MIAMI – Following a consensual forecloseure, iStar Residential and ST Residential are mapping out their strategy for the 47-story Paramount Bay.
The joint venture partners from New York and Chicago plan to invest millions of dollars into the 340-unit project, which overlooks Biscayne Bay and Margaret Pace Park in the downtown. They’ve also retained Fortune International for sales and marketing of residential units and Comras Co. for the restaurant and retail component of what is envisioned as an iconic addition to the Miami market.
“I believe that the vision and stability being provided by iStar Residential and ST Residential for the repositioning and relaunching of Paramount Bay are key elements to the successes of this project,” said Edgardo Defortuna, president of Miami-based Fortune
Still to come will be the addition of a high-profile interior designer, the end to a global search for quintessential partner. Paramount Bay’s amenity base will include access to a world-class beach club, private elevators, multiple swimming pools and a waterfront promenade. The upscale package also will feature a unique full-service spa and fitness concept, on-site restaurant and retail offerings.