{"id":21065,"date":"2023-12-01T17:49:40","date_gmt":"2023-12-01T17:49:40","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=750394"},"modified":"2023-12-01T17:49:40","modified_gmt":"2023-12-01T17:49:40","slug":"despite-insurance-costs-lux-condos-going-up-miami-tower-to-have-150m-penthouse","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2023\/12\/01\/despite-insurance-costs-lux-condos-going-up-miami-tower-to-have-150m-penthouse\/","title":{"rendered":"Despite Insurance Costs, Lux Condos Going Up: Miami Tower to Have $150M Penthouse"},"content":{"rendered":"<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/southeast\/2023\/12\/01\/750394.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/southeast\/2023\/12\/01\/750394.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p class=\"bloomberg\"><span class=\"article--attribution\">(Bloomberg) \u2014 <\/span>A roughly 13,000-square-foot, full-floor penthouse and roof at the Rosewood Residences, a 17-story condo tower designed by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-11-30\/architect-peter-marino-says-best-place-for-art-is-the-bathroom\" target=\"_blank\" rel=\"noopener noreferrer\">Peter Marino<\/a> in Miami\u2019s South Beach, could soon be the most expensive in Miami Beach\u2019s history. It\u2019s priced at \u201cover $150 million,\u201d according to project developer Michael Shvo. It is expected to be completed by 2026.<\/p>\n<p>The new condo tower will be part of a three-acre hotel, restaurant and luxury campus filled with amenities on 18th Street and Collins Avenue. It will be located in a compound whose best-known building, the art deco Raleigh Hotel, has been a Miami Beach landmark since it was built in the 1940s. The hotels and residences will be operated by the luxury Rosewood Hotels &amp; Resorts brand.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-topics=\"condominium,trends\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>\u201cIf I told you that at <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-19\/joe-tsai-s-family-office-pays-188-million-for-och-ny-penthouse\" target=\"_blank\" rel=\"noopener noreferrer\">220 Central Park South<\/a> they\u2019re selling a unit at $13,000 a square foot, or at the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-10-26\/aman-resorts-coming-to-new-york-with-multimillion-dollar-condos\" target=\"_blank\" rel=\"noopener noreferrer\">Aman New York<\/a> that we sold units at that price, nobody [would think] that was outrageous,\u201d Shvo says in his Manhattan conference room. \u201cWe are by far the premier product building, not only in Miami Beach but in the country. And there\u2019s no reason that people will pay less to be 100 feet from the ocean than they do to be 100 feet from Central Park.\u201d<\/p>\n<p>The condominium\u2019s 40 units will include three-bedroom residences that start at $10 million. Pricing for larger apartments hasn\u2019t been disclosed; nor have prices for the building\u2019s cheapest units, which are two-bedroom homes starting at 2,176 square feet.<\/p>\n<p>Insurance costs also remain a question in Florida. A number of condominium owners and associations in south Florida have said recently that they have been priced out of property insurance or have been unable to find coverage, although at least <a href=\"https:\/\/www.insurancejournal.com\/news\/southeast\/2023\/11\/27\/749504.htm\">one new reciprocal insurer<\/a> plans to begin offering policies next year.<\/p>\n<p>Still, interest in the high-end Raleigh project \u201cis coming from everywhere,\u201d Shvo said.<\/p>\n<p>On paper, asking nine figures for an apartment might seem a stretch in Miami-Dade County. The sole, roughly comparable transaction (by value) occurred last year when a four-acre compound with two mansions in Coconut Grove <a href=\"https:\/\/www.miamiherald.com\/news\/business\/real-estate-news\/article265271251.html\" target=\"_blank\" rel=\"noopener noreferrer\">sold for a record-breaking $107 million<\/a>. Still, appraiser <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-19\/top-10-most-expensive-homes-of-2022-nyc-south-florida-los-angeles-hamptons\" target=\"_blank\" rel=\"noopener noreferrer\">Jonathan Miller<\/a> says that in some respects, Shvo\u2019s condos represent the logical conclusion of a trend that began before Covid-19 appeared. \u201cWe\u2019re seeing prices in Miami drifting towards New York levels for luxury real estate,\u201d he says. \u201cIt makes sense [that developers] would bring in product like the one that\u2019s sold in New York\u2014and attempt similar pricing.