F
ort Lauderdale is shedding its “middle‑child” label and stepping into the luxury real‑estate arena that Miami and West Palm Beach have long dominated. The city is launching a wave of high‑profile projects—branded towers, a revamped superyacht marina, and condos priced to break local records.
A flagship effort is the $2 billion Bahia Mar redevelopment, a joint venture that includes Related Group. The plan replaces the aging DoubleTree with a 200‑room St. Regis hotel and 79 furnished condos, plus four independent St. Regis‑branded towers. The marina will accommodate vessels up to 350 ft, and the first condo starts at $3 million, with penthouses beginning at $20 million. The project also adds 88,000 sq ft of retail, restaurants, a public park, and a pedestrian promenade.
Italian yacht maker Riva is backing a 20‑story boutique tower that will feature 36 residences, starting at $3.5 million. Interiors echo Riva’s luxury yachts, and the complex offers a cinema, wine room, and up to eight marina slips. A two‑story penthouse will sell for $25–30 million. Early marketing at yacht shows in Palm Beach and Monaco has already secured about 18 % of the units, with construction slated to begin next year.
The Andare Residences, slated to become Fort Lauderdale’s tallest condo tower, will include a 46th‑floor penthouse priced at $16 million—another contender to shatter the current $15.4 million record. Meanwhile, the 45‑story Viceroy tower, developed by the Naftali Group, will host over 200 units, the most expensive at $7 million, targeting affluent downsizers. “There is no real alternative for those who don’t want single‑family homes,” Miki Naftali noted, underscoring the city’s shift toward high‑end vertical living.
Market data illustrate the rapid escalation of luxury thresholds. In Q2 2020, a condo was deemed luxury if it sold for $950,000 or more. By Q2 2023, that benchmark rose to $1.45 million. September saw 16 contracts for Broward County units between $3 million and $4.99 million—up from just one a year earlier—while $5 million+ deals jumped from one to six contracts. Jonathan Miller, president of Miller Samuel, says condos above $5 million represent a niche still underserved, prompting developers to design turnkey homes for yacht owners and jet‑setters.
Merrimac Ventures’ Bungalow East offers residences priced from $2 million to $7 million, each with private elevators and direct access to yacht charters, appealing to those who prefer the convenience of a managed vessel over ownership. The project targets buyers who want the luxury lifestyle without the maintenance of a private yacht.
Fort Lauderdale’s Galleria mall, acquired last month for $73 million, is slated for a luxury overhaul by GFO Investments, led by Russell Galbut. The 1980‑built property, once home to Saks Fifth Avenue, will be transformed into a high‑end retail destination.
The marina’s redesign, coupled with the waterfront’s new amenities, aims to create a “mini‑Monaco” atmosphere, echoing the South of France vibe. “We can replicate that here,” said Nick Pérez of Related Group, emphasizing the city’s ambition to become a premier yachting and luxury living hub.
