Real Estate News
Fort Lauderdale Sees First Luxury Condo in Decade
FORT LAUDERDALE, FL—Art Falcone and Nitin Motwani, the visionaries behind the 30-acre mixed use Miami Worldcenter in Downtown Miami, are taking their creativity a little further north. In partnership with longtime Florida
developer Daniel Kodsi, the trio is building the first luxury condominium on Fort Lauderdale Beach in a decade.
Dubbed Paramount Fort Lauderdale Beach, the 18-story condominium tower will be developed through Encore Housing Opportunity Fund, which Falcone co-founded and leads. Kodsi will jointly develop the project, which will be the brand’s second outpost since launching Paramount Bay in Downtown Miami. OneWorld Properties, led by president and CEO Peggy Olin Fucci, will market the 95 residences.
“We are excited to usher in a new era in Fort Lauderdale Beach with the introduction of Paramount,” said Falcone. “Paramount will be the market’s preeminent, five-star luxury condominium and a driving force in redefining Fort Lauderdale Beach living.”
Paramount Fort Lauderdale Beach will rise on the site of the former Howard Johnson hotel at 700 North Atlantic Boulevard along the historic A1A thoroughfare. Overlooking the landscaping of Bonnet House Museum & Gardens and the Atlantic shoreline, the condo development’s setting promises city living within walking distance of restaurants, shops, and entertainment combined with a beachfront lifestyle.
Revuelta Architecture International, whose notable credits include the Epic Hotel & Condominiums, Grovenor House, and Jade Residences, is architecting the project. ID & Design International, which was recently tapped to design Zaha Hadid’s 1000 Museum project, is designing the interior. Residences will range from 1,934 to 3,493 square feet with prices starting at $1 million. The building is slated for occupancy winter of 2016 and will have an 18-month construction window.
As the first condominium tower in the surrounding area to not include a hotel component, Paramount Fort Lauderdale Beach offers a true residential experience, yet with the full-service amenities of a resort. Some of the amenities include multiple private pools, beachfront cabanas and club privileges, a fully-equipped gym, ground-floor restaurant, and a children’s play area.
“Paramount Fort Lauderdale Beach will be representative of the brand’s commitment to delivering premier, customized environments that go above and beyond,” says Fucci. “Meeting the increasing market demand for sophisticated living, Paramount will crystallize a vision for this community that is both unique and transcendent.”
One of the project’s most outstanding features for developer Motwani, who grew up on Fort Lauderdale Beach, is the significance of the location. Motwani serves as managing director of Encore Housing Opportunity Fund, which currently has over $1 billion of planned investments in Florida, California, Texas, and Arizona. In addition to Paramount, Motwani is managing principal of the 27-acre Miami Worldcenter project in Downtown Miami.
“I remember when the Howard Johnson was considered the strip’s tallest building. It is such a privilege and unique vantage point for me to be involved in the area’s transformation,” says Motwani, whose family has been involved in the repositioning of Fort Lauderdale Beach into a luxury destination for more than a quarter century. “Paramount offers buyers a unique window to be part of this resurgence.”
In this venture, Encore Funds has joined forces with Kodsi, best known as CEO of Royal Palm Communities, with 25 years of experience developing a diversified real estate portfolio of more than $1.1 billion in mixed-use, multifamily, condominium and single-family home development. Having built 44 separate development projects and over 4,000 units in Florida, Royal Palm Communities is consistently credited for defining new neighborhoods with its award-winning projects.
“There are very few buildings which can truly say they will have transformed an area,” says Kodsi. “Representing a new paradigm for oceanfront luxury living in Fort Lauderdale, our development team is confident that Paramount Fort Lauderdale Beach will serve as a catalyst for future Paramount residential towers throughout Florida, as well as the rest of the country.”