Black Salmon, the Boschetti Group and Constellation Group are teaming up with hospitality mogul Sam Nazarian to launch a branded condo tower in Miami’s Edgewater, The Real Deal has learned.
Nazarian’s HQ Hotels & Residences by sbe will manage and brand HQ Residences Miami, a planned 35-story, 229-unit high-rise at 422 Northeast 29th Street in Miami, Nazarian announced at TRD’s Miami Forum on Wednesday. Nazarian’s partners include Grammy-winning artist Marc Anthony.
The development team, including the Boschetti family’s South Miami-based firm and Eduardo Otaola’s Coral Gables-based Constellation, tapped Mauricio Umansky and Santiago Arana’s The Agency to lead sales and marketing.
The project will add to a growing pipeline of condo and apartment towers in Edgewater.
Nazarian, chairman and CEO of Beverly Hills-based sbe, told TRD in an interview that the project will fill a gap in Miami between the short-term rental-friendly condo projects that are less expensive and the $3 million-plus condos.
“There’s a lot of luxury residential projects today. One thing we saw was there was a lack of personality and connectivity and collaboration in these towers,” he said.
Camilo Lopez, managing partner and co-CEO of Coral Gables-based Black Salmon, said he interviewed more than 10 brands before choosing HQ.
Lopez said nearly 65 projects are in the pipeline in Greater Downtown Miami, and a majority of those are short-term rental-friendly condo projects. HQ Residences will be a traditional condo building with prices that start at $850,000 and average $1.5 million, Lopez said.
Nazarian and Lopez said the project aims to appeal to Millennials and Gen Zers, and Latino/Hispanic buyers. Units will range from one to three bedrooms and from 721 square feet to 2,074 square feet, according to a press release. The project will also have eight penthouses.
“One of the biggest challenges in Miami is the entry level [price] is becoming extremely high,” Lopez said. “This opportunity to design this product in this price point makes sense.”
The building will mark the first residential tower branded by HQ, a hotel brand that Nazarian launched last year. Anthony will be involved in the Miami project and future branded residential developments.
“[Marc] is somebody who is the face of Miami,” Nazarian said. “Having him be a validator for the largest buyers of residential, the Hispanic and Latino market, it’s very exciting for me to partner with Marc and bring him into his first residential project in South Florida.”
Construction could begin by September of next year, and it will take about 30 months to complete, Lopez said. The project will cost about $1,100 to $1,200 per square foot to build, and presales will start at about $1,400 per square foot.
The project’s top two floors, totaling nearly 16,000 square feet, will feature amenities focused on wellness, entertainment and art, and will include a private club. The 34th floor will be designed by The Well Founder Kane Sarhan, and feature yoga, hammam, sauna, steam, plunge pools and bath house treatments; a fitness center, treatment rooms and a pool deck with lounges. The top story will have entertainment and social components, including Sofia Vergara and her son Manolo Vergara’s Toma Gourmet restaurant; Jack’s NYC Coffee; and Marc’s, a speakeasy curated by Anthony.
Bernardo Fort Brescia’s Arquitectonica is the architect, and Enzo Enea is the landscape architect. DesignAgency and Craft will design the interiors.
Nazarian worked with Related Group and its partners on a handful of South Florida branded condo projects in the last real estate cycle, which included SLS Lux, SLS Midtown and Hyde Midtown in Miami, and Hyde buildings in Hallandale Beach. Now, he said he’s in talks with Black Salmon to brand additional condo projects in South Florida under the HQ flag.
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