Friday, September 8, 2017

Aston Martin Guns for Piece of Miami's Luxury Condo Market

Aston Martin is the latest luxury brand to gun for a piece of South Florida’s condo market. The British car maker — known for giving James Bond his wheels since Goldfinger — announced that it will partner with wealthy Argentine developers on a 66-story condo tower called the Aston Martin Residences at the mouth of the Miami River in downtown Miami.

The 817-foot luxury tower will include a spa and pool deck on levels 53 through 55, units with private elevators, 561 indoor parking spaces and a lighthouse on the top floor. Prices will range from $2,000,000 to $8,500,000 for conventional units; with penthouses priced up to $50,000,000.

A team from Aston Martin will design the building’s common areas and amenities, including lobbies, fitness centers and spa.

The company wants to make its mark “in all the cities where it’s important to be, and Miami is one of those,” said Katia Bassi, a vice president at Aston Martin.

Argentina’s Coto family, which paid a record $125 million two years ago for the vacant waterfront land next to the Epic Hotel, says it has enough horsepower to get the 391-unit project going.

Three factors will work in the tower’s favor, developer German Coto said at a press conference:
•    A brand name with global appeal.
•    A coveted location where the Miami River meets Biscayne Bay.
•    The Coto Family, with pockets so deep they can afford to build the high rise without a loan.

“We plan to give buyers a unique experience,” Coto said. “That’s why we thought about Aston Martin, because we’re talking about luxury, we’re talking about authenticity.”

Renderings show a soaring, sail-shaped structure, necessitated by the long and narrow site on the Miami River’s north bank.

Pricing hasn’t been set but will be competitive with the most expensive downtown condos - that means at least $1,000 per square foot.

Click to enlarge
The Argentine developer plans to break ground this summer, with a completion date for the massive tower set in 2021, when the financial climate is expected to have improved.

The Aston Martin’s brand, as well as a prime location, will help the project stand out in a crowded market.

The Miami River, once an industrial waterway popular with drug runners, is now teeming with development. New condo and restaurant projects are going up on both banks. Developers eager for waterfront land have been snatching up properties.

The Coto family, one of Argentina’s wealthiest, owes its fortune to a national chain of supermarkets in Argentina. Coto Supermercado says it has annual sales of over $5 billion and employs 25,000 workers. It is also developing mixed-use residential and commercial projects around new supermarkets.

-    Developers are building Porsche Design Tower and Residences by Armani/Casa in Sunny Isles Beach.
-    Another team is developing Fendi Chateau Residences in Surfside.
-    Doronin has enlisted the Italian fashion house of Missoni for his Edgewater tower.
-    Two projects branded by Ritz-Carlton are also underway.

When built, the Aston Martin project will also connect a gap in Miami’s Riverwalk. The vacant site hasn’t been linked up to the city’s growing public walking trail. As part of an agreement with the Miami River Commission, which unanimously approved the project in April, the developers will build the riverwalk at 24 feet wide.

“It’s a grand building, the kind you’ll see on postcards,” said Horacio Stuart Aguirre, the river commission’s chairman. “And it does not detract from the enjoyment of the waterfront by regular people.”

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