The Argentinian developer Alan Faena has announced he will build two new luxury condo towers at his mixed-use, arts-centered development in Miami Beach.
Faena Versailles Classic, located in the old Versailles Hotel at 35th Street and Collins Avenue, will have 22 units inside a restored Art Deco façade.
An adjacent tower, Faena Versailles Contemporary, will have 41 units. Prices for condos in the buildings, which are expected to open in 2017, range from $3 million to more than $50 million.
Faena Group has already sold out an 18-story, 47-unit tower called Faena House. Residents will start moving into the condos there over the summer.
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Alicia Goldstein, executive vice president of sales and marketing at Faena Group, said the company has found a “sweet spot” in the market by offering low-density living on the beach with a focus on design and outdoor spaces.
“We found that buyers in Miami were so used to offerings on the beach being 400 units piled on top of a hotel,” Goldstein said. “There’s a lot of demand here for condominiums with the architecture, design and amenities you would find in New York or London.”
Faena Miami Beach spans six blocks from 32nd Street to 36th Street along Collins Avenue. Faena is pitching the project as a hip arts hub for a previously quiet neighborhood.
Ukrainian-born businessman Len Blavatnik is a partner in the venture, which will include a cultural center and retail complex — designed by star architect Rem Koolhaas — that are expected to open by the end of the year.
The former Saxony Hotel, rebranded as Faena Hotel Miami Beach, is also scheduled to open in the fall.
The project is based on a similar undertaking by Faena and Blavatnik in the Puerto Madero neighborhood of Buenos Aires, which the developers transformed from a derelict riverfront barrio into a thriving arts district.