Miami’s Inaugural Supertall Tower to Feature $50 Million Condo Listing
October 7, 2023
South Florida is witnessing a remarkable transformation in its real estate landscape with the construction of what will become the region’s tallest skyscraper, the Waldorf Astoria Residences Miami. This ambitious project is set to redefine Miami’s skyline and challenge price norms in the area.
The spotlight in this groundbreaking development is currently on a luxury unit hitting the market with a jaw-dropping price tag of $50 million. Suppose this property successfully secures a sale in the vicinity of this amount. In that case, it will join the ranks of the most expensive condominiums ever sold in the Miami area, according to available records.
However, what’s truly astounding is that this $50 million unit is not even the costliest within the Waldorf Astoria Residences Miami. A buyer is already contracted to acquire a sprawling penthouse approximately 30,000 square feet above this unit. Ryan Shear, a managing partner at Property Markets Group, one of the project’s developers, revealed that this penthouse was sold as an empty canvas and is currently undergoing a custom build-out to cater to the buyer’s unique preferences. While the exact contract price remains undisclosed due to a nondisclosure agreement, Shear hinted that it will likely surpass the existing Miami-area condo record, set in 2015 with a $60 million transaction at Faena House in Miami Beach. Considering the sale price and the cost of the custom build-out, the estimated value of the Waldorf unit is expected to reach approximately $90 million, as stated by Shear.
Shear emphasized the challenge of meeting the expectations of such discerning buyers, stating, “Whatever we think the buyer wants, we know one thing for sure: We’re wrong. I have yet to meet a buyer of this magnitude [who] doesn’t come with their interior design or some set of ideas.”
Construction of the tower commenced last year, and developers anticipate completion around 2027. The Waldorf Astoria Residences Miami will comprise 205 hotel rooms and 360 condos, offering amenities such as a billiards room, a kids’ club, and an elevated pool deck. Residents will also have access to the hotel’s facilities, which include a spa, fitness center, and a resort-style pool deck with private cabanas.
Sales for this remarkable project began in March 2021, with prices starting at approximately $1 million for a studio apartment. Shear revealed that the building is now nearing 90% occupancy, even in the face of a slowdown in Miami’s luxury real estate market.
Shear believes this project’s success can be attributed to impeccable timing, as it was introduced just as the luxury real estate market in Miami was experiencing unprecedented growth amid the COVID-19 pandemic. It has managed to maintain its sales momentum despite the challenges faced by developers launching new projects in the current climate.
Architects typically define supertall towers as buildings standing at least 984 feet high. Although supertall skyscrapers have become common in New York in recent years, the Waldorf tower, exceeding 1,000 feet in height, will be a pioneering addition to Miami’s skyline.
