Real Estate News

Lincoln Road is so expensive, even a garage apartment is going for $34 million

The parking garage/retail shop property at 1111 Lincoln Road on South Beach was bought by a group of investors in June for $251 million. The sale did not include the rooftop penthouse, which has been listed for $34 million.
The parking garage/retail shop property at 1111 Lincoln Road on South Beach was bought by a group of investors in June for $251 million. The sale did not include the rooftop penthouse, which has been listed for $34 million.

On South Beach, where property values are among the highest in Miami-Dade County, even a garage apartment can cost a fortune.

Skyhouse 11 11, the seven-bedroom penthouse atop the iconic parking garage at 1111 Lincoln Road, has been listed for sale. Asking price: $34 million.

The home was designed by the Swiss architectural firm Herzog & de Meuron, which also designed the garage. The penthouse features 7,700 square feet of interior living space and 18,000 square feet of outdoor space and is reachable via a private elevator.

The property was listed by Robert S. Wennett, who has lived in the penthouse since 2011. The luxury real estate firm The Jills is representing the seller.

Wennett bought the 1111 Lincoln Road property in 2005 for $23,500,000 and developed it into a nine-story mixed-use property containing 94,488 square feet of office space, 51,839 square feet of retail and a 263-space parking garage. The structure gained national attention when it opened in 2010 and started hosting special events such as wedding receptions and yoga classes.

Earlier this summer, Wennett sold the parking garage to a German institutional investor for a reported $283 million. According to public records, the final sales price was $251 million.

The $34 million asking price for the penthouse falls in line with the rest of pricey Lincoln Road, where the rate for rental retail space in June 2017 was $300 per square foot, according to Cushman & Wakefield.

Rene Rodriguez: 305-376-3611, @ReneMiamiHerald

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