PORTFOLIO Miami is undergoing a big bounce-back from the O N THE 2008 property crash. This time, developers are thinking on a grander scale, aiming to create a truly cosmopolitan city beyond beach chic and bling. WATERFRONT STORY SOPHIE KALKREUTH 70 THE PEAK THE PEAK 71 PORTFOLIO • PROPERTY riving along US Route about 100 new condo towers under 1 in the early evening, construction, many of them luxury Miami’s skyline rises towers with units priced upwards of above the flat land, its US$30 million. concrete and steel- The most coveted area among Dwrapped towers lit by the orange well-heeled buyers continues to be glow of a tropical sunset. To the Miami Beach, the slender barrier east, a stretch of powder white sand island between Biscayne Bay and meets a long sweep of the turquoise the Atlantic. Last year, a Miami sea, and to the west, the fading light Beach apartment sold for US$34 leads to the Everglades swamp. million. The record-breaking sale In Miami Beach, neon signs glow was for two triplex penthouses against the pastel facades of Art totalling 16,271 square feet across Deco buildings and Ferraris hum three levels at The Residences along Ocean Drive where tourists at Miami Beach Edition, a new gather for evening revelry in beach John Pawson-designed hotel- couture and flip-flops. condominium project. A US$60 This is a city of juxtapositions. million duplex penthouse is also It is a pre-eminent beach reportedly under contract at Faena resort that pulses with cultural House on Miami Beach, though dynamism thanks to an influx the sale has not yet closed. As part of Cuban and Latin American of the same project, developer immigrants and a thriving Alan Faena is also building Faena financial centre, the site of Versailles Contemporary with regional headquarters for many prices ranging from US$3 million companies serving South America. to US$50 million. The city is also emerging as a hub “All of South Florida is Artist renderings for art and design. Miami hosts experiencing a boom but, in of the Paramount Art Basel and Design Miami each Miami particular, Miami Beach is in a Worldcenter, December and, in recent years, league of its own,” says Ophir a new residential its skyline has been reshaped by Sternberg, founding partner complex development due a slew of “starchitects”, including of Lionheart Capital. “It’s very for completion by Zaha Hadid and Norman Foster, hard to get projects approved 2018, offers 470 residences with whose cutting-edge designs cater and so whatever gets approved 1m sq. ft. of retail to an increasingly global clientele. or built maintains its value.” The space. Miami is also moving up last building boom saw many on the list of places that attract projects built on speculation with deep-pocketed foreign investors. low deposits but, in this cycle, oversized stone countertops and deck with city views and 24-hour buyers purchasing across the US, In 2014, the city was ranked the Sternberg says, lenders have been Gaggenau appliances. “It’s very concierge. At the time of writing, according to the 2014 Survey of seventh most important city to more selective. modern Italian design but with a 60 per cent of the units had sold, International Home Purchases high-net-worth individuals with Sternberg'scompany is very warm tropical feel because with prices ranging from US$2 conducted by the National more than US$30 million in building The Ritz-Carlton of the materials he chose,” says million to US$40 million. Association of Realtors. But 2015 assets. (Back in 2009, it ranked Residences Miami Beach, a Sternberg. “It’s perfect for Miami.” So far this year, a strong US sales have fallen short of previous 29th, according to the annual waterfront development on seven Units will also be wired for dollar and currency devaluations year levels. In Miami Beach, cash global Wealth Report, a study acres facing a lagoon. The property smart-home technology and in Brazil, Argentina and Russia buyers previously accounted for published by Knight Frank). will feature gardens, running many will include private elevator have dampened sales in Miami. about 75 per cent of all purchases, When the financial crisis hit in trails, pools, entertainment spaces foyers, sprawling terraces, The city usually has more but that number fell to 68.9 per 2008, Miami’s condo market was and 36 private boat dockages summer kitchens and private than double the US average of cent in Q2 2015. so affected that new construction for 111 condominium residences plunge pools. In addition to on- residential cash buyers, reflecting However, Sternberg says sales came to a virtual standstill. But if the and 15 single-family villas. The site boat dockage, a captained its position as a pre-eminent at The Ritz-Carlton Residences decline was remarkable, the