(To read more on the multifamily market, click here.)
MIAMI-New York City-based Somerset Partners has joined FisherIsland Holdings LLC as an equity partner in Palazzo Del Sol,committing approximately $300 million. Fisher Island Holdings isthe developer of the 47-unit, ultra-luxury project on FisherIsland.
Palazzo Del Sol will consist of 47 condominiums, ranging from3,700 sf to 25,000 sf. Features of the project include a lagoonpool with cabanas, fountains at the entryway, a waterfall betweenthe buildings, valet parking and deluxe concierge services. KeithRubenstein, principal of Somerset Partners, tells GlobeSt.com thatPalazzo Del Sol will break ground within the next week andconstruction is expected to take 30 months. He did not reveal atotal development cost.
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