Resident Longevity Is The Hottest New Luxury Amenity
Fitness centers and spas have long been standard in any luxury amenity package, but buildings catering to the ultra-wealthy are taking wellness to a new level with a focus on helping residents live longer.
Biohacking has become an essential part of the development process, focusing less on just relieving stress and more on increasing lifespans, developers and designers said last week at Bisnow's South Florida Wellness Real Estate Forum.
New builds now include components like built-in reverse osmosis water systems, IV water drips, red-light panels in residences and, in some cases, on-site doctors and clinics.
“You don't necessarily need to be a health nut,” Constellation Group Managing Principal Eduardo Otaola said onstage at the Gale Miami Hotel and Residences. “These are buildings that are designed, even if you're not a health nut, just by living in the building, you're increasing your vitality, your longevity and reducing your stress levels.”
The global wellness industry, including mental wellness, wellness tourism, public health, healthy eating and nutrition, has reached a record $6T and is on track to reach nearly $10T by 2029, according to the Global Wellness Institute.
Wellness real estate alone has become a $548B industry, according to the report. And longevity clinics are one of the fastest-growing sectors in the wellness market, Travel Weekly reported.
The wellness boom started in the hospitality industry, with hotels offering programs promoting stress relief, sleep, movement, mindfulness and spa treatments. Residential developers started to integrate wellness amenities into their projects following the pandemic, panelists said.
“It does change your life, and unfortunately, sometimes a tragedy comes like the pandemic, which is horrible, and it was a big wake-up call for everyone,” The Agency SFL Development Division principal Maile Aguila said. “They said, ‘Wait a minute. We don't want this to happen again. What can we do to make change?’”
“As developers, we're helping them design buildings that are more functional and that are really focused on your well-being,” she added.
At the peak of the trend is The Well, a Terra Group wellness-focused condo brand with upcoming towers in Coconut Grove, co-developed with AB Asset Management, and Bay Harbor Islands.
Both projects are equipped with wellness centers that feature medical and holistic services like IV vitamin therapy and access to clinically trained physicians, lifestyle coaches, nutritionists and a 13K SF wellness club as a specialized health clinic.
The project team includes doctors and a full medical team operating a full medical and functional medicine practice, The Well co-founder and Chief Creative Officer Kane Sarhan said.
To study how the buildings help their inhabitants, residents complete a medical assessment and annual doctor’s visit at the time of move-in as part of the buying contract.
“You get a doctor's visit with your home when you buy at The Well,” Sarhan said. “We're going to study them. My goal is: How do you show 50% of our people sleep better? How do you show 70% of our people have less stress? Because when you can start to show those numbers, it becomes math, not myth.”
