Any developer can hire an architect. Not any developer can get a multibillion-dollar company to allow them to use their most valuable asset, their brand.
Q. Are the private car elevators designed for the tower turning out to be a popular selling point with clients?
Our car lift system, patented as the ‘Dezervator,’ is one of the main selling features of the tower.
“There are other tremendously unique features in this tower as well, but the elevator seems to get all the attention because of how unique it is. Other car lift systems have been done, but none have been fully automated the way the Dezervator was done, where there is zero human input to get you from the entry floor to your private garage. The clients and the whole world are going crazy for the concept.
Q. If someone shopping for a unit asked how much the monthly maintenance fees will be, what would you think?
Our buyers are not really concerned about the expenses of ownership, but if they were to ask, they would find it to be quite reasonable and in line with other buildings of this caliber on the beach. [Dezer said maintenance fees are expected to be in the range of 70 cents per square foot per month.]
Q. You recently closed on a $214-million construction loan for the Porsche Design Tower. Are lenders being more cautious in this cycle?
As you can see, the lenders are not handing out money to just anyone. That’s why other developers are asking and getting 50 percent to 80 percent deposits on their unit sales.
I like working with one single lender versus 250 buyers/lenders, and fortunately we have been able to show our ability to pay back loans even in the bad times.
In 2010, we proudly paid off a construction loan on the Trump Royale for $210 million, and in 2011, we paid off a $265 million loan to Wells Fargo.
After proving our ability, that opened the doors to lending for us in this ‘new marketplace.’
Q. Three years ago, did you expect Miami’s real estate market to recover as quickly as it has?
It has been actually quite remarkable how fast things came back. I remember sitting in a room with my people thinking about how we will be sitting here for the next 10 years.
Fortunately, we were wrong.