A groundbreaking luxury condo tower in Miami Beach, featuring amenities by Ritz-Carlton, is unveiling a penthouse for $125 million.
This places it alongside New York’s most luxurious buildings. The 15-story tower, adjacent to a Ritz-Carlton hotel in South Beach, is under development.
Broker Fredrik Eklund forecasts $450 million in total sales for 30 condos, priced from $3.9 million to $125 million. They aim to finish by April 2027.
This venture represents a move to meet the growing demand from global elite buyers.
A $125 million sale would mirror transactions in Manhattan’s “Billionaire’s Row,” where sales have hit as high as $190 million and $238 million.
Miami attracts affluent buyers desiring homes in several cities, creating a “triangle” of residences, Eklund explains.
Popular combinations include Miami, New York, and the Hamptons, with interest also rising for Miami, Madrid, and Mexico City.
Eklund notes, “People aren’t leaving New York. They’re keeping their homes there and adding Miami to their portfolio.” Yet, Miami’s luxury listings are limited.
Despite some resistance from local hotels and Art Deco preservationists, the Miami Beach project was approved last October.
Transforming Lincoln Road
The development plans include a $12 million public-private investment to enhance the Lincoln Road shopping area, leading directly to the Ritz-Carlton.
In 2020, the Ritz-Carlton South Beach merged with the nearby Sagamore Hotel. This project will also update the Sagamore, incorporating it into the Ritz-Carlton South Beach.
Owned jointly by Flag Luxury Group, Lionstone Development, and the Ben-Josef Group, these properties signal Miami’s shift from a purely tourist economy.
“Now, we see many professionals from hedge funds, venture capital, and real estate living here,” says Dayssi Olarte de Kanavos.
The new building at 1671 Collins Ave. will offer a pool, Michelin-star chef dining, private elevators to apartments, and wraparound terraces.
Additionally, residents will enjoy Ritz-Carlton facilities like a spa, fitness center, and beach club.
Eklund poses the question, “Is it comparable to Central Park West and South?” He suggests, “Not yet, but it’s getting there.”