Friday, April 03, 2015
FAENA announces 2 new luxury projects in Miami Beach
Miami Beach's market for luxury apartments seems relentless. Foreign buyers' apetite for ultra-luxurious condos and penthouses will promptly find new opportunities.
I read today in the South Business Journal what will put some excitement in a few realtors' life:
Argentine developer Alan Faena announced plans for two condo towers at the site of the Versailles Hotel in Miami Beach.
Located at the southeast corner of Collins Avenue and 35th Street, Faena Versailles Classic will have 22 units designed by William Sofield and Faena Versailles Contemporary will have 41 units designed by Brandon Haw. Prices range from $3 million to over $50 million in both projects. They are slated for occupancy in 2017.
“Faena Miami Beach will be the new paradigm of the Miami lifestyle, one where design, refined hospitality and culture converge,” said Faena, head of Faena Group, who is partnering with Len Blavatnik on the project.
The Faena Versailles Classic will be built inside the historic façade of the hotel, which was built in 1940. The design will stay Art Deco with a grand lobby, terrazzo flooring and custom chandeliers, in addition to a garden and reflecting pool. Units will range from one bedroom and 1,034 square feet to four bedrooms and 2,743 square feet. It will also have two duplex penthouses of up to 7,300 square feet with a private roof deck and pool.
Faena Versailles Contemporary will be a new structure next to the hotel and aims to have a design that reflects the hotel's architecture. Units will range from 1,111 square feet with one bedroom to 5,469 square feet with five bedrooms. Each unit will have a balcony. There will also be a full-floor penthouse of 8,000 square feet with 2,500 square feet of outdoor space and a rooftop duplex of 8,200 square feet with a private deck and large infinity pool.
Faena has many projects underway in the Faena District, which spans from 32nd Street to 36th Street in Miami Beach. It owns the Faena Saxony Hotel.
The company is currently building Faena House nearby and said all 47 units are sold out and expected to start closing this spring. Faena acquired the Versailles property for $100 million in 2013.
From South Florida Business Journal – April 2nd, 2015