A developer with a strong track record in Panama and Venezuela is making its first foray into the U.S. with a boutique waterfront condo project in Fort Lauderdale.
Grupo Alco is constructing Adagio on the Bay, a 12-unit project at 1100 Seminole Drive, the Sun-Sentinel reported. Unit prices range from $1.5 million to $1.7 million. Four of the condos are under contract.
All 12 units are about 3,000 square feet. Project amenities include floor-to-ceiling windows, wine coolers and a private marina. Adagio is expected to be ready to open by the end of 2014.
Grupo Alco has developed about 10,000 condos in Panama and Venezuela. It paid $1.8 million for the Adagio site two years ago. The firm recently opened a Fort Lauderdale office. [Sun-Sentinel] — Eric Kalis