rebound two- to five-bedroom homes VanDutch private day yacht will American market for overseas Miami Beach have been holding has been just as striking. The latest range in size from 1,700 to over be available for Intracoastal and investors. About 81 per cent of steady. “There have been less building boom, fuelled largely by 11,000 square feet and feature beach access and buyers will also international buyers in South buyers from Brazil, Argentina and foreign buyers, has brought prices to interiors by Italian architect Piero enjoy a range of on site amenities Florida pay all cash, compared Venezuela, but replacing them an all-time high. Currently there are Lissoni that include Boffi kitchens, like spa facilities, a gym, a pool to 60 per cent of international are a lot of US-based buyers and 72 THE PEAK THE PEAK 73 PORTFOLIO • PROPERTY “ALL OF SOUTH FLORIDA IS EXPERIENCING A BOOM BUT, IN PARTICULAR, MIAMI BEACH IS IN A LEAGUE OF ITS OWN” — Ophir Sternberg, Lionheart Capital Developers are also looking Spa and the Four Seasons Fort further north to Fort Lauderdale Lauderdale. Designed by architect as the next destination for upscale the late Michael Graves to emulate residential development. Located the decadence of a 1920s ocean 36 kilometres north of Miami, Fort cruise liner, the Conrad features Lauderdale has long been known 109 condominiums and beachfront as a premier yachting destination, villas with interiors clad in Italian attracting visitors from around the porcelain wood with leather world to its nearly 500 kilometres of accents. Residents here will have Canadian buyers so the market China, including several buyers ABOVE AND RIGHT waterways. The city shares the same access to a full-service, Conrad- The Ritz-Carlton has kind of evened out.” from Beijing. Residences Miami coastline as Miami, but draws a branded spa, a poolside restaurant Miami developers are also With limited beachfront land Beach is a private different type of buyer, says Andreas and lounge and preferred rates at property with 111 courting Chinese buyers who are left in Miami Beach, development is condominium Ioannou, a partner at Orchestra two marinas that are within easy a relatively new but growing force moving north along the coast. In Bal homes and 15 Hotels + Resorts. “Miami is a very walking or driving distance. in the market. Chinese nationals Harbour, located on the northern single-family villas. big brand. Fort Lauderdale is more But South Florida is not It offers on-site made up just two per cent of tip of Miami Beach, new luxury boat dockage serene and peaceful. And pricing on only about vacation homes. international buyers in South offerings include The Residences at and a captained the beach is less than half of what In downtown Miami, new VanDutch private Florida in 2014, according to a The St. Regis Bal Harbour Resort day yacht to you pay on Miami Beach.” condominium projects are report by the National Association and Oceana Bal Harbour. The latter provide ntracoastal His company is currently offering an increasingly attractive and beach access. of Realtors, but that number has is another building with Piero building The Ocean Resort urban lifestyle for those who doubled since 2012 and developers Lissoni-designed interiors, where OPPOSITE Residences at Conrad, a beachfront live and work in the city. Brickell are confident the numbers will prices range from US$3 million The Ocean Resort Residences property where prices start at over City Centre, one of the most increase. Sternberg flew in feng to US$30 million. Further north, at Conrad is US$400,000 and range up to over ambitious new developments, shui master Patrick Wong from Sunny Isles Beach has transformed a beachfront US$2 million for the penthouse. aims to revitalise a section of the property in Fort Hong Kong to advise on The Ritz- from a sleepy beach town to posh Lauderdale, which The property is part of new wave downtown core by importing a Carlton Residences Miami Beach. residential area, with condo towers emulates the of luxury development in Fort Hong Kong-style urbanism. decadence of a The project has sold a number of such as the Porsche Tower and the 1920s ocean cruise Lauderdale that includes the Developed by Swire Properties units to buyers from mainland Jade Signature Residences. liner. Auberge Resort Residences and and designed by Miami firm 74 THE PEAK THE PEAK 75 PORTFOLIO • PROPERTY “ WE ARE AN INTERNATIONAL DEVELOPER THAT BUILDS ON EQUITY. WE DON’T NEED TO BORROW TO BUILD. WE DON’T NEED TO USE DEPOSITS. AND WE DEVELOP FOR THE LONG TERM” — Stephen Owens, Swire Properties Arquitectonica, the project will citizens of Hong Kong, Shanghai or span four city blocks of office, Bangkok, but the formula is largely residential, retail and hotel untried in US cities.