\u201d<\/p>\n<h2>The Backstory<\/h2>\n<p>In 2019, Shvo, in partnership with Deutsche Finance Group, purchased the Raleigh Hotel from an investment group led by the designer Tommy Hilfiger. Soon after, Shvo says he got a call from the mayor of Miami Beach, who asked that <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-03\/the-raleigh-hotel-in-miami-gets-redesign-from-peter-marino-rosewood\" target=\"_blank\" rel=\"noopener noreferrer\">the Raleigh, a Miami icon<\/a>, remain a hotel. \u201cHe said, \u2018This is the most important hotel we have on the beach, so if there\u2019s any way you could do it, it would be great,&#8217;\u201d the developer recalls. Shvo pivoted his strategy to purchase two adjacent properties, the Richmond Hotel and the South Seas Hotel, with the aim of turning the entire three-acre site into a master development combining hotels and condominiums. Shvo and his partners paid $243 million for all three properties, according to <a href=\"https:\/\/therealdeal.com\/miami\/2019\/08\/05\/heres-how-much-michael-shvo-and-partners-paid-for-their-south-beach-hotels\/\" target=\"_blank\" rel=\"noopener noreferrer\">reporting by the <em>Real Deal<\/em>.<\/a> The Raleigh will remain a hotel; the Richmond\u2019s facade will remain, but behind it five new Rosewood Hotel villas will be built; and the South Seas will be turned into a restaurant.<\/p>\n<div class=\"bzn bzn-sized bzn-intext-2\">\n<ins data-revive-zoneid=\"162\" data-revive-topics=\"condominium,trends\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>Next, Shvo hired architect Peter Marino to come up with a plan for the site. In addition to restoring and renovating the original buildings (reducing the number of hotel rooms on the property from some 320 suites to 60 suites, according to Shvo), Marino designed the hyper-luxury condominium building that will sit just 100 feet from the water. Next, Shvo <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-03\/the-raleigh-hotel-in-miami-gets-redesign-from-peter-marino-rosewood\" target=\"_blank\" rel=\"noopener noreferrer\">brought in Rosewood Hotels and Resorts<\/a> to manage the property. The entire project is christened the Raleigh, a Rosewood Hotel and Residences Miami Beach.<\/p>\n<p>\u201cIt\u2019s an unusual opportunity,\u201d Marino says during an interview. \u201cMichael had negotiated with the city, saying, \u2018Look I\u2019ll buy all three hotels, I\u2019ll fix them up, but you have to give me permission to build the condo behind them to get the money back.\u201d<\/p>\n<h2>The Building<\/h2>\n<p>Because the city gave Shvo permission to build so close to the water, Marino says residents will have unobstructed views to the north and south\u2014and over the water. The design, he continues, will be \u201ca very simple aesthetic: white with thin black lines\u2014super classic.\u201d<\/p>\n<p>The Rosewood Residences\u2019 design offers a purposeful contrast, Marino says, to what he perceives as most new Miami architecture. \u201cEverybody down there is like, \u201cI know, I\u2019ll build a condo that looks like a boat,\u201d he says, possibly referring to the <a href=\"https:\/\/astonmartinresidencesdowntownmiami.millionandup.com\/?track=vwo&amp;utm_source=PaidSearch&amp;utm_medium=cpc&amp;gad_source=1&amp;gclid=Cj0KCQiAgqGrBhDtARIsAM5s0_lJ4gnfHqpB5b1hIi7Jp5TrJ1BCgs0luBdBjUXtB0hmW6LmCX3iiBoaApQREALw_wcB#home\" target=\"_blank\" rel=\"noopener noreferrer\">Aston Martin Residences<\/a> that are <a href=\"https:\/\/www.hauteresidence.com\/the-aston-martin-residences-in-miami-are-designed-to-look-like-the-sail-of-a-ship\/\" target=\"_blank\" rel=\"noopener noreferrer\">meant to resemble a ship\u2019s sail<\/a>. \u201cBut this is Miami, not DisneyLand, last time I checked.\u201d The competition, he adds, \u201cis very Las Vegas-y, if I may say, where they\u2019re looking for a theme. My theme is about quiet elegance and letting the wonderful art deco hotels sing.