Flagler Mounts Final Push on Condo Hotel

COCONUT GROVE, FL-Flagler Holding Group Inc. is getting serious in a final push to close out sales of the 224 units in Mutiny on the Park, a 21-story condominium hotel scheduled to open in the early spring. The Miami-based commercial real estate developer is raising the ante, offering brokers a premium on the standard 5% brokerage fee, Richard Flores, Mutiny Park marketing manager, confirms in an interview with GlobeSt.com.

“We are down to about 20% inventory,” Flores says. “We still have 37 units available out of the 224. We anticipate going into the next (tourism) season with optimism of selling out.”

Although Flores didn’t talk about specifics, industry sources tell GlobeSt.com the premium ranges from 1% to 2% above the standard fee. Instead of tying the incentives to the closing, sources also say Flagler Holding is offering to fast track broker payments.