Miami has long been known as a prime market for luxury real estate. Despite the most recent turmoil in the city’s luxury market, the general trend is an increase in Miami real estate valuations. This is by in large due to the market’s adapatation to a new wave of buyers. Two new additions to the skyline are set to make their appearance in the coming years. Here’s a look at them.
The Aston Martin Residences
Aston Martin designs cars and yachts, did you know that they are also in the architecture game?
In 2014, the Coto family of Argentina purchased a small site of land off of the Miami River. At the time and still to this day, the land is regarded as the highest price per sq. ft. of undeveloped land in South Florida. Now on that land a new luxury property is set to be built; one that will join the ranks of Porsche, Armani, Fendi, and Missoni-backed properties in the city; one that will be built in partnership with Aston Martin.
You might know of Aston Martin as the producer of James Bond’s cars in every Bond movie since Goldfinger or maybe you already own one yourself? In partnership with Coto, Aston Martin will be building the Aston Martin Residences—a 66-story condo tower replete with fitness centers, multiple lobbies, and a spa. It’s part of the companies initiative to be present “in all of the cities where it’s important to be,” says Katia Bassi, vice president of the company.
The Coto family, the Argentinian backer of the project is banking on three things working in the developments favor: brand appeal, an excellent location right on the Miami River and Biscayne Bay, and the ability of the Coto family to finance the project without a construction loan.
Although pricing is yet to be determined, buyers should expect roughly $1,000 per sq. ft., in line with Miami’s most competitive luxury real estate properties. Sales are set to start in March of 2016 and construction is to commence shortly thereafter, with a completion date set for 2021. The hope is that by that time, the luxury climate will again return to a setting that is favorable for investors.
Where other big local developers like the Related Group and Alan Frena have opted to delay luxury development amidst the untoward state of the market, the Cotos and Aston Martin are braving forward with what may very well be a new staple to the Miami skyline. And it looks like they won’t be the only new addition.
Little more than a year ago, an expanse of abandoned warehouses dotted Miami’s Northside. Recently, the foundation was poured for Paramount Miami Worldcenter, one of several large structures that will make up America’s second-biggest urban development. The Paramount Miami Worldcenter will clock in at $500 million, 700 ft. tall, and will host 60 floors of residential real estate. Alongside the Paramount will be an expanding array of residential, dining, entertainment, hotel, convention center, and transportation structures—all of which will be contained within a six-block retail and residential promenade. Additionally, the center will serve as the epicenter of the MetroMover and MetroRail elevated transit systems.
The Paramount Miami Worldcenter will offer 512 units with 10-foot ceilings and outdoor “living room-style” terraces. Penthouses start at $4 million and one-room residences start at $700,000.
Art Falcone and Nitin Motwani are the Founding and Managing Principals of the project, respectively. They will be partner with The Forbes Company and Taubman for retail development, MDM Group for Convention Development, and Elkus Manfredi Architects for Master Planning. This impressive entourage aims to make something that will truly revolutionize what it means to be in downtown Miami.
One feature that will set the Paramount Miami Worldcenter apart is its private amenity deck—planned to be the largest in the world—that will be located 90 ft. above street level. On the deck, residents will be able to access pools, bungalows, tennis courts, soccer fields, and more. Then, on the 60th floor, residents can visit an astronomy observatory and a plunge pool from which they can take in panoramic views of the Miami and its environs. This level of verticality, of capitalizing on the sky will be a huge game-changer in Miami real estate and luxury real estate as a whole.
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