Over 70,000 people will descend on Miami this week for Art Week and Art Basel. We know you already knew this, but it's worth reminding you again: Miami is on fire. Here's some scoop you may not yet know about along with a few more reasons to love Miami, and to consider buying a piece of it with Compound.
Art Basel’s opening ceremony. The Dior show was a who’s who event, and kicked off Art Basel this year on December 3rd. The show took place at the new Rubell Museum, a former warehouse space in Allapattah, and drew quite the celebrity crowd. Stars in attendance ran the gamut from the Kardashians, to Ricky Martin, to some of our favorite Game of Thrones characters (yes, Brienne of Tarth---Gwendoline Christie).
Miami club makes a comeback. Entrepreneur Don Peebles purchased The Bath Club Miami Beach, which was once an exclusive members-only club for Miami’s elite, including celebrities, the wealthy, and other notable characters. Founded in 1926 and known for being the first private social club in the Southeast, Peebles became the club’s first African American member in 1996, Forbes notes. Now, Peebles is the owner and is reimagining the space, adding luxury condos and villas onsite. Under Peebles, The Bath Club will be “exclusively inclusive” and will welcome a diverse group of members.
Former Marlins player makes Miami permanent home. Martin Prado, former Miami Marlins player, is now a free agent, but recently purchased a new pad in Coral Gables. Prado’s $2.49 million home is a 6 bedroom Spanish-style estate.
Real Estate Market
Uptick in Miami home sales. The Miami Association of Realtors reported that the number of luxury home sales increased year-over-year by 3.1% in Miami-Dade County.
Aman heads to South Beach. Aman, the posh resort hotel brand best known for its southeast Asian beach resorts, is opening a Miami hotel, the company’s fourth US location. The project will bring condos and a new hotel to the Faena district, Alan Faena’s master-planned beachfront district which has drawn residents including Goldman Sachs CEO Lloyd Blankfein, Citadel CEO Ken Griffin, and Apollo Global’s Leon Black, among others.
Starchitecture still sells in Miami. Starchitecture is alive and well, and Miami is at the center of it. Good design is still proving to be fundamental for selling high class luxury condos. Some of the best known starchitecture projects include: Downtown Miami’s One Thousand Museum designed by late architect Zaha Hadid, Monad Terrace designed by famous French architect Jean Nouvel, and the Ritz-Carlton Residences Miami beach by Italian designer Piero Lissoni. The focus on design is becoming crucial at all price points, though, with more affordable projects in the pipeline that are partnering with esteemed architects as well.
Buy a T-Shirt, Get a free luxury condo? Clothing brand Diesel is developing a branded apartment building in Wynwood, Miami’s art gallery district best known for its street art murals. Diesel is selling apartments the only way it knows how---by selling T-shirts. These t-shirts just so happen to come with a “free apartment,” but each costs over a million dollars. Dubbed “The Most Expensive T-shirts Ever,” the Diesel Wynwood’s 143 pricey t-shirts feature the floorplans of its’ Miami condo units. A fashion statement, for sure. The Wynwood district has transformed from an industrial neighborhood to Miami’s place to be, with real estate developers moving in to capitalize on the space which “has become a draw for young creative workers and professionals, teeming with breweries, stylish shops and trendy restaurants,” according to the Wall Street Journal.
Streetwear brand BAPE (short for Bathing Ape) is the latest cool-kid clothing brand to open a Miami store. BAPE, which has locations in New York City, Los Angeles, and Paris, among others, will open a retail store in Miami’s design district, and is releasing an exclusive Miami clothing collection to commemorate the store’s opening. The collection has a lively color palette and tropical imagery to mirror the vibrancy of Miami.
Miami retail makes a comeback? Several new restaurants and retailers will make their mark on Miami Beach’s outdoor mall this month through early 2020. Each storefront will offer guests and clients with a unique “IRL” experience. Other brands, such as Brooklyn-based shoe company Greats, which launched online in 2013, have already moved into the space as a pop-up concept. This trend has been adopted by similar, predominantly digital brands. Mattress company Casper has also opened a storefront on Lincoln Road, and is finding that the “clicks-to-bricks trend, where retailers are opening a place for their customers to touch, smell and feel their products,” resonates with clients.
All of Miami is a Museum. As Miami continues to grow and thrive as a city, so does its culture. And fundamental to that culture is the art scene. “Today, with the help of social media, progressive regulations and private financial support, public art is exploding around us with diverse pieces from a variety of talented local and international artists,” the Miami Herald notes.