(Feb 20): The real estate developer building a 1,049 foot-tall Waldorf Astoria-branded condo tower in Miami is now proposing a second supertall skyscraper down the block.
Property Markets Group (PMG), the Miami-based firm which also co-developed the super-slender building at 111 W 57th St on Manhattan’s Billionaires’ Row, plans to break ground on the 985-foot tower in downtown next year and will partner with Delano, a hotel brand that includes a historic art deco hotel in Miami Beach and locations in Paris and Dubai.
“In Miami, there are a lot of planned supertall towers, but it’s a heavy lift to get them out of the ground,” said Ryan Shear, PMG’s managing partner. “We’re about to find out if building another one was a smart decision or not.”
Miami is undergoing a boom in new skyscrapers, but many of the tallest projects are still years off completion. Developers see the need to build vertically as the city, squeezed in between the Atlantic Ocean and Everglades, runs out of land.
Projects like Citadel’s office headquarters and the Dolce and Gabbana-branded condos haven’t officially broken ground yet. Turkish developer Bekir Okan has been working on a proposed 900-foot tower since 2017.
PMG’s own Waldorf Astoria project, which will be the city’s tallest building, is still under construction with about 90% of the units already sold. Currently, Miami’s tallest building is the mixed-use Panorama Tower, standing at 868 feet tall.
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With the market for luxury condos in Miami saturated, PMG is marketing their Delano Residences project to a different demographic than the Waldorf Astoria down the street.
The Delano’s 421 units will start at US$800,000 and are as small as 410 sq ft (38.1 sq m). By comparison, some of the Waldorf Astoria’s more spacious condos that haven’t yet been sold start at US$4.9 million.
The penthouse for the 90-story Delano building will be marketed at US$50 million.
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The Delano condos will target snowbirds and people looking for turnkey second homes with hotel amenities, Shear said. Ennismore, a joint venture with hotel giant Accor that manages The Delano hotel, will be responsible for the building’s amenities.
The tower will include an observation deck and a swimming pool at the 800-ft mark, as well as a “sky restaurant”. Residents who are members of the Delano Members’ Club will be able to use the facilities at Miami Beach location — which is currently undergoing a renovation.
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