Douglas Elliman is out, and ISG World is in 3000 Waterside, Fort Lauderdale’s waterfront condominium project planned by billionaire developer Bill Malhotra.
ISG World chief executive Craig Studnicky confirmed Malhotra’s Claridge Homes had chosen ISG World to take over the sales operation Douglas Elliman launched a year ago. The planned 15-story, 103-unit condo project at 2910-3000 East Oakland Park Boulevard and 3000 Northeast 30th Place is 25 percent pre-sold, he said.
Despite tepid pre-sales, Claridge plans to break ground next month and complete in the spring of 2025, according to a release.
This is Malhotra’s first foray into the US market. His previous developments have all been in Ottawa, Canada, where Claridge Homes is headquartered, according to the company’s website. Malhotra, who founded Claridge Homes in 1986, has a net worth that Forbes estimates at $1.9 billion.
When Malhotra approached him, it was clear he wanted a new sales force, Studnicky said.
“To Douglas Elliman’s credit, they have a lot of business in South Florida. They’re probably too busy to pay attention,” Studnicky said. But, “you don’t know what’s going on behind closed doors.”
Studnicky said he was attracted to the project by its siting, Malhotra’s reputation and construction timeline, and the relatively low price of $950 per square foot.
“So we got married,” he joked. Douglas Elliman declined to comment on the sales team change.
A subsidiary of Claridge Homes bought the 2.2-acre development site last February for $12.5 million, records show.
Floor plans for the planned apartment complex include one- to three-bedroom options ranging from 1,490 square feet to 3,550 square feet, according to a news release. Prices start at $1.1 million and can go as high as $3 million, Studnicky said. Miami-based architect Kobi Karp and Coconut Creek-based Berrie Architecture & Design are designing the project, according to a press release.
Amenities will include a restaurant, wine tasting room, golf simulator, movie theater, dog-walking area and cleaning station, swimming pool, fitness center and wellness center with yoga studio, salt room, sauna and steam room, the release said. The project will also have 14 boat spaces available for purchase by unit owners.
The project is targeting Northeasterners and Californians relocating to South Florida, Latinos and empty nesters, Studnicky said. The 22-month construction turnaround made it easier for him to sell the project to relocating buyers, he said.
“Most Americans who move here can’t wait two years,” he said. “[Before Covid] If I sell someone a second home and the delivery date is extended, no big deal. “
Other ongoing projects in Fort Lauderdale include Rishi Kapoor’s planned 11-story, 65-unit Edition Residences; Ocean Land Investments’ 100-unit Sixth & Rio, which recently hired Compass to lead sales; Features Pier Sixty6, which includes 61 apartments.
