Argentine collector’s museum-condo meld

Miami /
Sep.September 26, 2013 10:00 AM

In yet another sign that boom-time development is back, developers are acquiring pricey pieces of modern art to adorn the lobbies of luxury condominiums, with residents footing the bill.

At Oceana Bal Harbour, the second U.S. development of Argentine real estate mogul and art collector Eduardo Costantini, condo buyers of the 240 units (starting at $3 million) will acquire a small ownership stake in two sculptures by Jeff Koons, with prices incorporating the cost of upkeep and insurance.

Costantini, the founder of Buenos Aires’ Malba art museum, bought the two pieces, “Pluto and Proserpina” and “Ballerina,” last year for $14 million. They’ll sit on opposing ends of the building’s breezeway when construction is completed in 2016.

“You have like[-minded] citizens of the world, who travel a lot, and have more than two residences, but they have the sensitivity to appreciate good things, good quality,” Costantini told the Wall Street Journal.

At Related Group’s Baltus House, whose interiors are designed by the high-end Spanish furniture company Baltus, a “Guernica”-size mixed-media canvas by the Spanish artist Lluis Barba will consume one wall in the lobby.

Developer Alan Ojeda of Rilea Group will feature blown-up vintage photographs by celebrity British photographer Terry O’Neill to infuse his condo project The Bond with 1960s flair. [WSJ] Emily Schmall


Related Articles

arrow_forward_ios
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Aventura Mayor Enid Weisman (Facebook via Weisman, Getty)
Aventura votes to require HOAs to submit critical reports within 48 hours
Aventura votes to require HOAs to submit critical reports within 48 hours
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
arrow_forward_ios

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

Loading...