Coming soon to Miami: A condo for your exotic cars

Miami /
Mar.March 01, 2016 12:00 PM

A mixed-use, luxury project in the works is targeting a new demographic: luxury cars. 

Nathan Vedrani and Tom Cabrerizo, director of acquisitions and CEO, respectively, for the Miami-based CFH Group, along with developer Sheldon Lowe, are building the five-story project in the area east of Coral Gables in the city of Miami. The partnership closed on a $19.5 million construction loan from SunTrust Bank for the site, which is on Bird Road and Southwest 38th Court.

Vedrani told The Real Deal that Gables Auto Vault will have car condos, as well as ground floor retail. He said the original plan included an auto dealership, but that has since been scrapped. “We knew there was a demand for secure [luxury] car storage,” Vedrani said.

The project is 50 percent sold to local buyers, he said. Prices range from $500,000 to about $2 million, with spaces that hold anywhere from six to 20 cars. Units will include security, air conditioning and high-end finishes. Owners will be able to drive their cars onto large freight elevators that open into a common area and into units with accordion-style doors.

The development is near the Collection dealership in Coral Gables, as well as Off Lease of South Miami and Deel Volkswagen and Deel Volvo. Theoretically, a car condo owner could purchase an exotic car at the Collection and drive it into Gables Auto Vault.

The construction financing covers an assemblage of about 50,441 square feet. The LLC bought the six parcels out of foreclosure in 2014, according to property records.

County records show that CB Constructors, based in Pompano Beach, is the contractor.

Over in Sunny Isles Beach, developer Gil Dezer has also tapped the car enthusiast demographic: Porsche Design Tower will include a Dezervator, a car elevator that delivers vehicles to a resident’s “sky garage.”

 

Related Articles

arrow_forward_ios
Keith Kosow and 100 South Pointe Drive in Miami Beach (Getty, LinkedIn/Keith Kosow, Luxhunters, Google Maps)
Investment boss sells gut-renovated Continuum South Beach condo for $10M
Investment boss sells gut-renovated Continuum South Beach condo for $10M
From left: Lockton Companies' Fred Zutel, KAR Properties' Shahab Karmely, Bilzin Sumberg's Suzanne Amaducci-Adams, and International Sales Group's Craig Studnicky
Soaring costs and slowing demand complicate South Florida condo projects
Soaring costs and slowing demand complicate South Florida condo projects
Intech Investment Management's Robert Garvy and Warner Pacific Insurance Services' John J. Nelson with The Bristol Palm Beach at 1100 South Flagler Drive
Financier sells Bristol condo in West Palm for $21M
Financier sells Bristol condo in West Palm for $21M
Suzanne Amaducci-Adams, Len Blavatnik, George Gleason, Josh Zegen, and Russell Galbut
Here are South Florida’s top construction loans of the past year
Here are South Florida’s top construction loans of the past year
From left: Tony Pettiti, Krispy Creme's Michael Tattersfield, and BitPay's Stephen Pair with 1500 Beach Road
Jeffrey Soffer sells out SeaGlass for $169M — here’s who’s moving in
Jeffrey Soffer sells out SeaGlass for $169M — here’s who’s moving in
Miami Skyline
South Florida by the numbers: A look back at 2022
South Florida by the numbers: A look back at 2022
From left: Taylor Collins and Jon Paul Perez with Rivage
Related, partners launch sales of Bal Harbour condos, with PH asking over $65M
Related, partners launch sales of Bal Harbour condos, with PH asking over $65M
From left: Charles Kushner, Laurent Morali, David Arditi, and Nicole Kushner Meyer along with renderings of 1900-2000 Biscayne (left) and 2222 Brickell Avenue (right) (Getty, Kushner Companies, Aria Development Group)
Miami board to vote on Kushner’s Edgewater rental project, Aria’s Brickell condo building
Miami board to vote on Kushner’s Edgewater rental project, Aria’s Brickell condo building
arrow_forward_ios

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

Loading...