MIAM February 2014 : Page 138
Up, Up & A w Ay ! From Sunny ISleS Beach to coconut Grove, mIamI luxury real eState Sector haS oFFIcIally Bounced Back From the doldrumS. here’S what’S SellInG, who’S BuIldInG and what’S next In the moSt deSIred realty market In amerIca. by Drew Limsky | Portraits by Nick Garcia & Michael Pisarri go figure view to a thrill Faena House is but one of the components of the Faena District Miami Beach. $ billion Numbers don’t lie. The combined revenue generated by the real estate sectors of Miami-Dade, Broward and palm Beach counties in 2012 increased by 8.4 percent over the previous year, and real estate has been the No. 1 contributor to economic growth in South Florida for the past few years. Happy days are here again, indeed. 52 Faena Fabulous! When you’re in Buenos Aires, no one wants to talk about any hotel other than the Faena. For style, showmanship, theatrics (and the color red), the hotel bests all comers. Developed by Alan Faena and partner Len Blavatnik, the Philippe Starck-designed property helped put the previously overlooked Puerto Madero district on the map, and now the hotel anchors a complex that includes apartments designed by Starck as well as the Faena Arts Center. The next logical step in the Faena Group’s global expansion: Miami. In late 2014, Faena Group will launch the Faena District Miami Beach , a development spanning five city blocks from beach to bay, comprising more than 1 million square feet. The first phase of the District scheduled for completion is Faena House, a residential tower designed by Foster + Partners where units have been selling for more than $3,000 per square foot since hitting the market in late 2013. faena.com/en/miami/faena-district realty talk “Those who haven’t been to Brickell lately might not recognize it the next time they come. The area is thriving with popular restaurants, bars, shops and hotels. Young professionals flood the streets day and night. Families with children are increasingly moving in. A 24/7 neighborhood is coming to life. This is where people who come to Miami from around the world want to be.” –Diego oJeDa, ViCe PreSiDeNt, rilea grouP 138 Mia Mi February 2014
Real Estate Up, Up & Away!
From Sunny IsleS Beach to coconut Grove, mIamI luxury real eState Sector haS oFFIcIally Bounced Back From the doldrumS. Here'S what'S SellInG, who'S BuIldInG and what'S next In the moSt deSIred realty market In amerIca.
Numbers don't lie. The combined revenue generated by the real estate sectors of Miami- Dade, Broward and palm Beach counties in 2012 increased by 8.4 percent over the previous year, and real estate has been the No. 1 contributor to economic growth in South Florida for the past few years. Happy days are here again, indeed.
When you're in Buenos Aires, no one wants to talk about any hotel other than the Faena. For style, showmanship, theatrics (and the color red), the hotel bests all comers. Developed by Alan Faena and partner Len Blavatnik, the Philippe Starck-designed property helped put the previously overlooked Puerto Madero district on the map, and now the hotel anchors a complex that includes apartments designed by Starck as well as the Faena Arts Center. The next logical step in the Faena Group's global expansion: Miami. In late 2014, Faena Group will launch the Faena District Miami Beach, a development spanning five city blocks from beach to bay, comprising more than 1 million square feet. The first phase of the District scheduled for completion is Faena House, a residential tower designed by Foster + Partners where units have been selling for more than $3,000 per square foot since hitting the market in late 2013. Faena.com/en/miami/faena-district
"Those who haven't been to Brickell lately might not recognize it the next time they come. The area is thriving with popular restaurants, bars, shops and hotels. Young professionals flood the streets day and night. Families with children are increasingly moving in. A 24/7 neighborhood is coming to life. This is where people who come to Miami from around the world want to be." -Diego Ojeda, Vice President, Rilea Group
One To Know
The year 2000 was an auspicious time for David Martin and his father Pedro to co-found Terra Group. The 9/11 attacks a year later are still something that the younger Martin brings up when he describes his projects; he speaks of a "cleansing mentality" that happened as a result of that horrible day, and when he talks of development, he does so in a personal way, as a humanist. When he says that people don't want to have more, but, rather, want to be more, he comes ready with examples.
Case in point: the Grove at Grand Bay, slated for completion in the first quarter of 2015. From a team that includes starchitect Bjarke Ingels and landscape visionary Raymond Jungles, Martin speaks of the project as "a home in the sky" that represents commitment rather than transience. "Coconut Grove is the best neighborhood in South Florida, with the best schools, the best parks, and an active intellectual and creative community," he says. "This is a user market. People move here and live here for a long period of time." Instead of creating hundreds of units on the 3-acre lot, Terra is keeping the project low-density, with 12-and-a-half-foot ceilings, 12-foot-deep balconies and two 4,000- to 5,000-square-foot residences per floor.
