The Sky Is No Longer the Limit in Fort Lauderdale
By Dale King and Julia Hebert
Something new is on the horizon for Fort Lauderdale urbanites craving a luxurious, oceanside lifestyle. The Paramount Fort Lauderdale Beach condominium, the first high-end, high-rise seaside residential tower to be built in the Gold Coast city in a decade, will own the 700 North Atlantic Boulevard site where a Howard Johnson’s hotel was razed in February. Developers are packing the planned 18-story structure with 360 degrees of luxury amenities that provide the ultimate in livability and high-tech design.
Encore Housing Opportunity Fund is providing a creative, savvy team led by Miami Worldcenter developers Art Falcone, the company co-founder and 30-year veteran of the building trade, and Nitin Motwani, the firm’s managing director. They are joined by fellow developer Daniel Kodsi, CEO of Royal Palm Companies, to perfect what Motwani calls “a true luxury boutique building.” The Paramount tower of 95 units – each costing $1 million or more – should be ready for occupancy by winter 2016. Thirty-six percent of them had been sold by mid-summer.
Buyers will become sophisticated city dwellers, residing within walking distance of fashionable restaurants, stylish shops, the exquisite Galleria Mall and many entertainment venues. Overlooking the lush greenery of the historic Bonnet House Museum & Gardens, and set against the expansive Atlantic shoreline, Paramount Fort Lauderdale Beach will be designed by Revuelta Architecture International, with interiors by ID & Design International. Residences will range from 1,934 to 3,493 square feet.
A Motwani-managed company paid $20 million for the two-acre HoJo parcel that had already been approved for a 170-unit condo-hotel. “It was the last project designed for the 2005-2006 cycle,” Motwani said. When the market refocused on multiuse, urban living, Paramount style became the way to go.
Developers will attract purchasers – empty nesters and upscale millennials in particular, said Falcone – with the convenience of a full-service “vertical home” with such amenities as multiple private pools, beachfront cabanas, club privileges, a full gym and ground-floor restaurant. A high-tech robotic system delivers your car from the parking area with a push of a cell phone button.
The promise of the coming condo community is enticing, and all three developers are on-board, giving freely of time, energy and research to make sure it’s done right. “Few buildings can truly say they will have transformed an area,” said Kodsi. “Our development team is confident that Paramount Fort Lauderdale Beach will serve as a catalyst for future Paramount residential towers in Florida and around the nation.”
For more information, go to www.paramountresidences.com.