For Plaza Group’s Neil Fairman – Third Palms a Charm

Marina Palms Yacht Club & Residences

Neil Fairman made his mark twice on the South Florida luxury condominium marketplace — and now he’s doing it a third time. His latest project, Marina Palms Yacht Club & Residences in North Miami Beach, is the first yacht club condominium community to be developed in Miami-Dade County in 20 years.

His previous projects — The Palms in Fort Lauderdale and Ocean Palms in Hollywood — remain among the most successful Broward County condominium developments in recent memory, with The Palms still fetching the highest per-square-foot resale prices in the market. Fairman is certain his third Palms will also be a charm.

“Success is about location and timing. In my career, I’ve been able to time both well.”

– Neil Fairman, President of The Plaza Group

Timing is critical. When Marina Palms hosted a broker event in February, it resulted in ten contracts actually written that night. The project broke ground in September and they are currently building the new marina complex with slips for 112 yachts — some up to 90 feet. Sales for the second building commenced this week.

The Palms is a two-tower, seven-villa, Mediterranean-style project on 450 feet of Fort Lauderdale oceanfront and was completed in 1999. The spot is special for the Quebec, Canada, native because he spent many childhood vacations there. The Palms was followed by the Ocean Palms, a 40-story condominium on Hollywood’s oceanfront beside the fabled Diplomat Hotel. The project was 50 percent sold within one year of announcement and sold out one year before completion in 2006 — and heralded a transformation of the entire coast.

Followers of the South Florida real estate economy may realize the significance of Fairman’s timing. The Palms project was completed before one market slow down; Ocean Palms was completed one year before another. Though he had a third South Florida luxury condo deal on the table after Ocean Palms was completed, Fairman decided to wait out what he anticipated would be a difficult coming market. In 2008, the “Great Recession” hit, stalling or scuttling countless condo deals throughout South Florida.

“Development is like racing. You have to be disciplined to know when to speed up and when to put on the brakes. Like planting palms, my team is always looking for the ideal location and combination of conditions to create the next remarkable luxury condominium development.”

– Neil Fairman, President of The Plaza Group

“I was one of the few South Florida developers who didn’t get hurt in the recession,” said Fairman, founder / president of The Plaza Group, a Hollywood-based luxury condominium developer whose subsidiary is developing Marina Palms Yacht Club and Residences in partnership with The DevStar Group.

During that time, he looked overseas to Eastern Europe. His first project was pre-development of a mixed-use office, retail, high-rise and high-end residential development in Tbilisi in the Republic of Georgia. Next, an oligarch investor in that project brought Fairman to handle pre-development and planning work on a luxury hotel, underground shopping mall, and an office-residential mixed use development on the Neva River in St. Petersburg, Russia. The combined projects were valued at $3.5 billion.

As the western markets settled, Fairman looked to South Florida once again. That’s when he discovered the undeveloped parcel that today is Marina Palms Yacht Club & Residences. Situated on the Intracoastal Waterway at Biscayne Boulevard in North Miami Beach — with clear views across open vistas down the bay and across to the Atlantic — the development has the hallmarks of a phenomenal residential project. It also combines uniquely South Florida attributes of luxury living and the yachting lifestyle amid an alluring year-round climate.

For Fairman, the timing is perfect. Not unlike his personal pursuits of auto racing and sailing, success in real estate comes from identifying risks, timing one’s move, and navigating to good fortune, says Fairman, a long-time resident of Miami Beach.

For sales information on Marina Palms Yacht Club & Residences contact us online, or call (866) 338-5643.

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About Marina Palms:

Marina Palms, a project being developed by affiliates of The Plaza Group and The DevStar Group, is comprised of two towers, each 25 stories tall, with a total of 468 units. A full-service yacht club and marina will feature 112 boat slips for yachts up to 90 feet. Marina Palms is the first Miami luxury real estate development with full-service marina/yacht club to be built in Miami-Dade in the past 20 years.

Located at 172nd Street and Biscayne Boulevard in North Miami Beach, Marina Palms Yacht Club & Residences will offer amenity-rich living, unparalleled services and a boating lifestyle designed for yachting enthusiasts. With one million sq. ft. of livable space fronting a waterfront promenade, the residential development will entice any buyer in search of luxury waterfront living.

Every two-, three- and four-bedroom Miami condos and penthouse in the two-tower Miami waterfront development will offer luxury amenities such as butler service, infinity-edge pool and hot tub, a state-of-the-art gym, a spa with treatment rooms, a sauna, a steam room and workout studios, a news café, club room with bar, billiard table and 100” plus TV, children’s playroom and teen lounge and secure, gated access with 24-7 valet service.

About The Plaza Group

During the past two decades, Neil Fairman, President and Founder of The Plaza Group, has successfully foreseen opportunities that result in world-class real estate developments. From hotels and high-rise, luxury residences to retail shopping centers and commercial space, their diverse portfolio of real estate projects has reshaped communities and spurred real estate trends. Successful projects include The Palms in Fort Lauderdale and Ocean Palms in Hollywood Beach.

About The DevStar Group

The DevStar Group is a development and investment firm headquartered in Miami, FL that focuses on the high-end residential condominium market. DevStar principals have spearheaded the redevelopment and sales efforts of some of South Florida’s most exciting luxury condominium projects including the 47-story Paramount Bay located in the Edgewater District of Miami and Ocean House South Beach, a collection of boutique oceanfront residences located in the exclusive South of Fifth neighborhood. The principals of The DevStar Group are Anthony Burns and George Helmstetter. DevStar is proud to be in partnership with iStar Financial, a $7 billion dollar finance and investment company focused on real estate and traded on the New York Stock Exchange under the symbol SFI.