The hotly anticipated GLASS, going up in South Beach's South of Fifth neighborhood, is another example of low-density living, with only 10 floors and one unit per floor. As the first residential building designed by architect Rene Gonzalez, it is also the last tower that will be erected in SoFi, due to zoning restrictions. Buyers at GLASS have the option to work directly with Gonzalez on their residences-"The other developers thought I was crazy, but that's what you can do in a low-density project," says Martin. And even though he doesn't anticipate that these owners will spend the whole year in GLASS, he circles back to the community aspect: "There are very few parts of Miami Beach where you feel like you can live in a neighborhood, but you can in South of Fifth."
"You can't speak about Miami generally," Martin adds. "You have to speak about each individual neighborhood." And, to hear him tell it, every corner of the city is primed to offer new residents an ever-richer lifestyle. "Miami is the city of the future, and one reason I'm so bullish about the Miami of tomorrow is that we're underserved from a retail standpoint, which is amazing," he adds. "New entertainment and shopping experiences are now going to be created that will enhance the reasons why you want to live in this city."
Back when he was a postgrad, Buenos Aires-born, Cordobaeducated Edgardo Defortuna was supposed to be in Miami for three months to perfect his English. "They're still waiting for me to come back," he says. Instead of returning to Argentina, Defortuna has built one of South Florida's most important developments and real estate empires: Fortune International Realty. Widely credited with leading the gentrification of Midtown, Fortune also put its inimitable stamp on Sunny Isles Beach with its Jade towers, and now Defortuna is placing his bets on Downtown, with NINE at Mary Brickell Village.
"Downtown has been in middle of a transformation for the last four years and it's attracting a young crowd," he explains. "NINE at Mary Brickell Village, in less than four months, is more than 50 percent sold. And we're marketing a new project for Related called Brickell Heights that will have an unbelievable Equinox facility. Brickell is finally becoming the 'Manhattan of the South' that The Miami Herald said was coming 20 years ago."
For Jade Signature, certainly Fortune's most high-profile project, the firm has collaborated with a peerless team: architects Herzog and de Meuron, interior designer Pierre-Yves Rochon and landscape designer Raymond Jungles. One coup in particular, the hiring of Rochon-the hotel designer responsible for the iconic Four Seasons Hotel George V Paris-was meant to send a signal: that the tower would draw from the best of hospitality design. "My wife and I like him very much, so much so that we hired him to do the interiors of our own home," says Defortuna. "To interview designers for Jade Signature we traveled to Milan, New York and all over the world, but we thought, 'Why not give our buyers the same lifestyle that we experience?'"
When asked to describe demographic trends among Miami real estate buyers in such a hot luxury market, Defortuna's response is swift: "In one word: the world. The quality buyer who would vacation in Miami but owns in New York now wants to own in Miami. They all want to own in Miami."
In miami, art and real estate have always gone together. That's why developer eduardo costantini forked over some significant cash for two Jeff koons sculptures that will be unveiled at Oceana Bal Harbour when it opens in 2016. Costantini is a serious collector, having founded the malba, one of buenos aires' foremost museums. Look for pieces from costantini's personal collection in oceana's newly launched sales center. Oceanaresidences.com
Few architects enjoy the of-the-moment currency of Zaha Hadid, the first woman to win the Pritzker Prize-and fewer than 100 lucky owners will be able to call Hadid's One Thousand Museum (1000museum. Com) home. The sinuous Biscayne Boulevard tower, with its arresting exoskeleton design, is already one of the most talked-about residential buildings in the world. Herzog & de Meuron, with Jacques Herzog and Pierre de Meuron at the helm, is revered surpassingly. Based in Basel, Switzerland, they designed the stadium for the Beijing Olympics, debuted the Pérez Art Museum Miami during Art Basel, and are leading the creative team behind Jade Signature (jadesignature.com), the spiral-columned residential tower in Sunny Isles Beach. Lionheart Capital snagged Milanese-educated Piero Lissoni, widely known for his inventive furniture showcased at Kartell and others, to transform a former hospital in Lake Surprise into The Residences at Ritz-Carlton (theresidencesmiamibeach. Com). After garnering much attention for international endeavors such as Jerusalem's Mamilla Hotel, Lissoni has chosen the South Florida project to mark his first architectural undertaking in the United States.
