In the world of luxury real estate in Miami, the mere mention of the name of a world-renowned architect can evoke prices that defy imagination. Imagine this: a penthouse spanning over 13,000 square meters ready to enter the market at a price of $150 million, equivalent to the astronomical figure of $11,000 per square meter. Welcome to The Raleigh, an illustrious Art Deco hotel currently undergoing renovation under the guidance of developer Michael Shvo, ready to unveil the epitome of opulence in collaboration with Rosewood Hotel and Residences. The allure behind these stratospheric prices? A design led by architect and visionary Peter Marino, celebrated globally for his creations. Marino and his “colleagues,” often referred to as “starchitects,” are the driving force behind many of Miami’s most coveted residential skyscrapers. Their involvement goes beyond aesthetics; it symbolizes exclusivity and prestige, elevating Miami’s already rich real estate landscape to unprecedented levels. According to some brokers, “in the Miami market, it is a true mark of credibility, of quality.” The intrinsic value associated with properties bearing the imprint of these architectural luminaries is emphasized, where ownership goes beyond mere real estate investment to embody a symbol of enduring value and sophistication. A glaring example of this phenomenon is One Thousand Museum, a beacon of architectural skill conceived by the late Zaha Hadid. The residences within this colossus have consistently commanded premium prices, with resales reaching up to $2,100 per square meter, a testament to the profound impact of alignment with a renowned architect. There is a trust instilled in buyers by the mere association with famous architects, citing the example of the St. Regis Residences by RAMSA in Brickell, where buyers have shown absolute confidence in the architect’s pedigree. To illustrate the tangible impact of the touch of a famous architect, let’s compare five upcoming towers in Miami, each crafted by the most eminent of starchitects, with their non-starchitect counterparts:
The Baccarat, a collaboration between the Related Group and GTIS Partners, boasts the design skill of Arquitectonica, a pillar in the architectural landscape of South Florida. The penthouse at The Baccarat commands a price of $21.7 million, translating to approximately $3,200 per square meter, representing a competitive advantage over non-starchitect offerings nearby.
The Shore Club, undergoing a revitalization under the transformative guidance of RAMSA, sets a new standard in luxury living. With penthouse prices kept discreet, the $6,250 per square meter for the Beach House sets an ambitious benchmark, surpassing nearby competitors.
The collaboration between Related Group and Integra Investments with RAMSA for the St. Regis Residences in Brickell embodies unparalleled luxury. Despite a 35% premium attributed to Stern’s involvement, the price of $4,500 per square meter for the upper penthouse remains competitive in the market.
The visionary project of Mast Capital and Starwood Capital Group, conceived by Rem Koolhaas’s OMA, embodies avant-garde design. The $37 million penthouse, sold at $6,500 per square meter, represents a significant premium over nearby offerings, underscoring the intrinsic value of architectural distinction.
The pinnacle of luxury finds its zenith in the legendary beachfront enclave reimagined by SHVO and designed by Peter Marino. With the crown jewel, a luxurious penthouse commanding an extraordinary price of $150 million, or $11,000 per square meter, it eclipses its competitors, embodying the pinnacle of exclusivity and luxury.
In the landscape of luxury real estate in Miami, the name behind the design is more than a mere recognition; it is a mark of unparalleled excellence and sophistication, capable of transforming residences into true works of art. As Miami continues its ascent as a global epicenter of luxury living, the influence of these visionary architects remains unparalleled, shaping the city’s skyline and redefining the very essence of luxury living.
Source: New York Post