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.


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