\u201d<\/p>\n<p>The building\u2019s five-bedroom apartments will cover as much as 7,810 square feet. Its largest penthouse\u2014the one with a price surpassing $150 million\u2014will cover the top floor and occupy the entire roof; it will have its own private rooftop pool, outdoor kitchen and rooftop garden for a total of 16,750 square feet of exterior space. The floors directly below it have also been dubbed \u201cpenthouses\u201d by the developer; four such apartments will have from four to seven bedrooms.<\/p>\n<p>The estate will contain an additional four pools: The historic Raleigh hotel pool will be accessed by hotel guests and residents, and a pair of sunrise and sunset pools will be accessible only to residents. In addition, a private pool will be part of what will be known as the Raleigh Beach Club, a new, two-story building overlooking the beach and designed by Marino in the style of architect Oscar Niemeyer. (Each pool will have private cabanas.)<\/p>\n<h2>What\u2019s Inside<\/h2>\n<p>At minimum, apartments will have 10-foot ceilings, something Marino says was not negotiable. \u201cI won\u2019t take a commission if I won\u2019t get a 10-foot-clear ceiling,\u201d he says. \u201cThat\u2019s how I want to live, and that\u2019s just my principle.\u201d The Raleigh\u2019s ceilings range from 10 feet to 14 feet. \u201cEveryone should have one,\u201d Marino continues. \u201cIt means you get one floor less, but it also means you have an apartment you want to live in.\u201d<\/p>\n<p>Marino has also designed the apartment interiors, which will feature a variety of white and black stone; many bathrooms will be clad in white and beige onyx, Marino says, \u201cthe colors of the sand and the beach.\u201d The palette, he continues, is purposefully neutral, \u201cbut people can do whatever they want on the inside.\u201d Sales will be handled by the brokerage <a href=\"https:\/\/officialpartners.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Official<\/a>.<\/p>\n<h2>Quality Service<\/h2>\n<p>All apartments will be managed by Rosewood, meaning residents can receive such benefits as turndown service, a personal trainer and other hotel-style services. Additionally, the complex will feature the US outpost of the famed Milanese restaurant <a href=\"https:\/\/www.langosteria.com\/en\" target=\"_blank\" rel=\"noopener noreferrer\">Langosteria<\/a>; not coincidentally, the restaurant\u2019s Parisian branch is located in <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-09-16\/cheval-blanc-paris-hotel-is-lvmh-s-newest-bauble-at-1500-a-night\" target=\"_blank\" rel=\"noopener noreferrer\">the Cheval Blanc<\/a> hotel, also designed by Marino.<\/p>\n<p>\u201cBeyond the fact that the food is spectacular, [the Langosteria restaurant] is kind of a favorite of our customers,\u201d Shvo says. (The natures of two restaurants at the property have yet to be disclosed.) Residents can have Langosteria\u2019s cuisine delivered to their apartments, and the restaurant will provide cabana service on the beach. \u201cAt this price level, you expect to have anything, any time, anywhere that you want,\u201d Shvo says.<\/p>\n<p>This is a maxim that neatly encapsulates Shvo\u2019s approach to the entire development. \u201cI wanted to create a product that doesn\u2019t exist in Miami, and doesn\u2019t really exist in Florida at all,\u201d he says. \u201cI always find when I go to Miami that it really lacks quality and service.\u201d Is that absence, he asks rhetorically, \u201cbecause the customer who is really willing to pay for the service and true quality isn\u2019t there? Or is the client not there because the quality doesn\u2019t exist?\u201d<\/p>\n<p>Shvo has bet a lot of money on the latter. \u201cI don\u2019t really care what the answer is,\u201d he says, adding: \u201cI believe that for the Raleigh, really elevating it to an international-level product is the right thing.\u201d<\/p>\n<div class=\"copyright-notice quiet\">Copyright 2023 Bloomberg.<\/div>\n<p class=\"tagtag\"> <span class=\"tagtag\">Topics<\/span> <a href=\"https:\/\/www.insurancejournal.com\/location\/florida\/\" class=\"btn btn-sm btn-primary tagtag\">Florida<\/a> <a href=\"https:\/\/www.insurancejournal.com\/trends\/\" class=\"btn btn-sm btn-primary tagtag\">Trends<\/a> <a href=\"https:\/\/www.insurancejournal.com\/location\/new-york\/\" class=\"btn btn-sm btn-primary tagtag\">New York<\/a> <\/p>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"750394\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! 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