Rising Demand for Waterfront High-Rise Condos Expands to Fort Lauderdale

PMG Secures Waterfront Site for New Luxury Condominium in Fort Lauderdale

National developer PMG has made its mark in Fort Lauderdale with the purchase of a prime waterfront site for the development of its first condominium project in the city. This move signals PMG's strategy to tap into the growing demand for high-end residences in South Florida, particularly as buyers continue to migrate from Miami and West Palm Beach.

The property, located at 900 Intracoastal Drive just over two miles from downtown Fort Lauderdale and steps from the beach, was acquired for $19.15 million. The site will be home to the Sage Intracoastal Residences, a stunning 28-story tower featuring 44 spacious three- and four-bedroom units. With sizes starting at a generous 3,191 square feet, the residences are priced from the mid-$3 million range. PMG Residential, the developer's in-house brokerage, will handle sales for the project.

A Rare Find in Today’s Market

The Sage Intracoastal Residences site offers a rare opportunity in today’s competitive market, according to Dan Kaplan, one of PMG’s managing partners. The property boasts 200 linear feet of direct waterfront access along the Intracoastal Waterway. What's more, the views from the building are guaranteed to remain unobstructed “in perpetuity,” thanks to the Bonnet House Museum & Gardens, a historic 35-acre property directly across the water, which is protected as a historic landmark.

South Florida’s Booming Luxury Condo Market

South Florida’s luxury real estate market has surged in recent years, fueled by an influx of wealthy buyers relocating to the region. In Fort Lauderdale, the demand for newly constructed condos has been particularly strong. Sales of new condos priced over $1 million in Broward County saw an eye-popping 131% increase in September 2023 compared to the same month in 2019, according to the Miami Association of Realtors. The growth in Broward County outpaced even neighboring Palm Beach and Miami-Dade counties, where sales grew 121% and 87%, respectively.

This surge in demand has prompted both local and national developers to focus their attention on the region. According to ISG World, nearly 4,100 condo units are under construction in Broward County alone, which represents about 18% of the new condos being built across the tri-county area.

Why Fort Lauderdale?

While Miami-Dade County continues to dominate the development landscape, Fort Lauderdale has become a highly sought-after location for luxury real estate. "Fort Lauderdale has undoubtedly become a premier destination for luxury real estate development," said Kaplan. "The city is experiencing remarkable growth and attracting residents seeking a unique blend of waterfront living, world-class dining, and a vibrant cultural scene."

Amenities That Redefine Waterfront Living

The Sage Intracoastal Residences will offer an impressive array of amenities designed to appeal to affluent buyers. Each residence will feature 10-foot ceilings, floor-to-ceiling impact-resistant windows, and private terraces with summer kitchens. The homes will also include smart home technology and wet bars in the primary bedrooms for added convenience and luxury.

Residents will enjoy over 19,000 square feet of curated indoor and outdoor amenities, including a wellness spa, fitness studio, and yoga lawn. A resort-style pool and jacuzzi, grilling station, private cabana suites, and a waterview bar and lounge will provide additional spaces for relaxation and socializing.

A Vision for the Future

The Sage Intracoastal Residences are slated for completion in the second quarter of 2027, adding yet another prestigious development to PMG’s growing portfolio in South Florida. Across the region, the developer is also working on high-profile projects, including Miami’s future tallest building, the Waldorf Astoria Hotel & Residences, and West Eleventh Residences Miami, a nightclub-branded condo development. PMG has already made its mark in Fort Lauderdale with the Society Las Olas waterfront apartments, which were later sold to Adam Neumann's real estate venture, Flow.

With projects like Sage Intracoastal Residences, PMG continues to reinforce South Florida’s status as a top destination for luxury living and development.