Just as the construction dust settles on Miami's slowing condominium market, a bold developer aims to shatter expectations with a sleek sail-shaped tower at the mouth of the Miami River.
What began as apricey land buyin 2014 will be transformed into a luxury-brand, high-rise tower on one of downtown Miami's last undeveloped waterfront lots.
G and G Business Developments LLC, a company led by German and Gloria Coto, who operate one of the largest supermarket chains in Argentina, has done what no developer has dared to do in recent months. The company launched a major luxury condo after high-end home sales have noticeably cooled.
The Coto family on Wednesday announced its partnership with British luxury car manufacturer Aston Martin, unveiling plans for what promises to be a one-of-a-kind structure that will change the city's waterfront landscape.
The aptly named Aston Martin Residences will rise at 300 Biscayne Blvd. Way on a sliver of riverfront land east of the Epic Hotel on the edge of Biscayne Bay. The Cotos snagged the lot, which spans just over an acre, for a record-setting $125 million. At $2,588 per square foot, the deal marked the highest dollar value for vacant land in downtown Miami.
The announcement has been years in the making: It took the family five years to find the right spot and another two to zero in on a plan.
"While we are not newcomers to the world of real estate, we are novices in the U.S. and European markets, where we are currently active," German Coto said in Spanish. The family needed the right partner to develop a genuinely unique project, and Aston Martin, James Bond's favorite ride, was an ideal choice, he said.
The 66-story tower will hold nearly 400 units. Amenities will include an infinity pool and event room on the 55th floor; a British-style lounge, micro-cinema, playroom and gym on the 54th floor; and an art gallery and area for older children on the 52nd floor.
The tower will offer one- to four-bedroom units and, for the ultra wealthy, seven penthouses and one duplex penthouse, all with private pools and spacious terraces.
Common areas will incorporate the Aston Marton theme. Company executive vice president and chief creative officer Marek Reichman said the automotive brand is venturing into real estate to meet the evolving needs of its customers, who are looking for an experience beyond luxury vehicles.
"We're seeing a demand from our customers to have more than just a car," Reichman said. "They want to understand the lifestyle that sits behind that car."
The marriage between the two has been in the works for a year.
While numerous offers were thrown at the luxury car brand, including several from Miami, it was important to choose the right partner, said Katia Bassi, who serves as vice president and managing director of the Aston Martin brand.
Other South Florida developers have partnered with luxury brands for notable residential projects like the Porsche Design Tower and Residences by Armani/Casa in Sunny Isles Beach and the Fendi Chateau Residences in Surfside.
When asked why the condo was launching now after a turn in the condo market, Bassi cited the location and the power of the Aston Martin brand.
"We don't believe that a project like this with the Aston Martin brand can be affected" by fluctuations in the market, she said.
Existing condo sales, which are competing with Miami's active new-construction market, dipped 18.3 percent in a year from 1,303 transactions to 1,064 in September, according to theMiami Association of Realtors.
Developers have said construction financing options have become more limited, especially on the condo front.
But the family has the financial standing to move forward without a loan. German Coto said pre-sales will kick in next month, and units will be priced according to the downtown market.
Units at One Thousand Museum about 14 blocks north on Biscayne Boulevard, for example, average $6 million to $7 million. Full-floor residences reach up to $20 million.
A sales center will launch next March, and groundbreaking is expected in summer 2017. Completion is set for 2021, giving the family four years to lure the wealthiest buyers.
Author:Alejandro Rieger Phone: 305-788-3961 Dated: October 28th 2016 Views: 31 About Alejandro: ...