French hypercarmaker Bugatti is entering the branded residences race in Miami, The Real Deal has learned.
Bugatti will brand Prosper Group and Versluys Group’s planned tower at 75 Southwest Miami Avenue Road, according to sources. The developers paid $50 million for the 1-acre property in August, a year and a half after putting the site under contract. The property was part of Harvey Hernandez’s Newgard Development Group and Two Roads Development’s One Brickell Riverfront assemblage.
Prosper and Versluys’ 60-story tower will mark the first in the U.S. for Bugatti, which has a branded tower in the works in Dubai under another developer. The building will have 183 condos, including four penthouses, up from the previously planned 158 units. The site has more than 300 feet of frontage along the Miami River.
The Miami development is estimated to be valued at $650 million, according to a release. Douglas Elliman was expected to lead sales and marketing of the project, but is no longer involved, according to a spokesperson for the project. Sales are expected to launch in the first half of next year.
Versluys Group is led by CEO Bart Versluys and COO Peter De Decker, while Prosper is led by Jay Roberts. The building will also mark the first in the U.S. for Versluys, which has built luxury waterfront projects in Belgium and the Netherlands.
South Florida is considered the branded residences capital in the U.S., competing globally with Dubai. Luxury automakers Bentley, Pagani and Aston Martin all have towers underway or completed in South Florida. Developer Gil Dezer completed the Porsche Design Tower in Sunny Isles Beach first, and that building features the patented “Dezervator,” an elevator that brings cars into the units.
Luxury hospitality brands such as the Four Seasons, Mandarin Oriental, Ritz-Carlton and others are working with developers across the region. Developers and brokers say that branded buildings carry more value than non-branded buildings, but not all brand developments are created equal.
Read more
Prosper, European developer buy Miami River condo dev site for $50M
Is South Florida’s branded condo boom reaching its limit?
