Argentina's Coto family has announced it will develop the Aston Martin Residences in Miami, marking the luxury sports-car maker’s first foray into real estate. The 66-story condo property will be developed through G and G Business Developments, the Cotos' luxury real estate development branch. The family purchased the lot for the new tower in 2014 on the last remaining undeveloped waterfront site in Miami.
This is the second brand expansion venture for Aston Martin, which launched a speedboat line earlier this year. “This remarkable new venture realizes our long-term vision of entering the world of luxury real estate and is a natural extension of the Aston Martin brand,” Katia Bassi, vice president of Aston Martin and managing director of AM Brands, said in a press release. “We create beautiful cars for those who appreciate automotive fine art, and we are excited to extend our expertise in design and craftsmanship into a project of this caliber.”
The luxury building will include approximately 390 units, including seven penthouses and a duplex penthouse, which will all feature private pools and terraces. The remaining condo units will range from one to four bedrooms in size. The Aston Martin design team, led by executive vice president and chief creative officer Marek Reichman, will design the building’s interior, including its two private lobbies, two-level fitness center, full-service spa, and other shared amenities.
Interior design features will include artisan Aston Martin door handles, number plinths, and kestrel tan leather door tabs, among other key design features, including an infinity pool on the 55th floor. The tower’s residents will be able to access views of the Biscayne Bay and Miami River and will be within walking distance of high-class hotels and restaurants and a private yacht dock behind the building.
“I am particularly proud of this project and our partnership with such an iconic British brand," said German Coto, CEO of G and G Business Developments, in the statement. "The collaboration is a beautiful mix of technology, style, and elegance. I believe that together we can build a highly desirable place to live, setting new standards in both design and quality of life.”
As Miami’s condo sales begin to level off, the Aston Martin Residences carries a unique financial advantage in that it won't require bank financing and won't need to pre-sell a certain number of units in order to begin construction. The Cotos, who run Argentina’s largest retail and grocery operation, are able to finance the project on their own. In a market where developers act at the whim of lenders, this financial backing gives the Cotos and Aston Martin the freedom to develop at their own pace.
The Aston Martin Residences is set to break ground in summer 2017 and open in 2021. The sales center will open in March 2017.
