P
MG has acquired a waterfront co-op building on Fort Lauderdale's Intracoastal Waterway for $19.2 million, paving the way for its first luxury condo tower in the city. The developer secured approval from the city's planning and zoning board last October to build Sage Intracoastal Residences, a 28-story, 44-unit project at 900 Intracoastal Drive.

    The building will feature two units per floor, with three to four bedrooms each and home offices, starting at 3,191 square feet. Units are priced in the mid-$3 million range, while penthouses will have private rooftops with outdoor kitchens and plunge pools. The project's amenities will include a spa, fitness center, yoga lawn, and golf simulator.

    FSMY Architects and BAMO are designing the building, which is expected to have 19,000 square feet of amenities. PMG has an in-house sales team led by Nir Perets, Jaime Cristancho, and Ron Laviv. The project marks the second Sage development for PMG, following a boutique project on Florida's west coast.

    The acquisition comes as developers increasingly seek to buy out older condo and co-op buildings along South Florida's waterfront, particularly after the Surfside condo collapse in 2021. However, such deals are challenging due to the need for buy-in from nearly all owners in a building.