This week the first residential building project for luxury car manufacturer Aston Martin saw the initial few hundred drum loads of cement being poured for its 66-story building in downtown Miami.
In partnership with G & G Business Developments, Argentina’s largest global property developer run by supermarket magnate German Coto, the building will bring 391 condos to Biscayne Boulevard, nearly 50% of which have already sold.
According to reps for the project, it is the tallest residential development south of New York City, which necessitates it having the largest concrete foundation pour to date for Miami.
One of the main features of the development will be its superyacht marina, the only deepwater yacht marina in downtown Miami. The unique ‘windsail’ design of the building allows for the upper floors to be devoted to seven different penthouses, all of which have their own private pool. One of them, the nearly-20,000 square foot triplex-level penthouse asking $50 million, comes with the last of only 24 Aston Martin Vulcans ever made, valued at around $3 million.
This $50 million unit joins the ranks of other high-end Miami penthouses, such as the $68 million condo on the 18th floor of Eighty Seven Park in North Beach and the previously listed units at Faena House that hedge funder Ken Griffin set a Miami record for when he purchased the penthouse for $60 million. (He had listed the two units for $73 million recently, but has since taken them off the market. It isn’t immediately clear if either or both of them have sold.)
“There has absolutely been a demand on Miami developers to go above and beyond and developers are aggressively reacting and have stood up to the calling,” said Jay Phillip Parker, CEO of Douglas Elliman Florida Brokerage. “Miami Beach developments such as Eighty Seven Park by Renzo Piano, the project is on its way for completion and is 90% sold. Park Grove, a Coconut Grove three-building Rem Koolhaas masterpiece, as well as Monad Terrace on Miami Beach designed by Jean Nouvel and Kobi Karp, both squarely speak to the superlative direction of the market. The success we have enjoyed at these projects are a testament to successfully responding to the demand of buyers globally looking for an elevated caliber of luxury condo living.”
Miami sales saw a peak several years ago, but after a few years of a slowdown, activity has started to climb back up. As seen in the graph below, condos have followed the same general pattern as single-family homes, but according to the latest Elliman Miami Beach MarketReport, prepared by appraisal firm MillerSamuel, condos in the upper 20% of median sales prices were the only quintile to see an increase during the first quarter of this year. For Miami mainland, the data from the report show all price trends rose for the seventh straight quarter.
The building is expected to be completed in 2022. Current units start at $750,000 up to $50 million for the penthouse. For more info head to Aston Martin Residences Miami information page.