After more than a year off, Formula 1 racing legend Sergio Pérez is back in Miami, where he was welcomed by none other than the city’s condo king, developer Jorge Pérez.
The two Pérezes, who aren’t related, warmed up for the Miami Grand Prix at a new Brickell restaurant earlier in the week. Sergio, who is racing for Cadillac after exiting Red Bull’s team in 2024, last year purchased a four-bedroom, five-and-a-half-bathroom unit at the under-construction St. Regis Residences, Miami. Related is co-developing the bayfront development with Integra Investments.
Sergio isn’t the first F1 driver to pick up luxury real estate in Miami — especially as of late. In March, David Martin’s Terra and Michael Simkins’ Lion Development Group signed a contract to sell a unit at the Jean-Georges Miami Tropic Residences to Pierre Gasly, who races for Alpine. Gasly bought a 3,712-square-foot, four-bedroom, four-bathroom condo in the planned building for $4.9 million, or $1,320 per square foot.
Charles Leclerc, who competes for Ferrari, signed a contract two years ago to purchase a unit at the planned Edition Residences in Edgewater. But that project’s future is on hold, as the developer and the holdout owners of the existing building are still battling in court.
Celebrity buyers often receive credits or discounts in exchange for the promotion of their purchases.
Besides wooing F1 drivers, developers took advantage of the influx of wealthy attendees of the race, hosting parties throughout the week. During race weekend, that includes DaGrosa Capital Development Partners, the developer of the Kempinski Residences in the Miami Design District, which hosted guests at its private paddock club rooftop suite at the race. In Broward, Circ Residences held a Cirque du Soleil party on the rooftop deck of the Hollywood development.
Brokers used the race to rev up their marketing (pun intended) online.
The race is now one of the major events held in South Florida throughout the year that brokers and developers use to help sell real estate — there’s also the Miami Open, the upcoming FIFA World Cup, and the annual event that started it all, Art Basel Miami Beach.
Billionaire developer Steve Ross, who hosts the race at his Hard Rock Stadium, played a key role in bringing F1 to Miami starting in 2022.
What we’re thinking about: Who do you predict will win the Miami Grand Prix? Send me a note at [email protected].
CLOSING TIME
Residential: Fort Partners sold a penthouse at the Seaway at Surf Club North at 9165 Collins Avenue in Surfside for $64.5 million. Marinus Limited purchased the oceanfront condo.
Commercial: In Boca Raton, an office complex spanning about 15,000 square feet at 1951 Northwest 19th Street changed hands for $26.2 million. An LLC managed by Sylvia Kanoff sold the property to entities linked to Pebb Enterprises and Butters Construction & Development.
— Research by Mary Diduch
NEW TO THE MARKET
Luxury home developers Fred and Aaron Karlton listed the waterfront mansion at 1649 West 22nd Street in Miami Beach for $85 million. The 16,000-square-foot mansion, which will include a 2,000-square-foot master suite, is expected to be completed later this year, according to the listing. The property is on the market with Julian Johnston of the Corcoran Group. The Karltons paid $19 million for the lot in 2024.
A thing we’ve learned
Billionaire developer Steve Ross said at a conference last week that South Florida is still in its “first inning” in the corporate relocation wave. Ross also noted that South Florida has gotten too expensive for retirees. During the same talk, Ross addressed why his Hard Rock Stadium is not currently being considered for the Super Bowl.
“Miami is not really in line for one. It’s always exciting to have the Super Bowl, but that was before we had all the other events,” he said, according to the South Florida Business Journal. “Miami has by far the best weather. It’s in their best interest to have one here, but at this point they don’t believe we meet all the requirements and the demands.”
