Michael Stern and Gianluca Vacchi Launch $4 Billion Real Estate Initiative in South Florida
July 19, 2024
Real estate developer Michael Stern and billionaire entrepreneur Gianluca Vacchi have partnered on a new real estate platform, leading over $4 billion in new development projects in South Florida. Among the most notable are two of Miami’s most significant branded real estate ventures: 888 Brickell Dolce&Gabbana and Mercedes-Benz Places, the region’s largest mixed-use project currently under development.
The platform merges the distinct expertise of its principals. Stern, the founder and CEO of JDS Development Group, is renowned for creating iconic architectural and engineering marvels like the slender supertall 111 West 57th in New York City and the reflective Monad Terrace in Miami Beach. Vacchi, a media titan and entrepreneur, brings his vast experience in marketing and various industries to the table. He commands a significant social media presence with over 47 million followers and recently sold his stake in the family manufacturing empire, IMA Group, for a valuation of approximately $7 billion.
Given his longstanding fascination with architecture and design, Vacchi’s transition into real estate feels natural. His company, GV Development Group, is a U.S. real estate division of Cofiva Holding, which he wholly owns. Stern and Vacchi’s partnership evolved from a friendship into a powerful synergy focused on branded residences and lifestyle opportunities in South Florida.
Stern expressed his enthusiasm, stating, “Gianluca and I are motivated by a shared vision for the limitless potential of Miami and specifically Brickell. Gianluca’s entrepreneurial acumen, deep understanding of brands, and passion for Miami make him an invaluable partner.” The duo plans to announce two additional Miami projects later this year.
Located less than a half-mile apart in Miami’s vibrant Brickell district, the Mercedes-Benz and Dolce&Gabbana projects are transforming the area. Mercedes-Benz Places is the most significant mixed-use development under construction in the city. At the same time, 888 Brickell Dolce&Gabbana is set to be Miami’s tallest tower. Both projects, the first U.S. real estate ventures for these brands, have attracted local and international interest, with Mercedes-Benz Places already setting a Miami sales record with over 100 condominiums sold within weeks.
Stern, known for disrupting the construction industry with his in-house team of experts, has set new records with projects like Walker Tower and the American Copper Buildings. His return to Miami post-COVID marks a significant expansion in the market.
Vacchi, who purchased his first residence in Miami in 2015, highlighted the city’s unmatched quality of life and Stern’s vision for its future. “This is the right team, in the right city, at the right time, with an unprecedented opportunity to collaborate with two of the world’s most authentic and inspiring brands,” he said.
888 Brickell Dolce&Gabbana, designed with the brand’s signature flair, will feature 259 residences, six food and beverage outlets, a signature restaurant, and various luxurious amenities. Nearby, the 67-story Mercedes-Benz Places will offer over 130,000 square feet of amenities, commercial space, a hotel, and innovative mobility solutions while reimagining Southside Park.
The Stern and Vacchi partnership extends beyond real estate. They recently announced a members-only indoor padel club in Miami Beach called Sunset Padel, set to open in late summer 2024. “Michael and Gianluca come from completely different industries, but their vision for development and marketing is a force to be reckoned with,” said long-term partner Rafi Gibly.
With plans to reshape Miami’s skyline, Stern and Vacchi’s collaboration signals a new era of innovation and luxury for the city’s real estate landscape, with future projects also planned for New York and the West Coast.
