The Newest Luxury CRE Builders Are Car Companies
Luxury automotive companies are branching out into tech, lifestyle, hotels and now—residential real estate.
The ultimate high-rise for car aficionados is under construction in Sunny Isles Beach, Miami.
Dezer Development has partnered with Porsche to create Porsche Design Tower, an uber-luxe, 60-storey skyscraper featuring 132 apartments from 4k SF to a four-level, 17k SF penthouse priced at $32.5M.
Each unit features a personal glass elevator (with ocean views) for cars, enabling residents to remain in their sports car until they are inside the apartment—the first tower in the world to engineer such a feature. The penthouse comes with two private pools and a four-car sky garage.
Other amenities include a spa, a cinema and a game room with race-car simulators. Twenty-two billionaires have already snapped up units, securing more than $600M in sales for the building. Just last week, at a Bisnow event in Miami, Gil Dezer announced his firm had paid off the $214M Wells Fargo construction loan, secured a certificate of occupancy and sold all but six of the units.
Porsche has not publicly explained its rationale for shifting into real estate, but it isn’t the only luxury brand that is dipping its toe into the industry.
Aston Martin has experimented with producing lifestyle goods and furniture collections, and even collaborated on a range of luxury super-yachts. It recently launched its first real estate project, a 66-storey luxury tower.
Intriguingly, it is also launching the endeavour in Miami, on a 1.25-acre site overlooking Biscayne Bay. Aston Martin’s partner, G and G Business Developments, snapped up the plot for $125M in 2014.
The scheme will feature 390 residential units with panoramic views of Miami, Aston Martin-designed interiors, two private lobbies, a double-height fitness centre with ocean views and a full-service spa. When the development opens in 2021, each of its seven penthouses and a duplex penthouse will feature a private pool and spacious terraces.
It will have doors with bespoke, artisan Aston Martin handles, number plinths and kestral tan leather door tabs. Aston Martin-designed reception desks featuring craftsmanship from the company’s halo products will adorn each lobby, along with design features in all shared areas, including an infinity pool on the 55th floor.
Residents of the new development will also be able to enjoy easy access to the turquoise waters of Miami via an exclusive yacht marina. Aston Martin will even design individual condo units if the customer requests it.
Aston Martin VP Katia Bassi said the venture realises the company’s long-term vision of entering the world of luxury real estate and is a natural extension of the Aston Martin brand.
“We create beautiful cars for those who appreciate automotive fine art," Bassi said, "and we are excited to extend our expertise in design and craftsmanship into a project of this calibre.”
The sales centre for the Aston Martin Residences at 300 Biscayne Boulevard Way will open in March 2017 and the project will break ground in summer 2017.
Last year, Audi saw the opportunity for the car itself to be a residential amenity and launched Audi At Home, a vehicle-sharing service at select residences in San Francisco and Miami. Lumina by Tishman Speyer, San Francisco’s largest under-construction luxury condo project, will be the first residential community on the West Coast to offer the service, while the Four Seasons Residences in Miami will debut it on the East Coast. It will soon expand to other major US cities.
Audi At Home provides residents of participating properties exclusive access to a fleet of Audi vehicles, ready to drive on-site. All they need to do is book the car on the app.