After many months, if not years, of speculation regarding the lot on 300 Biscayne Blvd Way, Downtown Miami will soon have a new tower served with a taste of British luxury and glamour. Situated on the last waterfront lot available in that part of the city’s urban core, The Aston Martin Residences was announced today at a private event in Brickell’s Cipriani restaurant. The real estate project will be a partnership between British luxury car maker Aston Martin and G & G Business Developments, the real estate branch of the Coto family.
I had the chance to get all the details I could during the event. The atmosphere embedded in the room was lively, filled with both excitement and anticipation at the idea of Downtown being the site of a project of such iconic proportions. The main part of the event featured an exclusive panel that included G & G principal German Coto, Aston Martin Chief Creative Officer and Design Director Marek Reichman, and AM Brands Managing Director Katia Bassi as they discussed the overall concept and vision of this venture.
For both the Coto family, known as the owners of the prominent Argentinian supermarket retailer “Supermercados COTO” and Aston Martin Lagonda Ltd, headquartered in the English village of Gaydon, Warwickshire, The Aston Martin Residences serves as their first official development project in the United States. During the panel, Mr. Coto, Ms. Bassi and Mr. Reichman mentioned that an essential part of this real estate venture involved:
- Embarking onto the project with the right partner/having the right level of confidence among its partners.
- For Aston Martin to find a developer that shares the same values of honesty, transparency as well as the same aptitude and understanding of what the British brand stands for.
- Finding and choosing the right location to create a bespoke product designed with the highest level of detail.
- Provide a unique experience to luxury buyers, whose tastes and demands continue to evolve as the world continues to change. For the Coto family, Aston Martin was the “right fit for them thanks to their status and 103 year experience as a iconic brand”.
- Create and design a luxury high rise destined to change the landscape of the Miami waterfront.
On a personal note, my favorite part of the whole event was seeing the beautiful Aston Martin vehicles parked by the water. One simple yet significant glance at them, with the building’s site in the background was enough for me to comprehend the project’s vision. Miami is the perfect city for The Aston Martin Residences and the luxury car maker’s plan to introduce to the real estate world. Thanks to its vibrant and international atmosphere and fun factor, what better way for a British car maker to expand its brand for future success? For them, combining the Aston Martin’s heritage of elegance and luxury with the young, chic vibe of South Florida serves as the perfect synergy for expansion for the next several decades.
Now, this is The Miami Observer after all so let’s talk now about the real estate itself…
As per the developer and press release, the project will consist of 66 stories and approximately 390 units. Properties for sale will range from one to four bedroom units along with seven penthouse listings and a duplex penthouse with unique, custom features. Amenities and common areas are set to include:
- A private event room and infinity pool on the 55th floor
- British lounge, micro cinema, play room and fitness facilities on the 54th floor
- Business center and art gallery on the 52nd floor
- Two private lobbies
- Exclusive marina with ocean access for residents
Listed architects for the project include Luis Revuelta (who also designed The Epic) and Argentinian firm Bodas Miani Anger. Renderings so far for the building show an imposing, sail shaped structure that stands alongside the water in true aesthetic fashion. In addition to both firms, an Aston Martin design team, led by Mr. Reichman himself, will design the building’s common spaces and other shared areas . There are no interior renderings at the moment but I’m hoping to see them soon. In all honesty, I personally cannot wait to see them and I’ll probably do update story once they’re released.
Prices have not been officially released by the development team at this time. They are, however, expected to be in line with the top of the Downtown Miami luxury market. Some publications and sites are mentioning prices above $1000/sqft. At this time, I’d rather wait for an official price sheet instead of making assumptions.
The property’s site, which was bought by the Coto family for $125M in 2014, is arguably the most valuable waterfront lot in The Miami River yet to be developed. In my opinion it is the perfect Downtown Miami location of its kind due to its water access, vantage point to both Brickell Ave and Biscayne Boulevard and close proximity to everything the area has to offer. It sits just moments away from major landmarks like Bayfront Park, Whole Foods Market, Bayside, and just minutes from South Beach.
Building on this lot should also provide some of the most incredible views of the city’s skyline and Biscayne Bay. The combination of both city and water views has been popular among luxury buyers in the past on other developments. The main appeal is that with both views, you can have a dazzling view to look at day and night.
For long term purposes, a project such as this one will take Downtown Miami to the next level. Some may (and will) argue that current market conditions are not favorable for this kind of venture. With that said, every move the developers have done up to this point show a very story unlike other projects i’ve covered in the past.
Neither the Coto family not Aston Martin have shown an intent to find construction financing or cutting corners in the building process. On the other hand, they’ve expressed a keen intent to build a masterpiece, a unique product worthy of the Aston Martin standard. Miami continues to be one of the best locations in the planet to develop regardless of the status on this current cycle. With Aston Martin’s prestige delved in its DNA, this tower should have the same exhilarating feeling one gets while driving a V12 roaster on the McArthur Causeway. Buyers looking for that type of feeling will still continue to express an interest in a project such as this one.
The sales center, located right next to the site, is expected to open in March 2017 with pre sales beginning as early as next month. Groundbreaking is slated for Summer 2017 with an expected completion in 2021. Please contact me and my staff directly for additional information on Aston Martin Residences. As the only sales agent who had the privilege to attend the event, I’ll be happy to provide the best possible information.
I would like to give a special thanks to the folks at Schwartz Media Strategies, especially Aaron Gordon and Alessandra Gonzales. Cipriani Brickell for the food and hospitality throughout the event and for the amazing coffee :). Last but not least, I also want to thank Marek Reichman, Chief Creative Officer and Design Director for Aston Martin, and Brian Clark, Regional Manager for Aston Martin for further insight into Aston Martin as a company and its heritage.
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