start around $900,000. They were initially priced at $800 per square foot, but demand increased as market conditions improved and construction advanced, she said. The condos closed for an average between $850 and $900 per square feet, although one penthouse sold for about $1,200 per square foot.
While most buyers intend to live in the units at least part of the time, some owners intend to rent them. Fucci showcased a fully furnished condo with three bedrooms in 2,626 square feet that was listed at $15,000 per month.
Paramount Fort Lauderdale built poolside cabanas for its residents. Each of them included a TV, air conditioning, a small refrigerator, showers and a sofa. Priced from $300,000 to $350,000, these cabanas have already sold out, Fucci said.
The project features a pool that’s among the largest in Fort Lauderdale, joined by a wet bar and a summer kitchen, all overlooking the beach.
The beachfront commercial space at Paramount Fort Lauderdale will have a restaurant for the public. Fucci said that a commercial condo was sold to Atlanta-based LM Group, which is preparing a Mediterranean grill concept.
The condo’s club room has space for large gatherings, with many couches, tables and TVs. Behind the room’s bar, there’s a catering kitchen so food can be prepared outside the view of guests.
For fitness buffs, the project has a gym with workout machines and an aerobic room with a video program containing multiple fitness classes to select from. There will be a spa with a steam shower and a massage room, but that space wasn’t completed in time for the tour.
Paramount Fort Lauderdale also has two guest suites, each with a bed, a bathroom, and a TV, that condo owners can reserve for their visitors. Its use is included in the condo association fee, with only a cleaning fee added on.
There’s also a game room with a billiards table, a shuffleboard table, a coffee machine and many TVs.
Owners in Paramount Fort Lauderdale receive membership to the neighboring Bonnet House Museum and Gardens and assistance setting up towels and umbrellas on the adjacent beach.
Paramount Fort Lauderdale was designed by Revuelta Architecture International, with interior design by ID & Design International. The general contractor was Stiles Corp.