St. Regis penthouse offered in Miami for $45 million
What's happening: Pre-construction sales are underway for the 50-story tower with 152 units.
- The property features two half-floor upper penthouses, each encompassing two floors, crowned with an indoor/outdoor roof deck on a third level.
- The first penthouse residence, with five bedrooms and seven baths, is on the market for $45 million.
- The building was designed to have a full-size pickleball court, private marina, restaurant, tea room, spa and indoor lap pool.
- Amenities will include butler service, a "house car" and shoeshine service.
What they're saying: Nick Pérez, president of condominium development for Related Group, tells Axios that his team decided to partner with St. Regis Residences because it's known for exclusivity and service.
- The building is 50% pre-sold, he says.
- "Despite the nationwide concerns around rising interest rates, Miami remains a highly desirable residential destination," he says, citing the waterfront and favorable tax policies. "In New York City, a comparable unit will cost significantly more, potentially two times the price."
- Another of Related Group's projects, Casa Bella Residences by B&B Italia in Downtown Miami, is 80% pre-sold, Perez says, "demonstrating that market sentiments have not dampened the enthusiasm of luxury buyers looking to transact."
What we're watching: Related has nearly a dozen properties in the pipeline locally and is expanding in Brazil and Mexico.
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