Set to Be Florida’s Tallest Tower, the Waldorf Astoria Launches Sales
At more than 1,000 feet, the luxury new build will soar over the Miami skyline
By Liz Lucking | Mansion Global
Buyers looking to get a foot in the door at Miami’s uber-luxurious and yet-to-be-built skyscraper, the Waldorf Astoria Residences Miami, can now begin to do so, with Monday marking the launch of sales at the development.
Towering more than 1,000 feet above Biscayne Bay, the building—made up of nine offset, glass-covered cubes—will be the tallest in the Sunshine State when completed.
Prices for the 360 private residences that will be spread across the building’s 100 floors will start at $1 million, and sales are being handled in-house by the developer PMG, alongside Fredrik Eklund, Julia Spillman and John Gomes of Douglas Elliman, according to a news release.
The homes will be outfitted with smart home technology and app access to concierge services, including dining reservations, room service, spa and fitness treatments, and dog walking services.
There will also be 205 guestrooms and suites that will be within the five-star hotel portion of the building, a specialty restaurant, indoor and outdoor function spaces, meeting rooms, a resort-style pool deck with private cabanas, and a spa and fitness center.
“We've been extremely thoughtful about every detail from design, technology, space and flow in every aspect of this property, from the sales gallery to the building itself, and Covid has certainly influenced this process,” Ryan Shear, managing partner of PMG, told Mansion Global.
Mr. Shear worked alongside colleagues Dan Kaplan and Kevin Maloney at PMG, which partnered with private equity firm Greybrook Realty Partners and hospitality company Hilton for the project.
“The Waldorf Astoria brand is known for its pristine, secure, efficiently run hotels and residences. This will of course be reflected in the Miami property,” he added.
The completion of the Waldorf Astoria Residences Miami, will mark the debut of the renowned hospitality brand in Miami, a city that—along with Dubai and New York—ranks as one of the top for branded residences globally.
The appeal of a branded building is down to the brand association, which “instills buyer confidence through the assurance of a high level of service and usually an exceptional amenity offer,” according to the most recent branded residences data released by Savills in October.
“Branded residences have provided buyers a sense of security and quality,” Mr. Shear said. “The brand has always focused on delivering the most elevated living experiences in the most sought after destinations.”
Over the past decade, the branded-building sector has nearly tripled, equating to the addition of more than 52,000 units across 370 developments. Hotel brands dominate the sector, accounting for 84% of completed projects—and an even larger proportion of the pipeline of upcoming developments.
But buyers pay for the privilege, and residents can expect to pay an average premium of 31% compared to equivalent non-branded properties, according to the estate agency.
The Waldorf Astoria is launching sales at an optimal moment. South Florida’s popularity among high-end buyers soared last year, according to a February report by the Miami Association of Realtors.
In Miami-Dade County, luxury single-family home sales leapt 41.2% year-over-year to 1,447 transactions in 2020, and luxury condo transactions increased 1.6% to 837 sales over the same time, according to the data.
The surge in demand for homes in the area played a part in the launch of the development, according to Mr. Shear.
“In terms of timing, we understood a number of variables needed to line up to launch a product of this caliber in Downtown Miami,” he said. “We waited for the opportune moment with the migration to South Florida from domestic markets at an all-time high. PMG has been making progress over the past few years to transform the Downtown Corridor, and Waldorf Astoria Residences will lead the charge for this evolution.”