Miami’s exclusive Fisher Island has been an affluent resort community since the 1980’s, and with the recent real estate boom, is due for a little face-lift. According to a new Forbes article, the first luxury property is set to be built on the island since 2007. Heinrich von Hanau, the developer of Palazzo del Sol, a 10-story, 47 high-end unit tower, claims that they “have gone the extra step to create a product that defines luxury.” The homes will feature fur coat storage, wine collection showcases, a salon, and even a massage room.
Fisher Island is one of the most expensive zip codes in the country, and being only accessible by boat makes it that much more exclusive. Typically, the island has a year-round population of about 200 people, swelling to nearly 2,000 during peak vacation times. Von Hanau, a former Fisher Island resident, hopes to build upon the permanent population by enticing young, affluent families to move there permanently with larger residences and more luxurious finishes. Palazzo del Sol will likely stand out from the rest of the community, providing larger spaces than usual for the community.
While nothing official has been released, Dora Puig, the broker leading the sales effort, has leaked a bit of information. She estimates that units will bring well over $2,000 per square foot, putting them towards the top of the Miami real estate market. Sales began, under the radar, last spring and 35% of units are currently under contract. The properties range in size from 3,700 to 9,700 square feet, and require 40% down. Word has it that the building has five “trophy” units, each with private pools, compared to just two others in the rest of the community. The tower will also be the only on Fisher Island that provides full service, 24-hour concierge and the first air-conditioned lobby, as opposed to open air. The building will also have its own pool and amenities, in addition to the island’s community beach club and other luxuries.
Sales are expected to move quickly, as Palazzo del Sol is the only new project in the Miami market targeting the uber-wealthy this winter, which is notoriously the busiest buying time for seasonal Miami travelers. With only 40 other units for sale on the rest of the island, the demand is quite high. Adding to the desirability is the $60 million renovations across the island to boost amenities over the last two years, including improvements to the oceanfront beach club, a nine-hole golf course, a tennis center, and two private marinas. Palazzo del Sol is expected to open in 2016.