Related Group to launch new “lifestyle” division

"Related Living" will manage five restaurants, two beach clubs and two fitness centers

May.May 14, 2015 03:00 PM

Aside from developing dozens of new condominium towers, multifamily and affordable housing projects, the Related Group is now getting into the “lifestyle” property management business, The Real Deal has learned.

The Miami-based developer is launching “Related Living,” a new division dedicated to managing at least five restaurants, two beach clubs and two fitness centers, Carlos Rosso, Related’s condo division president, told TRD.

The new offshoot is aimed at providing an additional revenue stream. “It’s more than real estate and selling bathrooms and kitchens,” he said.

Among the new restaurants planned will be Paraiso Bay Restaurant and Beach Club, designed by Meyer Davis, at Paraiso Bay in Miami’s Edgewater neighborhood, helmed by Michael Schwartz. Schwartz will also lead a restaurant at SLS Brickell, and another dining spot there will be led by celebrity chef José Andrés. In addition, SLS Lux will feature a Katsuya; and Hyde Beach in Hallandale will have a Hyde Cocktail and Kitchens.

Meyer Davis co-founders and interior designers Will Meyer and Gray Davis unveiled renderings for the new Paraiso Bay restaurant earlier this week. The design will focus on natural materials, featuring white-painted walls, wooden trusses, concrete tile floors and marble bars. It will have an industrial look, with high ceilings and an open kitchen and bar, the partners said.

Equinox and SoulCycle fitness centers at Related projects will also be managed within the division, including a 35,000 square-foot Equinox and a 3,500-square foot SoulCycle at Brickell Heights, at 850 South Miami Avenue, Rosso said. Equinox and SoulCycle are both owned by the Related Companies, based in New York.

In addition, beach clubs and parks are planned — including an Icon Bay park — all aimed at “activating the space,” Rosso said.

“It’s a separate business than selling condos or renting condos,” Rosso said of the new division. “It’s more of an asset management type, and making sure the revenue stream from those assets is there.”

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