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TheStreet Open House

Miami's Building for Billionaires Who Love Their Cars

SAN DIEGO (TheStreet) -- Some people buy expensive artwork to hang in their home and admire.

Others buy expensive cars to park in their home and admire, just like you would a Monet or Renoir.

That's the way mega developer Gil Dezer explains his latest project: the new 60-story Porsche Design Tower Miami, a first-of-its-kind building featuring a one-of-a-kind automobile lift system that allows owners to park their vehicles in see-through "sky garages" next to their units.

"There are people who view their automobiles as art," says Dezer of the building's homeowners. "The car goes up to the unit and it goes right outside your living room. One guy told us he is bringing a $25 million Ferrari with him. If you're not a car person, you may never get it. But it's the same as the way I look at a Picasso."

The 132-unit building, still under construction, will cost Dezer Development about $425 million to complete and is already 80% sold. Prices of the units range from $4.8 million to $32.5 million.

When the loan was approved for the project in September, it was the largest loan for a major construction project in the Southeast United States since the real estate recession, and exponentially larger than any post-recession loan of its kind in South Florida, according to Dezer and lender Wells Fargo.

The ultra luxury building is awe inspiring not only because of its price tag and unique car elevator, but because of the many other perks and amenities that come with this posh residence.

The building, in Sunny Isles Beach, features plunge pools and outdoor summer kitchens on the balcony of nearly every home. It also has a state-of-the-art spa, a movie theater and a "car concierge" who will tend to residents' vehicles by helping with regular maintenance, tire rotations, washing and more.

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