The Aston Martin Residences, the first condo project branded by the luxury car maker, has broken ground in Miami.
The 66-story building at the mouth of the Miami River will have 391 units. It’s backed by G and G Business Development, headed by CEO German Coto. His family has large real estate and agricultural holdings in Argentina and they are self-funding the project.
See the gallery for photos from the ground breaking and the sales center, plus renderings of the Aston Martin Residences.
The Coto family made headlines in 2014 when it acquired the 1.25-acre site at 300 Biscayne Boulevard Way for $125 million. Coto said they didn’t know the concept of the project back then, but they knew it was the perfect location to build a large, high-end building. Aston Martin would be the perfect partner to convey the type of luxury he wanted to deliver, Coto said.
Alicia Cervera, head of the project’s brokerage Cervera Real Estate, said the project is 30 percent pre-sold with over $160 million in sales volume. Buyers pledged 50 percent deposits that will be made during the construction process. Given that Aston Martin Residences didn’t fully start sales until March, she said that’s great progress.
Most condo developers in South Florida don’t break ground until they reach 50 to 60 percent pre-sales, but the Coto family is not like most developers.
“With or without sales, we were going to build this,” Coto said. “We have the capital to move forward.”
Coto said the family is self-funding the project and hasn’t asked for a bank loan, although it might in the future. It’s very important to him that he meet the timeline of breaking ground in October 2017 – one year after announcing the partnership with Aston Martin – and complete the building in 2021.
Aston Martin VP and Chief Marketing Officer Simon Sproule said the Coto family came to the company’s factory in the United Kingdom two years ago with the proposal to do the brand’s first condo project.
“The test was would it be genuinely Aston Martin,” Sproule said. “The same people who design our cars are involved in the design of the residences and common areas.”
The furniture and fixtures in the building’s common areas, such as the lobby, spa and gym, are the same materials used in Aston Martin vehicles, he said. That includes carbon fiber, leather from a special stock of cattle and wood. Much like when a driver buys an Aston Martin car, buyers of this condo can customize their residences with accessories designed specially by Aston Martin, Sproule said.
In addition, the buyer of the penthouse would receive an Aston Martin Vulcan valued at $2.3 million and about 40 buyers of larger units would receive custom-made Aston Martin DVIIs.
“The relationship will continue after the handover of the building,” Sproule said. “They are buying into the world of Aston Martin.”
The condos are priced from $700,000 for a studio to $50 million for a penthouse. With sizes from 700 to 19,000 square feet, condos in Aston Martin Residences are among the most expensive on a price-per-square foot basis in downtown Miami.
While she was initially concerned about selling a building with among the highest prices in the market, Cervera said buyers have responded very well because they recognize the value and exclusivity of the Aston Martin brand. All of the building’s amenities, from the lobby to the gym to the infiniti pool on the 55th floor, will carry the Aston Martin shield, she said.
Other amenities will include a spinning studio, a boxing gym, a virtual golf room, an art gallery, two movie theaters, a salon and a barber shop.
“It’s a very select group of people who understand the quality of what Aston Martin makes,” Cervera said.
The biggest markets for buyers have been Brazil and Mexico, Cervera said. Most of them are fans of luxury cars, she added.
Architect Luis Revuelta said he designed Aston Martin Residences with large wrap-around balconies to give residences extra living space. He positioned the building to take advantage of the views of the Miami River and Biscayne Bay.
Coastal Construction is the general contractor and Desimone Consulting Engineers did the site engineering, which included designing 12-foot-in-diameter structural columns to support the building.
Source: By Brian Bandell Senior Reporter, South Florida Business Journal
Oct 18, 2017, 2:50pm