Two Miami developers are being recognized for their work in turning an unused oceanfront property into a condo and yacht club development.

The City of North Miami Beach awarded Marina Palms Yacht Club & Residences developers Neil Fairman and George Helmstetter of Plaza Equity Partners with the Key to the City on April 19 at the North Miami Beach City Commission meeting. They were recognized for transforming an abandoned marina and restaurant into the Marina Palms Yacht Club & Residences, a 468-unit, luxury waterfront condominium development. Opened in March, it is the first condominium-and-private-yacht-club development built in Miami-Dade County in more than two decades.

Not only has the project transformed an unused site, it marks the return of luxury units and amenities after a period of instability at the top of the local housing market. North Miami Beach Mayor George Vallejo said development has helped to put North Miami Beach back on the map by attracting new residents and drawing in new resources that will improve police, parks and water safety around the city.

“When Neil Fairman walked into my office in 2012, I was probably a little bit skeptical. Many people come in with so many grand ideas that never come to fruition. But four years ago, the commission said yes to this one,” Vallejo said in a statement. “What was once an isolated, commercial marina has turned into a gorgeous development that also happens to produce revenues to our city in excess of a boost of more than 25 percent of the city’s property tax base, which is outstanding.”

A success despite luxury market struggles

Being the first condo and yacht-club development in two decades will make a development stand out, but Marina Palms is still facing a market that has seen sluggish sales and increasing inventory. According to Douglas Elliman’s Q1 report, North Miami Beach saw median condo sales price decrease 7 percent while the number of closed sales dropped 31 percent year-over-year.

The trends have not hurt Marina Palms, which has just 29 of its nearly 500 units available, according to a spokeswoman. (The project got creative with its incentives, including the waiving of taxes and homeowners’ association fees for a year. Agents also saw their commissions boosted during a final sales drive, according to the Real Deal.)

The second of two residential towers opened in late March followed by a blowout party celebrating the project’s completion. Prices for the last few remaining residences start from $950,000 with penthouses starting from $1.2 million.