(To read more on the multifamily market, click here.)

MIAMI-New York City-based Somerset Partners has joined Fisher Island Holdings LLC as an equity partner in Palazzo Del Sol, committing approximately $300 million. Fisher Island Holdings is the developer of the 47-unit, ultra-luxury project on Fisher Island.

Palazzo Del Sol will consist of 47 condominiums, ranging from 3,700 sf to 25,000 sf. Features of the project include a lagoon pool with cabanas, fountains at the entryway, a waterfall between the buildings, valet parking and deluxe concierge services. Keith Rubenstein, principal of Somerset Partners, tells GlobeSt.com that Palazzo Del Sol will break ground within the next week and construction is expected to take 30 months. He did not reveal a total development cost.

The high-end project is rising on the 216-acre private island, the former home of William K. Vanderbilt. Fisher Island is approximately seven minutes from Miami Beach and 10 minutes from Miami’s CBD.

“Fisher Island is a one-of-a-kind place,” Rubenstein says. “It is certainly a unique location that can’t be replicated anywhere close to its location. It is a safe environment five minutes from South Beach.”

He adds that because of the island’s barriers to entry, competing development is not a factor. “We are not normally involved in condo development, but this is a special place and we truly believe it will be the pre-eminent address in the US if not the world,” Rubenstein tells GlobeSt.com.

Fisher Island Holdings also developed the Palazzo Del Mare, another ultra-luxury condo development on Fisher Island, as GlobeSt.com previously reported. The 35-unit project broke ground in August 2005 and is now open.

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