New Luxury Project Tests Miami Market
Is S. Fla. a vacation kingdom or the new Wall Street? Pandemic shifts are being tested as NYC’s luxury architect debuts a new building in Miami.
MIAMI – Architect Robert A.M. Stern is best known for designing buildings for the wealthiest New Yorkers. Now, Stern’s eponymous firm is putting the finishing touches on the design for a Miami Beach project that is seeking to entice those same buyers to Florida.
The project – the firm’s first oceanfront residential building – involves the reimagining of the Shore Club hotel, a late-1940s architectural landmark designed in the Miami Modern style by Albert Anis, and the Cromwell Hotel, a 1930s Art Deco building, as well as a new tower.
Prices will start at approximately $6 million and top out at about $40 million, excluding the penthouse, says Alex Witkoff, co-chief executive of developer the Witkoff Group. Sales of the units are expected to begin later this month.
Projects like the Shore Club are considered a test for whether the Miami area, known for its dramatic boom and bust cycles, has transformed itself from a vacation-home market for the international jet set into a more sustainable primary-home market that appeals to the affluent.
Miami Beach Mayor Dan Gelber believes projects like the Shore Club speak to a new era for Miami Beach and to how the beachfront area on Collins Avenue, where the project is located, has “caught fire.”
Miami Beach condo developers are betting on renewed demand for high-end projects. Other new projects include the Aman Miami Beach and the redevelopment of the historic Raleigh Hotel. Other condo projects in Miami proper will follow.
Source: Wall Street Journal (01/19/23) Clarke, Katherine
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