A trio of Miami development leaders took the stage at BSH’s new Miami Design District Showroom to discuss the changing face of South Florida luxury residential development.
The Real Deal brought together Carlos Melo, Co-Principal, The Melo Group, Kobi Karp, Principal, Kobi Karp Architecture & Interior Design, and Jonathan Landau, Founder & CEO, Landau Properties for a panel discussion under the setting sun with beautiful Biscayne Bay as the backdrop.
In the red-hot Miami luxury residential market, “The demand is greater than the physical supply,” said Karp. “People want to leap into luxury.” Florida has seen a wave of migration from around the country and world thanks to its subtropical climate and friendly business environment, bringing not only increased luxury demand but a new range of expectations.
“Luxury is not the same for everybody,” Melo told the audience. “Luxury depends on what you’re looking for in your life.” Between buyers hailing from South America and Europe, Americans leaving the Northeast and Northwest, and Miami locals looking to shorten their commute by moving to the city center, “everybody has different tastes.”
As developers, one of the main challenges in filling this luxury demand is finding suitable land for building. “The beach is almost done,” said Melo, who described the decade-long process of putting together the 550 feet of waterfront property for his latest project, Aria Reserve. “We closed five streets and bought 80 different properties.”
Aria Reserve aims to capture a range of luxury desires across its pair of sleek waterfront towers. The project’s 782 condos start at $1.1 million and go all the way up to $12 million, with each home featuring state-of-the-art appliances from BSH’s Thermador line. “I’m the biggest consumer of Thermador in the universe,” joked Melo.
Landau has taken a slightly different approach to capturing the attention of luxury buyers. “Size matters, but in a different way than you’re all thinking,” said the developer with a laugh. Landau and Karp’s latest project, Indian Creek Residences and Yacht Club, features nine residences spanning a minimum of 3500 square feet and starting in the mid-seven figures.
“I wanted to deliver something that is spatially luxurious, with 80 or 90 feet of water frontage, that feels as if it could be a private home,” explained Landau.
The panelists concluded with predictions about the future of Miami luxury. “The market is so strong and so deep here in Florida, and it’s continuously growing,” said Karp, who told the audience how he’s seen the population become more sophisticated and cultured since arriving in the city in the 1980s.
“You can’t really read where the market is going to be in five years from now,” said Landau, who is focusing on smaller developments like the Indian Creek Residences. “Over the next 24 to 36 months, I like that segment.”
The sun having set, the panel concluded and attendees enjoyed another round of cocktails and appetizers while being treated to cooking demonstrations inside the new BSH Showroom.
Did you miss this event? Join BSH in the Green Room at our New York Forum on May 8th – click here to register.
