PMG Completes Foundation Pour at Sage Intracoastal in Fort Lauderdale

• 1,400 cubic yards of concrete, 140 trucks, one 10-hour pour on May 18
• PMG's 28-story, 44-unit tower at 900 Intracoastal Drive, delivering late 2027
• GoldenTree Asset Management is behind the $115M construction loan
• PMG paid $19.15M for the site in 2024; residences now start at $2.9M

A 10-Hour Pour Locks In PMG's Intracoastal Tower

It took 140 concrete trucks and roughly 10 hours to anchor PMG's newest Fort Lauderdale tower to the waterfront. The foundation pour at Sage Intracoastal Residences ran from 8 a.m. to 6 p.m. on May 18, with crews placing 1,400 cubic yards of concrete under general contractor John Moriarty & Associates. It is the kind of milestone that doesn't make the sales brochure but tells you the project is real: the holes are dug, the rebar is set, and a 28-story building is now coming out of the ground at 900 Intracoastal Drive.

PMG, run by managing partners Ryan Shear and Dan Kaplan, broke ground here in November and is targeting completion in late 2027. The pour follows the firm's $115 million construction loan from GoldenTree Asset Management, closed late last year, the capital that turns renderings into vertical concrete.

The Numbers Behind a 44-Unit Boutique Play

Sage is deliberately small. The 28-story tower holds just 44 flow-through residences, two per floor, each running the full width of the building with east-west exposure across the Intracoastal and out to the Atlantic. The site spans about 200 linear feet of waterfront on a roughly 0.8-acre parcel, with sightlines protected by the neighboring Bonnet House Museum & Gardens, a rare guarantee against a future tower blocking the view.

Pricing starts at $2.9 million for three-bedroom-plus-den layouts of roughly 3,191 square feet, climbs to $3.8 million for four-bedrooms, and tops out above $6 million for penthouses with rooftop access north of 5,000 square feet. FSMY Architects, based in Fort Lauderdale, designed the building; San Francisco's BAMO handled interiors, down to the Italian kitchen cabinetry and 10-foot ceilings. Amenities run past 19,000 square feet, anchored by a wellness spa with steam, sauna, and cold plunge, plus a waterfront pool deck, jacuzzi, cabanas, and an indoor golf simulator.

Why the Math Works on the Waterfront

PMG bought the 1957-era co-op that stood here for $19.15 million in October 2024, then bet that 44 large units could carry a far higher basis. At a $2.9 million floor and penthouses past $6 million, the sellout math leans on the same thesis pulling developers north out of Miami: buyers who want Miami-grade finishes and waterfront without Miami-grade density. Fort Lauderdale's Intracoastal corridor has become the relief valve for that demand, and Sage is one of the boutique towers testing how high the ceiling goes.

It also fits PMG's pattern. The firm is simultaneously building E11EVEN Residences, the Waldorf Astoria, and Frida Kahlo Residences in Miami, and One Park Sarasota and a Waldorf in St. Petersburg on the Gulf side. Sage is its boutique entry, fewer units, higher price per door, with the GoldenTree relationship carrying over from prior PMG deals.

What's Next

With the foundation in, vertical construction starts the climb to 28 floors. PMG Residential is running sales out of an appointment-only gallery, with Jaime Cristancho and Laura San Jose leading. The next markers to watch: how fast the 44 units move at a $2.9 million floor, and whether the tower tops out on schedule for a late-2027 delivery.