IN THE PRESS
Owners break ground on condo towers to replace iconic Ireland’s Inn The Ireland and Mitchell families started discussing the idea of redeveloping their iconic Ireland’s Inn on Fort Lauderdale beach in 2002. But before they could get serious, Hurricane Wilma hit in 2005, damaging the seven-story hotel, which closed for good in 2007. Plans were also put on hold over a historic preservation battle, and the nation’s housing meltdown and financial crisis led to still more delays.
In recent years Miami has seen a wave of glitzy new condominiums by star architects that target an increasingly international set of investors. Projects like Zaha Hadid’s One Museum Mile and Norman Foster’s Faena House have made headlines with record-breaking prices – penthouses upwards of US$60 million – international sales and sleek features like glass-enclosed rooftop pools that set new standards for luxury living in south Florida. Now, with limited beachfront land remaining in Miami, some developers are looking to Fort Lauderdale as the next destination for upscale residential development.
New Yorkers have long had close ties to Miami – from investing in the 1920s land boom to the glory days of the 1950s and 1960s, when the city was a millionaire’s playground and Joe DiMaggio and Frank Sinatra, along with the rest of the Rat Pack, partied at the iconic Fontainebleau. In the 1990s, a cohort of New York photographers, led by Bruce Weber, helped put the city on the map for the fashion set. The latest chapter in this tale of two cities sees Miami as magnet for a new Manhattan-amid the palm-trees crowd, who come with less fanfare than Sinatra, but with a lot more money – New York billionaires and centa-millionaires, like Goldman Sachs CEO Lloyd Blankfein or Leon Black, cofounder of private equity firm Apollo Global Management (estimated net work $5.1 billion), who are not only scooping up trophy properties in the Magic City, but also hanging around to enjoy the fun.
NFL Hall of Famer Dan Marino scooped up a unit at Fort Lauderdale’s most expensive condominium development, Auberge Beach Residences & Spa. The former Miami Dolphins quarterback and his wife, Claire, are the first celebrities to purchase at Auberge. The price was not disclosed, and no deed has been recorded. Their new home will be part of a two-tower waterfront development charging the highest price per square foot for Fort Lauderdale condos.
Auberge Beach Residences and Spa to bring world-class beachfront luxury to Fort Lauderdale. The Related Group and Fortune International Group have partnered with The Fairwinds Group to develop Auberge Beach Residences and Spa, a 171-unit beachfront condominium on 4.6 acres at 2200 N. Atlantic Blvd. in Fort Lauderdale, the former site of Ireland’s Inn Beach Resort. The two-building project, with units ranging from 1,500 to 5,000 square feet and priced from $1.5 to $9 million, will be managed by luxury hotel operator Auberge Resorts Collection and feature a world-class spa, restaurant, indoor-outdoor lounge, swimming pools and gardens.
Fort Lauderdale, Fla., a city once popular with spring-break revelers, is in the midst of a comeback. This time it is attracting investors willing to pay hefty sums to acquire or develop commercial real estate or land for new residential development. The city has long been viewed as a stepsister to its flashier neighbor 30 miles to the south, Miami. But as Miami’s construction boom has shifted into overdrive, investment dollars are spilling over into nearby cities, including Fort Lauderdale.
For at least a few years now, many of us have wondered what was going to become of the old Ireland’s Inn site on Fort Lauderdale Beach. But one couple here in Harbor Beach, Andy and Kathy Mitchell, with roots to the iconic site, have actually known for a while now what was going to happen with it…and recently announced exciting plans for the site to become the new Auberge Beach Residences and Spa, a one-of-a-kind luxury residential development to be built on the oceanfront site on Fort Lauderdale Beach.
Jorge Pérez is making good on his proclamation in SFBW's first cover story that he was ready to launch sales at the former Ireland’s Inn property in Fort Lauderdale.Auberge Resorts Collections, known for properties such as Calistoga Ranch in Napa Valley and Hotel Jerome in Aspen, will manage a new 171-unit beachfront condominium property on the Ireland’s site for Pérez’s Related Group, Fortune International and Fairwinds LLC. The project is expected to break ground in 2015 and open in 2017.
Resort living is coming soon to Fort Lauderdale by way of the Ireland's Inn property. Ask a seasoned Fort Lauderdalian about the Ireland’s Inn Beach Resort, and they’ll relay snippets of its history, personal memories even. Built in 1965, the property is a family heirloom. In 2004 it was acquisitioned by the Fairwinds Group, founded by Andy Mitchell and his wife Kathy Ireland Mitchell, whose family owned and operated Ireland’s Inn for decades before.
You can call it a comeback. Over the past several years, the Miami real estate market has gone from serious lows (thousands of unsold condos, for example) to serious highs (the in-contract rooftop penthouse of the Faena House that will reportedly sell for a record $60 million).The new development side is also exciting; in Greater Downtown Miami alone, nearly 18,000 units across 70 towers have been proposed since 2011, according to CraneSpotters. Here’s what else is happening.