PMG’s growing portfolio of X Social Communities (XSC) is making headlines across South Florida from the recent announcement of 400 Biscayne’s land acquisition in Miami and the groundbreaking of X Las Olas in Fort Lauderdale, the company says in a news release.
“The development firm is changing the way modern professionals think about living downtown in both markets,” the announcement asserts.
The PMG team, with Fort Launderdale mayor Jack Seiler, vice-mayor Bruce Roberts, and city and county officials gathered to celebrate a XSG groundbreaking milestone on Jan. 17.
PMG principal Ryan Shear, Seiler and Broward County Commissioner Barbara Sharief spoke about how X Las Olas is going to energize the way residents live, work, and socialize on the former Riverfront entertainment complex site bridging Las Olas Blvd. and Himmarshee Village. Following the onsite ceremony, guests continued the celebration across the street at Rooftop where drinks and food was served.
“With X Las Olas being our first project in Fort Lauderdale, working with the city and surrounding neighbors to launch a social hub that embodies the spirit of the area has been exciting, Shear said in a statement. “Fort Lauderdale is evolving, and we are thrilled to be creating a tech-forward, fun and convenient rental community that will invigorate and embrace the community.”
The project includes two apartment towers with 1,200 residential units. Phase one will include a 34-floor residential tower with approximately 639 studios, 1 bedrooms, and 2-4 bedroom suites, plus more than 100,000 sq. ft. of communal amenity spaces throughout the tower and rooftop. Furthermore, phase one will include 30,000 sq. ft. of ground floor retail space, featuring restaurants, markets, services, and entertainment along the waterfront on Fort Lauderdale’s New River.
XSC is a new PMG multi-family housing division. PMG says it is planning more than 5,000 units for the X Social Communities portfolio across the United States over the next five years.
Projects in the pipeline include: the 464-unit X Miami in Downtown Miami, opening in summer 2018; the 99-unit X University Village in Chicago, opening spring 2018; the 1,200 unit X Las Olas in Fort Lauderdale, opening early 2020, and the 220-unit X Union Station”in Denver, opening in 2020. Several additional projects are being planned in other major markets. More info at
In July, the development also received a $153.9 construction loan to bring to fruition the first phase of X Las Olas. Seth Kaufman, broker of ONE Sotheby’s International Realty together with his associate Nathaniel Crawford were responsible for the original introduction to Greybrook Realty Partners.