MIAMI—SMG Management is building two new condo projects in Miami Beach. Peloro Miami Beach and Palau Sunset Harbour will compete for buyers in the new wave of condo development.
SMG is no stranger to South Florida. Stanley Gold, CEO of Shamrock Holdings—the investment vehicle for the Roy E. Disney Family—and Meir Srebernik, CEO of Dankner Investments, formed SMG Management for the sole purpose of investment in South Florida real estate. The duo entered the South Florida market in 2008 with the acquisition of four properties in Miami and Miami Beach.
“The Miami Beach market has proven to be a resilient, attractive destination for local and international home buyers,” Srebernick tells GlobeSt.com. “Scarcity of land and strong demand are the fundamental of developing in this market particularly following the quick recovery of Miami following 2008 downturn.”
Peloro Miami Beach is located on the waterfront and steps from the ocean. It offers 114 luxury units. Palau Sunset Harbour is also on the water and a quick walk to the famed Lincoln Road. Palau units range in price from $500,000 to more than $2 million.
“Both our projects are located on the water in Miami Beach,” Srebernick says. “This provides home owners not only with the best Miami Beach has to offer, but also the best address to invest in from a financial perspective. Home buyers are making a better deal buying on the beach then anywhere else.”
Of course, SMG has plenty of competition in the new wave of condo development—and not just in South Beach. Downtown Miami is seeing plenty of activity, as well as neighboring beach cities in north Dade and South Broward counties.
“Our prices are competitive for the Miami Beach market,” Srebernick says. “Based upon our research we believe our developments are the best investment proposition in town.”