Another high-end car brand is building a luxury Miami condo on the water
High-end automakers have been building luxury condos across Miami-Dade for the last decade.
Read more Another high-end car brand is building a luxury Miami condo on the water
Now those brands — which include Aston Martin, Porsche and Bentley — will be joined by another. The French auto company Bugatti announced its first American branded residential project on Monday.
The 60-story Bugatti Residences Miami is planned for the Miami River, just north of Brickell City Centre. The Miami River is a historically industrial area that’s seeing major luxury redevelopment.
The 183-unit tower is being built by Miami developer Prosper Group in partnership with Belgian developer Versluys Group. Sales are expected to launch next year, but the expected construction timeline for the Bugatti building has not yet been announced.
MORE: This waterway has seen drugs, bombs, sewage. How the Miami River has changed
Waterfront real estate comes at a premium in Miami-Dade. And with much of the county’s bayfront and oceanfront land already developed, some developers are turning to the banks of the Miami River.
Jay Roberts, the CEO of Prosper Group, said building on the river gives residents access to the water, as well as Brickell’s shops, restaurants and office buildings.
The Bugatti Residences, 75 SW Miami Avenue Rd., will boast 300 feet of waterfront access on the river. Prosper Group closed on the lot about a month ago for $50 million, Roberts said.
The Faena Residences Miami broke a record for the most expensive sale on the Miami River with the pre-construction condo that went for $30 million earlier this year.
“It’s an exciting time and place to watch,” Roberts said. “I think it’s a new chapter being written for the Miami River.”
Read more Another high-end car brand is building a luxury Miami condo on the water
The carmaker has also built a Bugatti-branded project in Dubai. Dubai and Miami are considered the world’s two leading cities for branded residential development.
Roberts said he thinks Miami attracts high-end branded residential projects because of its luxury lifestyle and large pool of international buyers, who tend to be big buyers of branded condos.
A decade ago, the entry of luxury automakers into the real estate world, along with other brands that had seemingly little to do with residential development, raised some eyebrows in Miami. But now the city has dozens of residential projects bearing the imprimatur of automakers, as well as fashion labels like Armani and Fendi or nightlife brands like E11even. Even the artist Frida Kahlo is getting a branded condo building in Wynwood.
Attaching a luxury brand to a development can help boost name recognition for a project — although some developers argue that Miami has reached a point of branded condo overload.
The Miami-Dade building that kicked off the car-branded condo craze was the Porsche Design Tower, built by developer Gil Dezer in Sunny Isles Beach. The condo tower, known for its car elevator, was completed in 2017. Roberts said the Bugatti Residences will not have a car elevator.
Since then, a string of luxury car companies has brought residential projects to South Florida.
The Aston Martin Residences, which was completed in 2024, offered cars with the purchase of its units. The downtown Miami condo, a sail shaped building with a triangular cutout, is now a defining feature in Miami’s skyline. But the iconic building has been at the center of a massive lawsuit alleging fraud and self-dealing by the developer.
The penthouses at the Pagani Residences, which is under construction in the causeway town of North Bay Village, each comes with a special edition Pagani hypercar worth around $3 million. The Bugatti Residences has not announced plans to include cars with the purchases of units in the building, Roberts said.
The Bentley Residences, another luxury condo project by Gil Dezer, is planned for Sunny Isles Beach and will have a car elevator similar to the one in the Porsche Design Tower. In Brickell, a Mercedes Benz-branded tower got city approval but has since faced financial issues and stalled.
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