SAN DIEGO (TheStreet) — Miami is becoming the place to build if you’re a fashion icon breaking into U.S. residential real estate.
Fendi, long known for furs and leather handbags and led by renowned creative director Karl Lagerfeld, has announced that it’s building a 58-unit condominium building three blocks south of the Bal Harbour shopping area.
The property, named Fendi Chateau, will include residences starting at $5 million and topping out at around $22 million.
News about the Fendi building comes just weeks after The Armani Group announced its own residential project in Sunny Isles Beach, Fla. The Residences by Armani/Casa, a 60-story, 260-unit building just north of Bal Harbour, is being built in partnership with New York- and Miami-based Dezer Development and The Related Group. It is Armani’s first residential development in the United States.
The Fendi property is being built with private developers The Chateau Group.
During a telephone interview, Chateau Group representatives sought to distance their project from Armani’s, stressing that their building would be very different.
“This is a very unique, boutique style building with only 58 residences,” says Manuel Grosskopf, of The Chateau Group. “It’s a very different type of project. A very high-end project whose buyers are looking for exclusivity and privacy. With only 58 units, you get that kind of privacy.”
Fendi Chateau is the first residential project in the world for the design house, notes Grosskopf, adding that Fendi selected Miami because of the “quality and uniqueness of the location,” particularly the site’s 300 feet of oceanfront land.
In addition to privacy and exclusivity, Fendi Chateau will include lush avant-garde gardens, zen-inspired outdoor spaces, two outdoor swimming pools surrounding by tropical gardens, poolside cabanas, pool- and beachside service, a private cinema, a fitness center overlooking the ocean and a spa with an indoor European thermal pool.
Other luxe touches that might interest prospective buyers include elevators that go direct to the residences' private foyers and master suites with his-and-her master bathrooms and walk-in closets. The residences will also have staff quarters.
The size of the residences will range from 3,300 square feet to more than 7,000 square feet.
The interior design of the building will be handled by Fendi – a newly minimalist look, Grosskopf said.
“Fendi is changing its whole identity in regard to not being very heavy design. They are changing their whole design to be more minimalist,” Grosskopf says.
The kitchens in each home will have Fendi-designed cabinetry, as well as high-end Gaggenau appliances. The building’s concierge services will be handled by Luxury Attache, a firm used by some of the most exclusive residential buildings in New York City, Grosskopf says.
Fendi Chateau is expected to be complete in the first quarter of 2016. The property is already 40% sold, Grosskopf says.
“We have had a lot of inquiries from New Yorkers, also from South America, particularly Brazilians and Argentineans also,” Grosskopf says. “South Americans have really shown a lot of interest in the location.”