Edition Residences is planned for Fort Lauderdale Beach, adding to a handful of new luxury residential projects on the barrier island.
Developer Rishi Kapoor of Coral Gables-based Location Ventures launched sales of the two-building condo development planned for the 1.5-acre-site at 551 Bayshore Drive. The 11-story buildings will have 65 units combined, and will mark the first Edition-branded project in Fort Lauderdale. Kapoor signed a licensing and branding agreement with Marriott International for the Edition brand, he said.
Kapoor expects the sellout will reach about $300 million.
Douglas Elliman is leading sales and marketing, with units ranging from $3 million to about $7.5 million. That excludes the four penthouses, which will start at about $10 million. After a quiet launch to friends and family, the project is about 20 percent reserved, Kapoor said.
The two- to four-bedroom condos will range from 1,710 square feet to 4,660 square feet, and the building will also have nine villas and the penthouses, according to a press release. The units will be delivered finished, and buyers can purchase furniture packages. Annual leases will be allowed, but short-term rentals will not.
Kapoor expects to target local buyers and people from the Northeast and Canada, which is typical for Fort Lauderdale Beach.
Though the two buildings are strictly residential, Kapoor said he’s working with Marriott to eventually develop a sister hotel to the project.
Kapoor is a big fan of the Edition brand. “I can’t tell you how many personal milestones I’ve celebrated at the Miami Beach Edition,” he said. (Edition is also branding a Two Roads Development condo project in Miami’s Edgewater.)
Construction could begin in January, and the developer is working on securing financing. Kapoor said the growing cost of financing is a “reality” that developers have to work with today due to rising interest rates.
The Edition Residences project could be completed in late 2025 or early 2026, he said.
The condos will include Italkraft kitchens with Sub-Zero and Wolf appliances and private two-car garages. The project includes 20,000 square feet of outdoor amenities, a rooftop with zen gardens, a lounge, two pools with for-sale cabanas, a health and wellness center, a residents-only poolside restaurant, and a hammam spa.
Kapoor’s project is along the Intracoastal Waterway in the Central Beach area of Fort Lauderdale Beach. The Fort Lauderdale commission approved the project plans last year, but Kapoor said it took about a year to sign the deal with Marriott.
In September, Merrimac Ventures won approval to expand its planned boutique condo development nearby, at 530 North Birch Road. The project, with units priced at more than $1,000 per square foot, is a block from the new Four Seasons Residences Fort Lauderdale, which counted Merrimac Ventures among its co-developers.
The Four Seasons development set price records for condos in Fort Lauderdale, and followed Related Group, Fortune International Group and the Fairwinds Group’s completion of Auberge Beach Residences & Spa in 2018.