This post is part of original article at NY Times: https://www.nytimes.com/2020/04/21/business/miami-fashion-luxury-condo.html
Across Miami, luxury condos are teaming up with upscale brands in a bid to stand out in a crowded field and reach new consumers. The trend preceded the coronavirus crisis and is expected to last beyond it. The strategy, which involves designer labels like Armani, Diesel, Fendi and Missoni as well as luxury automakers like Aston Martin and Porsche Tower, makes sense in place with a fondness for status symbols, industry observers say.
It may be risky to yoke a long-term real estate development to a name that could someday fall out of favor. Indeed, condos in New York and elsewhere have removed Donald J. Trump’s name from their facades.
But some licenses are structured so that condo boards can strip off a designer’s name if the brand ever winds up in the discount bin, said Gil Dezer, the president of Dezer Development, which is behind the Residences by Armani/Casa Miami, a 308-unit beachfront high-rise in Sunny Isles Beach. Developed with the Related Group, the condo opened this winter and is about 90 percent sold, for prices that average $1,200 per square foot.
The premium for developers may be less quantifiable, but “there is definitely a value in putting brands on buildings,” added Mr. Dezer, whose portfolio includes the nearby Porsche Design Tower, a 132-unit spire. Like some other high-end automakers, Porsche has branched into apparel and accessories in recent years, including shirts, pants and watches.
Similarly, the lifestyle collection from the British sports-car maker Aston Martin is packed with sweaters, jackets and leather bags, so it may come as no surprise that the company is following Porsche down the same track with a new 391-unit, 66-story condo.
Aston Martin Residences was developed through a partnership with G&G Business Developments, a firm tied to Argentina’s Coto family, owner of a supermarket chain. The condo, whose one-bedrooms start at $750,000, is expected to open in 2022. The building is 55 percent sold since in 2017, a spokesman said, for prices averaging $1,200 a square foot.
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