Apr 11, 2023 - Real Estate

Who's building Miami: The developer behind E11even-branded condos

Rendering: Courtesy of PMG

If you love E11even, the 24-hour nightclub, you might really love E11even — the condos.

What's happening: Real estate firm Property Markets Group (PMG) is developing a pair of downtown towers with E11even Partners, branded after the Miami hotspot.

  • The 65-story project at 20 NE 11th Street will include 449 residences and is under construction across the street from the club at 29 NE 11th Street, with completion expected at the end of 2025.
  • The second one is still in the permitting phase, but is slated to finish a year later.

Why it matters: PMG managing partner Ryan Shear told Axios the E11even project will be Miami's first "Vegas-style" residential property — with a focus on entertainment and resort-style amenities.

Details: The first tower will have condo-hotel units that owners can rent out for short-term stays.

  • It will have a members-only rooftop pool, bar and restaurant. Plus, a spa designed by world-renowned author and holistic health advocate Deepak Chopra, a food hall, casino-style sports lounge, and a day club and pool on the 11th floor.
  • The second tower, E11even Residences Beyond — also 65 stories — will have 558 condo units that can be rented out for a month or longer.
  • The building, which will connect to the first tower by a sky bridge, is designed to include a rooftop restaurant, a helipad, and — as announced this month — an outpost of The Clayton, a London-style private social club and cigar lounge with locations in Chicago and Washington, D.C.

The intrigue: YouTube stars-turned-pro fighters Jake and Logan Paul are reported to have bought penthouses atop E11even Residences Beyond.

  • Shear told Axios he couldn't discuss individual buyers, but that "there's a lot of celebrities," including numerous athletes.

By the numbers: With offerings from small, hotel-style units to large penthouses, the price range at both towers is wide: $300,000 to $30 million.

What they're saying: Shear told Axios he had been friends with the owners of E11even for a long time before deciding to partner on the first tower.

  • "We decided to go for it, and it sold out, like, in record time. And then the next thing we thought is: Let's do it again."

What we're watching: PMG had partnered with now-defunct cryptocurrency exchange FTX to solicit buyers wanting to purchase units with crypto. FTX would convert crypto to U.S. dollars before closings.

  • Shear said about 60 or 70 units were sold this way, but since FTX imploded, PMG has stopped accepting such transactions, and they're hesitant about partnering with another crypto exchange.
  • "We still have buyers asking," he said. "They want to buy in crypto or convert through crypto to USD."

What's next: In downtown Miami, PMG recently converted The Elser from apartments to condominiums and has a Waldorf Astoria Hotel & Residences under construction.

  • An apartment building, Society Wynwood, is also under construction, and West Eleventh Residences — another luxury condo with short-term rental options in the Park West district — is in development.

Going forward, though, Shear said he can't predict how the market will fare: "All bets are off.”

  • Florida is somewhat insulated from downturns affecting the rest of the country because it draws buyers from Latin American markets, he said, but high costs for land and construction materials are making it challenging to develop new projects.
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