Kygo's Music Festival Company Latest Brand To Adorn Miami Condos
Superstar DJ and record producer Kygo is the latest celebrity to lend his imprint to luxury Miami real estate.
Kygo and his manager, Myles Shear, the founders of Palm Tree Crew and creators of the Palm Tree Music Festival, are partnering with developers Property Markets Group, Lion Development, Eden Residential and Sterling Equities on Palm Tree Residences Miami, a 37-story condo tower in Downtown Miami
The project, planned to have monthly electronic and house music events, is expected to open by 2030, according to a release.
Kygo is known for hits like It Ain’t Me featuring Selena Gomez and Save My Love featuring Khalid and Gryffin, and he was the fastest artist to reach 1 billion streams on Spotify. The Norwegian DJ and Shear launched the festival series in 2021, and it hosts festivals with artists all over the world.
The next event is next month in the Hamptons featuring Kygo, The Chainsmokers and Disco Lines. In October, there will be a Palm Tree Festival in Montecito, California, with The Chainsmokers, Zedd and T-Pain.
“Miami was the only choice for our first residences,” Shear, Palm Tree Crew's CEO, said in a statement. “It is a city that embraces originality, celebrates life at every turn, and has always been home to concepts that push boundaries.”
The Kobi Karp-designed tower is set to rise at 31 NW 10th St., about a three-minute walk from Club Space and E11even and three blocks west of Maurice A. Ferré Park on the water.
The 483 condos would range between one-, two- and three-bedroom layouts, with PMG Residential leading sales, which launch next month. Units, which would be short-term-rental-friendly, will cost between $500K and $1.8M, The Wall Street Journal reported.
Amenities include an infinity rooftop pool and hot tub, a padel court, a wellness center with treatment rooms and saunas, a yoga studio, a juice bar and a golf simulator. The project will also serve as a venue for Palm Tree Crew dining and nightlife on the ground floor.
Owners will also have priority access to Palm Tree Crew events and venues worldwide with preferred ticketing and table opportunities, weekday dining privileges at Palm Tree Club Miami and access to members-only tables and lounges.
“Palm Tree Crew has established itself as one of the most compelling forces in global lifestyle and culture,” PMG Managing Partner Ryan Shear said in a statement. “Their ability to cultivate community and deliver exceptional experiences translates seamlessly into the way we think about residential living in Miami.”
Tying the brand to a condo project might have seemed bizarre a few years ago, but the festival and events business is joining an increasingly eclectic list of branded residences sprouting up in Miami, the second-largest market globally for this type of project.
Famous names in fashion, cars, food and art adorn recently built and upcoming projects, such as Armani, Fendi, Dolce & Gabbana, Bentley, Aston Martin, Nobu and even a Frida Kahlo-branded project, also from PMG.
Developers have said a recognizable brand is a key differentiator, worth as much as a 15% to 20% premium over nonbranded projects, as the pipeline of luxury units swelled in recent years.
