Kygo-Backed Palm Tree Crew Debuts Miami Condo Tower
Key Takeaways
- •PMG launches 37-story Palm Tree Residences with 483 units priced $500,000-$1.8 million.
- •Palm Tree Crew marks DJ Kygo's entertainment brand's first residential project.
- •PMG recently secured $126 million financing for separate Wynwood development project.
A joint venture led by PMG has launched construction plans for Palm Tree Residences Miami, marking the entertainment brand's first foray into residential real estate. The 37-story tower will feature 483 fully furnished condominium units at 31 Northwest 10th Street.
Palm Tree Crew, the music festival company founded by Norwegian DJ Kygo and manager Myles Shear, will lend its brand to the development. The project represents a collaboration between PMG, Lion Development Group, Eden Residential, and Sterling Equities.
Unit pricing ranges from $500,000 for studios to $1.8 million for three-bedroom residences. The tower's design by Kobi Karp Architecture & Interior Design includes amenities such as a pool, fitness center, padel court, spa facilities, golf simulator, and juice bar. Palm Tree Crew will operate a dining and nightlife venue on the ground floor.
PMG Residential, headed by Ryan Shear, Dan Kaplan, and Kevin Maloney, is managing sales and marketing for the project. The development allows short-term rentals, aligning with a growing trend among Miami developers targeting investor buyers.
This launch continues PMG's aggressive development schedule. The company recently secured $126 million in construction financing with partner Lndmrk Development for another short-term rental project in Wynwood. PMG also launched sales for the second phase of a Brickell development and began marketing its planned Delano Residences Miami supertall.
Lion Development, led by Michael Simkins, previously partnered with Terra on the Jean-Georges Miami Tropic Residences project in 2024. Eden Residential operates under Jay Massirman and Jay Jacobson, while Sterling Equities represents the Katz and Wilpon families, former majority owners of the New York Mets until their 2020 sale to Steve Cohen.
Miami's short-term rental condo market has attracted significant investment recently. Forth Development and MICL obtained $17 million in March for their 51-unit Botanic Residences project. Wave Group Development, Vitrium Capital, and Zambala Luxury Apartments launched sales for the 49-unit Duos Wynwood in April, both catering to the same investor-focused market segment.
