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Coto family, Aston Martin complete $1B branded condo tower in downtown Miami
One unit of 391 remains unsold: $59 million triplex penthouse with its own pool
From left: German Coto and Marek Reichman along with the Aston Martin Residences in downtown Miami (Aston Martin)
A marching band began playing “Celebration” by Kool & the Gang at the ribbon-cutting ceremony marking the opening of Aston Martin Residences, a waterfront luxury condo tower just completed in downtown Miami.
The Coto family, executives from Aston Martin, architect Rodolfo Miani of Buenos Aires-based Bodas Miani Anger, Cervera Real Estate leaders and Miami Mayor Francis Suarez were on hand Tuesday to unveil the development fronting Biscayne Bay, which has been nearly a decade in the making. The sellout is expected to top $1 billion, according to developer German Coto.
The 66-story, 391-unit waterfront building at 300 Biscayne Boulevard Way marks the first Aston Martin-branded residential building in the world, and joins a growing number of branded condo towers in South Florida. The event was held days ahead of Formula One’s Miami Grand Prix.
The building is the tallest all-residential high-rise south of New York City at 817 feet; Panorama Tower in Brickell is the tallest building in Florida at 868 feet tall. A number of supertalls planned could surpass both buildings.
Closings are underway at the sail-shaped building. Records show one unit sale has been recorded so far. The building is 99 percent presold, according to the G&G Business Development, the Coto family’s real estate company. The only remaining unit is the 27,000-square-foot triplex penthouse, asking $59 million.
Cervera Real Estate has been leading sales and marketing of the project since sales launched in 2016.
G&G acquired the 1.3-acre site from developers Ugo Colombo and Diego Lowenstein in 2014 for $125 million, a sale that set a per-acre record for land deals in South Florida. The Coto family runs the large Coto Supermarkets chain in Argentina and produces and exports agricultural, cattle, pork and poultry products.
Aston Martin executive Marek Reichman, chief creative officer of the luxury British sports car manufacturer, said that “every touch point in the building represents Aston Martin,” from the materials like the wood paneling and marble, an art gallery, movie theater, children’s and teens’ lounges, fitness center and spa. The building’s east and west lobbies and other common spaces also feature the same Aston Martin scent used in the luxury automaker’s dealerships.
Other amenities include an indoor pool and an outdoor pool deck on the 55th floor, and a superyacht marina. The sail-shaped tower was designed to represent Aston Martin’s aerodynamic designs.
Coto cited “unprecedented challenges brought by the pandemic” while building the tower, which took roughly seven years to construct and experienced delays. It was previously expected to be completed in 2020. The building includes seven penthouses, and most units are between one and four bedrooms.
Reichman acknowledged it was “not easy building a building like this,” including fortifying the waterfront site for such a tall tower.
Since launching the project in 2016, more than two dozen branded developments have been planned in South Florida. Many of those condo projects are concentrated in Miami-Dade County.
Aston Martin joins Porsche Design Tower, a Dezer development in Sunny Isles Beach, in the small group of car branded condo developments. Dezer also plans a Bentley Residences in Sunny Isles, and developer Michael Stern’s JDS Development recently launched sales of a Mercedes-Benz-branded tower in Brickell.
Mikael Hamaoui’s Riviera Horizons plans a Pagani-branded condo building in North Bay Village.