One of my favorite people came into the studio recently to talk about how he does residential real estate in South Florida. The unique thing about Gil Dezer is that when he does a project, he aims high.
How high?
Well, at Porsche Design Tower Miami the units start at $5 million and top out at $33 million. The unique building is under development and is already 90% sold out.
“We have a lot of serious people who’ve bought from us at Porsche,” Dezer said. “Everyone there is at the same socioeconomic level, and those kind of people want to meet each other and be with each other. When you get one, you get 20 more.”
And then there’s Armani Tower in Sunny Isles Beach, a joint venture between Dezer, the Armani Group and the Related Group. Planned for delivery in 2016, some 80% of the units sold in one week.
This one features a design by famed Argentine architect Cesar Pelli, which only added to the marketability.
“I thought with the Armani brand that we have on the building that we wouldn’t necessarily need it, but my partner George Perez wanted to use him so I said, ‘Sure, let’s go.'”
Porsche Design Tower Miami and Armani Tower help to illustrate the growing viability of the so-called “Super Lux” segment of the condominium market in South Florida. Lots of international money is flowing to these coastal projects.
But Dezer is also active landside with Hyde Midtown, a 31-story sister property of the SLS Hotel in South Beach. Despite its upscale feel and features, units there will start at $350,000.
“I like the whole Midtown vibe. I like what’s going on over there. I think it needed something like what we’re doing,” Dezer said.
We talked about a lot more, including his planned redevelopment of the Intracoastal Mall in Aventura and his interest in the Boca and Palm Beach County markets.
We also talked about fast cars and his run in the Gumball 3000, a 3,000-mile British motor rally.
Click here to listen to the full interview with Gil Dezer of Dezer Development.
