T
he Pérez family's Related Group and its partner, Integra Investments, have secured a substantial sum of money for a luxury condo development in Miami's Brickell neighborhood. This development is called St. Regis Residences, Miami, and is a 50-story building designed by Robert A.M Stern Architects. The project is being funded by Tyko Capital, a private equity and credit investment management firm led by Adi Chugh.
The developers have stated that more than 60% of the 152 units in the building are already under contract, with units ranging in size from two to six bedrooms. The building will feature over 50,000 square feet of amenities, including a fitness center, a pickleball court, a private marina, a spa and wellness center, and an indoor lap pool. There will also be a St. Regis Tea Room and a fine dining restaurant led by Michelin-starred chef Fabio Trabocchi.
The project is a collaboration between Related and Integra, who teamed up in 2021 to bring this luxury development to life. Initially, they planned to build two 46-story towers with 330 units, but they later downsized the project and raised prices for the units due to buyers seeking larger units and more exclusivity. The projected sellout for the building is expected to exceed $1 billion.
The building is expected to be completed in 2027, according to a spokesperson. Miami-based Integra paid $14 million for the 3-plus-acre property in 2014. Condo developers in South Florida have been able to secure large construction loans because they can tap into buyers' deposits to partially fund construction, reducing lenders' risk.
In related news, PMG and its partners secured $668 million in construction financing for the planned Waldorf Astoria Hotel & Residences in downtown Miami, marking the largest ever condo construction loan in Florida. Bank OZK provided the financing.
South Florida is home to dozens of branded condo developments in the pipeline, including the St. Regis Residences in Sunny Isles Beach, where Edgardo Defortuna's Fortune International Group and Manuel Grosskopf's Château Group are building a two-tower, 350-unit luxury condo development on the oceanfront at 18801 Collins Avenue. They recently secured a financing boost from Bank OZK for a total of $219 million.
Developers across South Florida are teaming up with luxury brands such as Four Seasons, Ritz-Carlton, Bentley, Aston Martin, Mercedes-Benz, and Major Food Group to create unique living experiences. These partnerships allow developers to charge more per square foot and maintain these arrangements for at least 10 years, typically much longer.