Meant to entice buyers who love their vehicles as much as their homes, the Porsche Design Tower (with 132 residences ranging in size from 4,800 to 17,000 square feet and priced from $4.8 million to $32.5 million) offers a slew of amenities, but it's the sky garages that are garnering the most attention. That's because they are located right beside the residences and come with their very own car concierge. It seems the future is here. Porsche-design.com/towermiami/
That's the total square footage, under air mind you, of the uber-unique, ultraluxe Regalia Beach House. (if that feels a little tight, there's also 6,300 square feet of outdoor living space.) The sevenbedroom, nine-and-a-half bath, $25 million residence within the tower sprawls over two stories, and features furnishings by the arthur collection, Flexform, Hudson, christian liaigre, roda, paola lenti and royal botania. Regaliamiami.com
It's All Related
One of the most prolific and active development firms in South Florida, Th e Related Group's portfolio includes some of the most coveted addresses in Miami, but the company is not one to rest on its laurels, recently announcing a diversity of developments all over South Florida. Closest to Miami's urban center is Brickell Heights, the 690-unit condominium tower at 850 S. Miami Ave. That has partnered with the exclusive Equinox Fitness Clubs to deliver a three-story sports facility. "We are bringing Equinox to Brickell because the club is an integral part of our vision for sophisticated urban living," says Related's CEO and founder Jorge Pérez. "Equinox is the perfect amenity partner to our luxury properties." Meanwhile, Related is also partnering with sbe to launch the Hyde Hotels, Resorts & Residences brand, debuting flagships in Midtown Miami and Hollywood Beach. To create the Midtown location's 60 hotel rooms and 410 condo units, Related convened an A-team of talent: the Dezer Group (codevelopers), Arquitectonica (architecture) and David Rockwell (interiors). The Hollywood Beach property, set in a 40-story beachfront tower (40 residences, 367 condo hotel units), enlisted the Hialeah-based architectural firm Cohen, Freedman, Encinosa and Associates. Relatedgroup.com
"The three things that will define the real estate market in 2014 are normalcy, luxury and, most of all, mobility. Developers are paying a premium for starchitects and art collections to make their buildings more appealing because people are moving around in ways that we didn't see three or certainly five years ago." -TODD DYER DAVIS, PRINCIPAL, BROWN DAVIS INTERIORS
Kevin Maloney goes where the action is. The head of Property Markets Group has developed residential buildings in the most desirable areas of the country. To Maloney, the "why" of Miami is self-evident: the 30 percent appreciation in real estate over the past 12 months. Of PMG's 15 projects in the works nationwide, six are in South Florida, including Echo Brickell, a 150-unit highrise on Biscayne Boulevard that is 90 percent under reservation; 95th On the Ocean, located one block from Bal Harbour Shops and nearing completion; and an as-yet-unnamed building in Sunny Isles Beach. Filling out the half-dozen PMG projects in Miami are Sage Beach, a 24-unit boutique development in Hollywood Beach; Echo Aventura, with architecture by Carlos Ott and design by Yabu Pushelberg, situated on the last waterfront parcel in Aventura; and MEI, a 22-floor tower that's an homage to Asian design located on the last oceanfront site in this area of Miami Beach. As they say, location is everything. Propertymg.com
"I believe as an agent that it is a must to concentrate on a niche market that you can serve with excellence," says Marie-Charlotte Piro, who, with her husband, William Harbour (a former New Yorker), is one of the principals of MC2 Realty. Targeting an underserved, overlooked but growing market-the French-is how Piro has turned her boutique firm into such a burgeoning success.
"I've been in this business for 15 years, but until 2009 and 2010, I was pretty much catering to the South American market," says Piro, who was born and raised near Biarritz. But as the euro became stronger, and as France became less hospitable to wealthy homeowners (more heavily taxed, more frequently audited), she began to see a stronger French buyer, "not unlike the Venezuelan buyer seven years ago." A whole class of affluent French tax exiles were expressing a desire to settle in the United States. Until last year, Piro's sales focused on second homes and investment properties; now she is working with a highly creative, entrepreneurial class who wants to live in Miami full time. "In America, people delight in success," she says, "but in France it's very different." The wave of emigration was such that Piro founded Fédération des Professionnels de L'Immobilier de Miami, a nonprofit that pairs French-speaking realtors in South Florida with French-speaking buyers from around the world. Piro says that understanding French culture as much as speaking the language has enabled her to "form long-term trust relationships."
But if her market is international, her commitment is local. "We are also very involved in the improvement and promotion of the Morningside historic district," Piro says, noting that she lives in Morningside. "I am an active board member of the Morningside Civic Association and chair of the security committee as well as a frequent contributor to the Morningside-Life Facebook page." Piro has embarked on a range of other community-enhancing initiatives. "I think that all top real estate producers should make it a point to give back to their farming areas, support new infrastructures, help the disadvantaged and support local education," she adds. "At MC2 Realty, we donate a part of our local commissions to support the Miami Children Hospital's Outpatient Center."
Piro's interest in cross-pollination even reaches into the animal kingdom: "I am also getting involved in a wonderful new project called Bees and Butterflies," she says, "where we are planning to use the rooftops of some Brickell and Downtown mid-rises as urban pollination gardens to allow bees and butterflies to migrate from the south to the north part of Miami and keep on pollinating our flowers and fruit trees."
Read the full article at http://digital.modernluxury.com/article/Real+Estate+Up%2C+Up+%26+Away%21/1615470/193089/article.html.