Art, real estate now intertwined in SoFla

To differentiate their projects in a hotly competitive South Florida condo market, developers are increasingly turning to fine art.

Expensive art, in the form of paintings, sculptures and other works, is now a critical part of condo project design in the region, Miami Herald reported. Developers are permanently displaying high-end pieces in the common areas of their condo towers. The international investors scouting new projects, especially Brazilians, Italians and Russians, seek out projects with fine art components.

The proliferation of Art Basel Miami Beach has helped intertwine South Florida’s art and real estate worlds. Art Basel’s 12th edition begins on Dec. 5.

One current development, Alan Faena’s mixed-use Faena District in Miami Beach, includes an art exhibition center. [Miami Herald] — Eric Kalis