PMG to build Waldorf Astoria tower in downtown Miami

Developer is waiting until the market improves to open a sales center

TRD MIAMI /
Sep.September 28, 2018 01:15 PM

Rendering of Waldorf Astoria in Miami and Ryan Shear (Credit: Property Markets Group, ArX Solutions)

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


Related Articles

arrow_forward_ios
Renderings of the project with Yair Levy

Diamond in the rough? Downtown Miami Metro Mall to get $35M makeover

Moishe Mana and 201 Southwest First Street (Credit: Google Maps)

Mana buys more land in downtown Miami for master plan

Jonathan Sobel and his units at the Surf Club (Credit: Realtor and Redfin)

Ex-Goldman Sachs partner picks up Surf Club condos at a discount

One Thousand Museum and Ravichandra Saligram 

Consumer conglomerate CEO buys condo at One Thousand Museum

Zaha Hadid and One Thousand Museum (Credit: Getty Images)

PHOTOS: Inside Zaha Hadid’s Miami tower

Olympia Theater (Credit: Getty Images)

Maurice Gusman heirs sue city of Miami to regain ownership of Olympia Theater

Elliot Eisenberg and his Aventura condo

Telling move: Housing expert relocating to South Florida for tax savings

Rendering of downtown Miami courthouse to be built by Plenary Group and Miami-Dade County

All rise: Miami-Dade commissioners approve $267M downtown Miami courthouse project

arrow_forward_ios
Loading...