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What’s in the name? When it comes to luxury high-rise residential real estate in Miami, the answer is over $11,000 per square foot.
That’s exactly what a 13,000-plus-square-foot penthouse in Raleigh is selling for when it hits the market for more than $150 million. The Raleigh Hotel is a renowned Art Deco hotel currently being renovated by developer Michael Shvo and will include the Rosewood Hotel and Residences.
How can you ask so many questions? Part of the reason is that it was designed by Peter Marino, a world-renowned architect and renowned father of leather.
So-called “starchitects” like Marino are behind most of Miami’s best new towers. It’s no wonder why. Like caviar on a lobster roll, these ambitious brand designers are helping developers upsell Mimi’s already most expensive apartments.
“In the Miami market, it’s a real stamp of credibility and quality,” said Douglas Elliman agent Fredrik Eklund, who is working with Shore Club, another Miami Beach property. Art Deco sign, redesigned by renowned New York firm Robert AM Stern Architects. (RAMSA) for Witkoff Group and Monroe Capital.
Homeowners who purchase units in these star architect-designed buildings “purchase a portfolio of properties that retain their value in any market.” It affects pricing significantly,” Eklund added.
For the owners of One Hundred Museum, this is certainly true. The 62-story Biscayne Boulevard tower opened a few years ago and was one of the last projects designed by the late Zaha Hadid. Apartments for resale there are selling for as much as $2,100 per square foot (one is currently asking $2,700), well above the $1,740 per square foot asking price for a penthouse in the neighboring non-starchitect Marquis Tower. Compass agent Liz Hogan confirmed that having a “well-known” architect on a project “does make a big difference”. “It’s a way to attract buyers and build confidence.”
She mentioned another ongoing RAMSA project, the St. Regis Apartments in Brickell. She noted, “Buyers didn’t ask any questions because they trusted the architect’s name. Some even bought houses without floor plans.”
So which architect has the richest name? Here are five Miami towers under construction, all designed by some of the greatest starchitects. We compared them to similar non-star architect buildings nearby to see how their top-tier units were priced.
Miami Baccarat, Brickell
name: This 75-story, 355-unit development is being developed by Related Group and GTIS Partners and designed by Arquitectonica, arguably South Florida’s most international firm thanks to its 1980s The Atlantis condominium in the early 1990s, which had a cameo in the closing credits of Miami Vice, turned its palm-tree-pierced facade into an icon. Here they worked with New York studio Meyer Davis on the interiors and Swiss-born landscape architect Enzo Enea on the gardens.
price: The nearly 6,800-square-foot duplex penthouse in Baccarat is asking $21.7 million, which works out to about $3,200 per square foot.
Contest: That’s nearly 20 percent less than the $US22.9 million that a 5,798-square-foot penthouse at the nearby 20-year-old Four Seasons Residences, designed by Handel Architects, sold for.
difference: $750 per square foot
south beach shore club
name: Another iconic Art Deco hotel getting the luxury real estate treatment, it will be relaunched by RAMSA as a 75-room Auberge hotel in the original Shore Club structure. There are also 49 private residences on the property, housed in a 1939 vintage building, as well as a 20-story tower and a new single-family beach house.
price: The developers have remained mum on pricing for the penthouse, revealing only that they are asking $6,250 per square foot for the $37.5 million, 6,000-square-foot oceanfront home.
Contest: That’s well above what the $4,179 per square foot penthouse in nearby Setai can hope to achieve. in the adjacent W, A $15.5 million penthouse sold for $5,632 per square foot.
the difference: $618 on W and $2,071 on Setai.
Brickell Ridge Apartments
name: The 50-story, 152-residence RAMSA tower designed by David Rockwell will provide residents with vistas of Biscayne Bay, the Atlantic Ocean, and the city. The Associated Group and Integra Investments turned to Stern in part because his firm has a strong track record of quality and price wins on Manhattan luxury real estate towers, notably 15 Central Park West and 220 Central Park South, where one unit sold The price is $238 million, or nearly $10,000 per square foot.
price: Nelson Stabile, co-founder and principal of Integra, believes the merger of Stern and St. Regis can bring about a 35% pricing premium. But the St. Regis’ 10,000-square-foot upper-floor penthouse is asking $45 million, or $4,500 per square foot, and the developer is offering only about 14 percent more than nearby penthouses.
Contest: The penthouse at the Four Seasons hotel mentioned above costs $3,950 per square foot.
the difference: $550 per square foot.
Peragon Hotel Miami Beach
name: For the 73-unit, 17-story tower, developers Mast Capital and Starwood Capital Group teamed up with Dutch powerhouse Rem Koolhaas’ OMA (known for its manifesto “Crazy New York” famous) in collaboration with British interior designer Tara Bernerd. Gustafson Porter + Bowman, the landscape firm redesigning the Eiffel Tower gardens ahead of this summer’s Paris Olympics, will handle the greening work.
price: The $6,500 per square foot, $37 million penthouse has nearly 6,500 square feet of outdoor living space in addition to nearly 5,700 square feet of interior space.
Contest: By comparison, other listings near Central Périgon Beach are mostly priced around $2,000 per square foot, including apartments in Fontainebleau, which are furnished. (The famous building’s unusual sale price is $3,790, but it’s more than a year old.)
difference: $4,500 per square foot.
South Beach Raleigh Hotels
Richest Name: The legendary oceanfront Art Deco hotel known for its curvaceous swimming pool in its courtyard has been redesigned by developer SHVO into a three-acre luxury enclave designed by Peter Marino. When completed, it will house a 55-room, five-villa Rosewood Hotel in two vintage buildings; a gourmet restaurant in the other; a private club on Milan’s Langosteria beach; and a 40 residences in new 17-storey tower.
price: At the top of the tower is the 13,000-plus-square-foot penthouse, which Shvo said he will sell for more than $150 million, or about $11,000 per square foot. But even an entry-level unit priced at $10 million sells for nearly $4,600 per square foot.
Contest: This penthouse is much higher than any of the top units in Setai or W mentioned above.
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