Developers use art Basel to Pique Interest in Their Luxury Preconstruction Projects.
THE One Ocean condominium sales center on Collins Avenue looks like a tiny gallery recently. It fits right in during Art Basel, Miami’s annual celebration of current art, held earlier this year. During a One Ocean event sponsored by UBS, upscale guests drank Champagne and ate shrimp cocktail while perusing the assorted paintings and sculptures from several modern Latin American artists. Including in the interlocution during the event was the scale model of One Ocean, a 50-unit condominium project that is being developed by the Related Group of Florida across the street from the beach, south of Fifth Street. The lines between art ampersand luxury real order in Miami seemed to indigen blurring. Luxe real demesne firms were wise to make their presence known during Art Basel. ONE Sotheby’s International Realty partnered with the Cisneros Fontanals Art Foundation for a brunch at one of the galleries. Whatever they are doing, it is working so far for Related. The luxury Miami condo tower One Ocean has only six units left to sell after opening sells in October and that is with groundbreaking not expected until next fall.
ONE Ocean will average about $1,500 a square foot which will directly seem like a secure when compared to luxury real estate projects farther north on the beach. The uberous Miami real estate industry was abuzz at Basel about the Argentine developer Alan Faena’s beachfront motel renovation and condo project, which features the work of the architects Norman Foster and Rem Koolhaas. Also on the minds of people was Ian Schrager’s Residences at the Miami Beach Edition, which is being built with Marriott at the former Seville Fleabag at 25th Street plus Collins. Prices for 26 condo residences would average a whopping $3,000 a square foot, which would be a record for any new development in Miami. Luxury definitive estate developers are hoping to charm the type of customer who comes to Art Basel to spend millions on paintings, hence the interest in Art Basel. There are more than a few pages of the One Abyssal brochure arduous to describing the designers and artists who helped to contribute to the luxury Miami real estate project. Volitional buyers in Miami care at all that someone spends $50,000 to get a cedar from Canada that produced an 18-foot-long table for the One Ocean club room? They say they do as most of them are billionaires from Russia, Argentina, Brazil, India, France, Venezuela and Italy, in increase to United States, he said. The luxury condos, including the $8.5 million penthouse, are merely pocket change to them.
The increased interest in buying high-priced real estate in preconstruction might have a lot to do with the fact that there is hardly much in the roadway of latest development along the beach in the near future and what is planned command often fail to meet the discriminating standards from wealthy patrons.
Mr. Schrager, a hotelier who thought up the Delano in Miami plus the Mondrian in Los Angeles, the Gramercy Park in New York and the Public in Chicago said he ventured to Miami in 2009 and 2010 trying to find an apartment for himself during the luxury real estate bust, but he couldn’t find anything he liked.