The Real Deal Miami

Argentinians play key role in South Florida’s luxury condo boom

June 18, 2012 04:30PM

Eduardo Costantini

Political and economic uncertainty in Argentina is driving Argentine investment in South Florida, as general foreign interest in the area continues, the South Florida Business Journal reported. With Argentinian developers like Eduardo Constantini spending hundreds of millions on new projects and firms like Related Group building the 42-story Millecento Residences to appeal specifically to the Argentine market, the influence of the South American republic on Miami’s high-end condo market is palpable. According to Peter Zalewski of Condo Vultures, Argentinians, like Brazilians, are an important segment of the overall, luxury buying pool in Miami.

Especially in the last several months, the number of Argentinian-led developments in South Florida has boomed. In Febuary, Consultatio broke ground on a 142-unit condominium, which includes 12 villas, under the brand Oceana in Key Biscayne. This March, Argentine Manuel Grosskopf paid $50 million, or approximately $715 per square foot, for three parcels in Surfside and in April Argentinian Jose Luis Melo announced five projects totaling about 800 units in downtown Miami, including 23 Biscayne Bay and One Plaza at 1800 South West First Avenue.