Name-brand residences 'resonate' in Miami, spurring major competition
Number of branded residences growing 12% annually, Knight Frank research shows
Gil Dezer, Nick Perez talk Miami's branded residence boom
Fox News Digital speaks with Dezer Development President Gil Dezer and the Related Group's Nick Perez about their under-construction Bentley and Pininfarina designed residences, respectively.
In the Magic City and beyond, these buildings are the talk of the town.
Porsche Design Tower, Bentley Residences, the Pagani, Aston Martin and soon-to-be Mercedes-Benz condominiums tower the Miami skyline as it embraces a boom in car-branded residences.
"The real reason for the brand is not so much to attract attention, but it's for the buyer to kind of resonate with that brand and know what they like about it, what they don't like about it, and for them to really feel themselves in the story," Dezer Development President Gil Dezer – the builder behind Miami’s Porsche Design, Armani and Bentley high rises – told Fox News Digital.
"It all depends on what the buyer wants. But people want to associate themselves and be proud of where they live," Related Group’s Nick Perez also echoed to Digital, who’s overseeing the Pininfarina (Ferrari)-designed Andare Residences in Fort Lauderdale. "And so that's why you're seeing more and more people being attracted to branded residential properties."
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Dezer and Perez represent just two of the minds driving the branded residence trend and delivering it to market. While Dezer proclaims that his team catalyzed branded buildings in Miami beginning with the Trump Organization, Perez is part of a real estate group pushing the movement forward with properties like Andare.
Gil Dezer and Nick Perez talk to Fox News Digital about how the branded-residence trend resonates in Miami. (Fox News)
The number of new branded condos is growing by an average of 12% per year, according to the Knight Frank Global Branded Residences Report. What's more, data analyzed by The Real Deal shows that more than two dozen car-branded projects are in the pipeline around South Florida's tri-county area.
"We've been doing this for 20-plus years," Dezer said. "We have the Trump brand, we have the Armani brand, we have the Porsche Design, and now Bentley… so, based on that, [it's] why they entrust us with their brand. Because in reality, for the brand, a bad development can do a lot more damage than good."
"Branded residences represent an enduring trend, not a short-lived phenomenon," Perez added. "Their appeal lies in delivering unparalleled lifestyle experiences that cater to individuals who already have a deep relationship with the brand. In short, there’s a built-in and extremely loyal customer base."
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About one decade ago, after developing six Trump-branded towers, Dezer raised eyebrows with the Porsche Design Tower. Its sleek, jet-black style stood out next to its neighbors, and the patented car elevator dubbed the "Dezervator" was a first of its kind.
"We did it for the cool factor of, hey, how cool would it be to have your expensive art piece in your living room, whatever car you have? Whether it's a Porsche or Lamborghini or Bugatti or anything you have. And that was the main idea when we set out to build the building," Dezer reflected.
"But what actually happened was, we got people who really moved up from other condominiums, really noticing that this is... the private way of getting home. You go into the building, you don't have to see a valet. You're not to see front desk security," he expanded. "You are right in the elevator, right up to your apartment."
Currently, Dezer has the development and construction rights to the world’s first Bentley Residences, which he noted has been 45% sold as of this May.
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"Bentley itself is more than a car company. It's a lifestyle company. They sell everything from Bentley golf clubs to sunglasses, all that fun stuff that is not just about the car," he said. "What was very important to the Bentley team was the connectivity of the car to the apartment, things like, when you walk outside the car as the radio shuts off, the music should turn on inside your home."
Gil Dezer in his patented 'Dezervator.' | Getty Images
The touchpoints on Bentley cars – from the steering wheel, air conditioning, radio and gear shift controls – will translate and match the residences’ door handles, faucets and other common appliances.
"They all have the same Bentley touchpoints and the same diamond knurling. So we're really taking a deep, deep, deep translation of the brand into the building, and really recreating what it would be like to live in a Bentley car, but really, a Bentley home," Dezer noted.
Perez, conversely, is introducing the trend into a new real estate market just north of Miami, hoping to blend the artistry of architecture with automotive and nautical design.
"Having worked with Pininfarina on previous projects, the firm recognized and embraced our vision to create a high-design, service-driven condominium in the heart of Fort Lauderdale’s hottest residential market," Perez explained. "Given Fort Lauderdale’s thriving boating and car scene, we believed that integrating the original Ferrari designer and now world-renowned boat designs would resonate extremely well with the market."
"In reality, for the brand, a bad development can do a lot more damage than good."
Plagiarism is the highest form of flattery, according to Dezer, who warned against the branded trend becoming over-saturated. On the other hand, Perez feels the surge in brand-name projects represents healthy competition.
"Whenever there's a good idea, people take it and work it to death… That's what we've seen already is starting to happen because the brands are desperate to get in on these deals and really have a monument for themselves," Dezer said. "We feel we’ve done it right… And I really hope I get plagiarized properly and [they] do it the way we do it, so they don't ruin the value of what we tried to create here."
"Competition is healthy. It always keeps us on our toes and makes us think outside the box of not only what brand should we use, but what design features is someone not using? What amenities can we improve on? What experience can we create for our future residents that's different than the others?" Perez posited.
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"You're seeing the branded products that are… currently selling in the market are outselling the unbranded products. So there's definitely a premium associated with well-branded projects. And I think that trend will always continue," he expanded, "because when you go with a quality brand, that's just associated with higher quality service, lifestyle offerings, etcetera."
For now, these ultra-luxury, dreamy residences cater to the influx of business leaders and C-suite executives moving to Miami – like Citadel’s Ken Griffin and Amazon’s Jeff Bezos. Both brand builders feel optimistic about their individual success in the space, but aren’t sure who will be the next big name to migrate.
"As the market for branded residences expands, new brands are entering the market. I would say growing pains might be associated with brands that don’t have the proven hospitality track record like Marriott and Hilton have, for example," Perez pointed out. "Luxury buyers are rightfully discerning and hold exceptionally high standards for their investments, making quality and attention to detail essential for success in this competitive market."
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"We definitely have more branded deals in the pipeline, but again, like I said, we choose to go after really, really high-end brands," Dezer said. "If it's not the best, we don't do it."
"I have no predictions on who's coming down, but anybody who's sick and tired of paying taxes in their states or in the cities. The math is very simple," the development president expanded. "They still see the value here in Florida and the lifestyle here. It's a beautiful place to live. And we have everything you've ever needed, from restaurants to culture to the beach. And you can actually work here too. It's not just a vacation town."
