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PMG to build Waldorf Astoria tower in downtown Miami
Developer is waiting until the market improves to open a sales center
The Waldorf Astoria is coming to downtown Miami.
New York-based Property Markets Group signed a contract with the landmark hotel flag to build a Waldorf Astoria hotel-condo tower at 300 Biscayne Boulevard. The skyscraper, designed by Miami-based Sieger Suarez Architects as a stack of glass cubes, is projected to reach a total sellout of more than $1 billion, developer Ryan Shear told Bloomberg.
PMG has delayed launching the condo project due to the slowdown in luxury sales, and won’t be opening a sales office until the market improves, Shear said. The 1,049-foot tower will include a 140-key hotel and about 400 condo units.
The development will mark the first in Miami for Waldorf, which is owned by Hilton Worldwide Holdings Inc. In addition to its flagship hotel in Manhattan, Hilton has opened Waldorfs in Amsterdam, Dubai, Shanghai and other cities, according to Bloomberg.
It’s also another example of developers using high-end brands to sell condos. Nearby in downtown Miami, German Coto’s G&G Business Developments is building the Aston Martin Residences. There’s also Armani/Casa Residences and Porsche Design Tower in Sunny Isles Beach, and Missoni Baia Residences in Edgewater.
PMG acquired the downtown Miami property for $80 million in 2014, and built X Miami, a rental tower, next to the site. The developer is partnering with Greybrook Realty Partners and S2 Development on the project. [Bloomberg] – Katherine Kallergis