The 60-story Porsche Design Tower — an ultra-luxury condo project in Sunny Isles Beach famous for a car elevator that will hoist residents and automobiles to their units — has paid off a $214 million construction loan, developer Gil Dezer said Wednesday.
The loan, issued by Wells Fargo in 2013, was an important turning point for Miami’s real estate market, which had been annihilated just a few years earlier by the financial crisis. Along with other big loans for the Trump Group (a local builder, not Donald) and Design District developer Craig Robins, the Porsche project signaled major financial institutions believed the region was ready for another building boom.
Dezer said his company has sold 126 of the project’s 132 units for about $760 million. The remaining units include two penthouses listed at $32 million. The project, at 18555 Collins Ave., recently received its temporary certificate of occupancy. That means buyers will start moving in the first quarter of 2017.
$840 millionTotal projected sell-out cost of Porsche Design Tower
Residents will be able to show off their fancy rides in glass-encased “sky garages” housed in their condos, thanks to an elevator dubbed the “Dezervator.” The project was part of a boom of over-the-top amenities meant to help developers stand out in a crowded condo market. Many builders have also imitated Dezer with developments branded by luxury houses including Missoni, Aston Martin and Fendi.
“Without a doubt, Porsche Design Tower’s unsurpassed technological and design elements have redefined the world of luxury as we know it,” Dezer said in a statement. “We have a lot of excited residents that we cannot wait to welcome.”