Elle Residences Miami: A New Luxe Condo-Hotel in Edgewater
May 31, 2024
Vertical Developments and Urban Network Capital Group are collaborating with Elle, the renowned luxury fashion and media company, to introduce a new branded condo-hotel tower in Miami’s Edgewater.
Elle Residences Miami will rise on a half-acre site at 3618 Northeast Fifth Avenue, which also faces Northeast 36th Street and I-195. The project is spearheaded by Robert Thorne, CEO of Urban Network, and Fernando de Nuñez y Lugones, CEO of Vertical Developments, who formerly held senior roles at One Sotheby’s International Realty and Fortune International Group.
This 25-story, 180-unit tower will be Elle’s first residential venture, branching out from their previous expansions into cafes, beauty salons, spas, and hotels. The development aligns with the trend of branded condos in South Florida, offering short-term rental options—a growing demand among Miami developers.
The developers have secured a licensing agreement with Lagardère News, part of the French Lagardère Group. Unit prices will start at around $525,000, with sizes ranging from 450 to 845 square feet and featuring one to two bedrooms. A penthouse collection will also be available. Edgardo Defortuna’s Fortune Development Sales is handling the sales and marketing of the condos.
Last fall, Urban Network, based in Miami, and Coral Gables-based Vertical Developments purchased the site for $13.5 million, including parcels at 445 and 455 Northeast 36th Street and 3620, 3630, and 3632 Northeast Fifth Avenue.
The tower will boast two floors of amenities, including a pool, cabanas, summer kitchen, outdoor movie theater, gym, spa, rooftop pool, and lounge. The design and architecture are being managed by Behar Font & Partners and The One Atelier.
According to ISG World’s first quarter report, developers plan over 10,000 short-term rental-friendly condos across 31 buildings from Miami’s Coconut Grove to Hillsboro Beach in Broward County. These units represent more than half of the total 20,613 condos in development, appealing to investors due to their lower prices and rental flexibility.
Branded residences are expanding beyond Miami-Dade County, reaching as far as West Palm Beach. In Edgewater, similar projects include the planned Edition Residences by Two Roads Development. However, its future is uncertain due to a legal dispute.
South Florida developers often collaborate with hospitality and luxury brands for their condo projects, including partnerships with Aston Martin, Four Seasons, Porsche Design, Mr. C, and Casa Tua.
