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.