$259M Loan Fuels Ritz-Carlton Residences as Broward Joins South Florida’s Luxury Real Estate Race

For years, South Florida's luxury condo market has been dominated by Miami and Palm Beach, attracting wealthy buyers from across the U.S., especially the Northeast. But now, Broward County, positioned between its two high-end neighbors, is catching up in the luxury development race.

A surge of high-end condo projects is underway across Broward’s coastal towns, from Pompano Beach Hollywood, with new developments also popping up in downtown Fort Lauderdale and along the riverfront. One o the standout projects leading the charge is The Ritz-Carlton Residences in Pompano Beach, a 205-unit luxury condo development that is nearly sold out before construction has even begun. In January, Bank OZK financed the project with a $259M loan, further solidifying its status in the county’s booming luxury sector.

"I tried to get Ritz-Carlton for Solemar, and they laughed at me," said Related Group President Nick Pérez, referring to his earlier luxury Pompano Beach project that broke ground in 2021. "It just goes to show the progression of what's happened in the last four years."

The rising wave of luxury condo development in Broward County is driven by both buyer demand and economic factors. High-end units continue to attract wealthy buyers, and developers are increasingly focusing on these projects because they are among the few residential developments that remain economically viable.

At Bisnow’s Broward County State of the Market event last week, developers, lenders, and local officials discussed this luxury boom and its Real Estate Marketing. "At the end of the day, it’s all about cost," said Doron Broman, founder of Moderno Development Group. "It costs the same to build a high-end project near the beach as it does to build workforce housing on the west side. Developers in South Florida find luxury condos easier to get off the ground compared to more affordable housing projects. High-end projects typically secure a large number of buyer commitments before breaking ground, which reassures lenders and makes financing more straightforward.

“It’s a little bit easier for developers to get going with buyer deposits, and a lot of the buyers are bringing cash to the table,” said Mike MacDonald, senior vice president of West Palm Beach-based Kast Construction. “So with that high-end price, those projects are ready to go.” The demand for premium beachfront properties and luxury living continues to fuel Broward’s rise as a key player in South Florida’s luxury condo market.

With projects like The Ritz-Carlton Residences selling out before construction, it’s clear that Broward County is poised for a luxury real estate boom that rivals its neighboring markets.

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