Real Estate Industry News

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 percent 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).

Miami sales saw a peak several years ago, but after a few years of a slowdown in 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 MarketReport, prepared by appraisal firm MillerSamuel, condos in the upper 20 percent of median sales prices were the only quintile to see an increase during the first quarter of this year.

Here’s a photo of the Aston Martin Vulcan that conveys with the sale. It is made from carbon fiber, with carbon ceramic brakes and a 6-speed sequential transmission. The original design debuted at the 2015 Geneva Motor Show.

Designers for the building plan to borrow from their namesake car brand as inspiration. The reception desks are also going to made from carbon fiber, doors will have Aston Martin handles and leather door tabs, while the residences will have number plate plinths. The buyer of the triplex penthouse can also have personal design consultations with Aston Martin’s Chief Creative Officer, Marek Reichman, to customize the final touches on the condo.

The amenities for the rest of the building include an optional personal butler service, fitness center, art gallery, spa and barber station, chef’s kitchen, kids rooms, two cinemas, infinity pool, Sky Lounge and direct access to the Bay via the marina. Pictured below is one of the indoor pools.

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.