Billionaires are flocking to Miami’s Porsche Design Tower

New York /
Jan.January 04, 2014 09:00 AM

It’s no secret that Miami has long been an epicenter of luxury living for celebrities and billionaires. Luxury condo developments are springing up all over the area, and the housing recovery is going strong throughout the state.

The 60-story Porsche Design Tower is no exception, and now it’s attracting billionaires at rapid speed.

Though it won’t be ready for move-in until 2016, 22 billionaires (2 percent of the world’s total) have purchased units there so far, according to the Atlantic Cities. And they’re going fast — 80 percent of the 132 units are already under contract, representing a whopping $624 million in sales.

Like many of the other luxury condo developments in Miami-Dade County, the Porsche Design Tower has some crazy amenities, including a movie theatre, spa, and plunge pools on almost every balcony.

The tower’s most distinctive feature, however, is clear from its name. Three car elevators will bring billionaires and their luxury vehicles straight to the door of their condo, allowing them to park their cars in a “sky garage” connected to each unit.

The building is a collaboration between South Florida-based Dezer Development and Germany’s Porsche Design Group, whose $214 million loan is the largest that’s been approved for a major construction project in the Southeast since the recession. In fact, it’s nearly 30% larger than the previous largest post-recession construction loan.


Related Articles

arrow_forward_ios
The Real Deal's Hiten Samtani with Gil Dezer, Keith Menin, Jon Paul Pérez and Todd Michael Glaser
This time is different? South Florida condo market won’t bust, builders claim
This time is different? South Florida condo market won’t bust, builders claim
Moishe Mana, Eugene Lemay and the Mana Contemporary (Getty, Wikimedia)
Moishe Mana employee indicted in $7.8M tax avoidance scheme
Moishe Mana employee indicted in $7.8M tax avoidance scheme
Miami's real estate market is being covered by Artificial Intelligence (iStock
Miami Herald brings on AI to cover real estate sales
Miami Herald brings on AI to cover real estate sales
1 South Pine Island Road in Plantation, FL (Nottingham Pine, Getty)
Pandora Papers ties Miami multifamily investor to offshore trusts linked to disgraced Catholic order
Pandora Papers ties Miami multifamily investor to offshore trusts linked to disgraced Catholic order
Developer Bill Hutchinson, seen here in court and alongside his mugshot (Getty, Highland Park Police Department)
Facing assault charges, developer sells Miami home, lists Cali properties
Facing assault charges, developer sells Miami home, lists Cali properties
A rendering of Archer's proposed air taxis from REEF’s parking garages (Archer/Twitter)
REEF Technology and Archer Aviation to run air taxis from parking garages
REEF Technology and Archer Aviation to run air taxis from parking garages
Bungalow CEO Andrew Collins (Bungalow, iStock)
Eyeing Sun Belt expansion, shared-living startup Bungalow raises $75M Series C
Eyeing Sun Belt expansion, shared-living startup Bungalow raises $75M Series C
Office owners have avoided making a uniform vaccine policy, even though companies mandate their staff get the shot. (iStock)
As more employers mandate vaccination, landlords let tenants decide
As more employers mandate vaccination, landlords let tenants decide
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...