MIAMI—The first luxury residential marina in 20 years, Marina Palms Yacht Club & Residences is making progress. The foundation piles and seawall are complete and the overwater dock system is now under construction. The Plaza Group closed a $98 million construction loan in Nov. 2013.

“It's a momentous time in the construction of Marina Palms, as our dream is quickly becoming a reality,” says Neil Fairman, president of Plaza Group, developer of the project. “To see the marina taking shape at this historic site is truly remarkable.”

Kearns Construction Company began clearing the yacht basin in late 2014. The company pulled from the water sunken boat hulls, a 50-ton, submerged boat lift and over 100 pilings dating back to the former marina's heyday in the 1970s and '80s.

Next, Kearns dredged about 2,000 cubic yards of sand and silt from the sea floor. The new basin ranges from nine feet to 12 feet in depth that will accommodate vessels up to 100 feet in length.

The new marina will have 400 concrete pilings constructed of galvanized rebar encased in high-strength concrete and driven 35 feet into the Maul Lake seabed. The all-sheet metal pile seawall has been capped with a stout concrete bulkhead just like Kearns installed at PortMiami.

The dock system will feature two fixed docks and a floating dock down the center of the marina. The marina's 112 slips each will be wired with electricity and fiber optic cabling for voice, data, and high-speed internet serviced from dockside pedestals for each vessel. All cabling will run beneath the dock in a protective fiberglass wire chase.

“The docks, pilings and seawall are being built way beyond what is required by code,” says Brock Sullivan, COO with Kearns. “We're building a marina that will be structurally sound, technologically advanced and will become the key component of a remarkable development and a template for future marina developments.”

The marina's fuel station and high-speed dispensers will feed from two 12,000-gallon tanks providing diesel and gasoline service. The fuel station will be built on a central floating dock designed to rise and fall with the tide. The fuel station and marina sundry store will be open to the public.

Located at 172nd Street and Biscayne Boulevard just off the Intracoastal Waterway, Marina Palms Yacht Club & Residences includes two, 25-story condominium towers with a combined 468 two-, three- and four-bedroom residences and penthouse units. Luxury amenities include a butler service, infinity-edge pool and hot tub, a gym, a spa with treatment rooms, a sauna, a steam room and workout studios, a news café, club room with bar, pool table and 100-inch-plus TV, children's playroom and teen lounge. The development will have secure, gated-access with 24-7 valet service. Prices for residences start in the low $800,000s.