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Art Essential to Selling Luxury Real Estate Developments

November 25, 2013 by Marion Maneker

7-Downtown-Doral-Park-section-with-Pavilion-elevation-thumb

The Miami Herald adds more examples to the story of how art has become an essential component of high-end real estate in Miami. For example, above is Michelle Oka Doner’s centerpiece pavilion for Miami’s Doral Downtown development:

“Great cities have great art,” said Carlos Rosso, president of the condo division of the Related Group, which has eight condo projects underway in Miami-Dade and Broward counties, all adorned with art, murals, video installations and sculptures. “We think art gives another dimension to life.”

While developers for years have paired exceptional art with luxury real estate in South Florida, the combination lately has been elevated to a whole new level.

And customers are demanding it.

Ultra-wealthy condo buyers want to be ensconced amid art from the moment they drive up, all the way to their front doors, said Mark Zilbert, president and chief executive of Zilbert International Realty, a Miami Beach-based firm that specializes in high-end properties.

“The idea is that the second you arrive at your building, this is the theme: that art is important,” Zilbert said.

Brazilians, Italians and Russians, in particular — who are buying up South Florida condos briskly — find art especially important, he said.

“Some appreciate art,” Zilbert said, “and, those who are new to wealth, as long as they know it’s expensive — they love it.”

What’s more, for developers, art adds to the value of real estate.

Fine art helps sell real estate in South Florida (MiamiHerald)

Perez Museum in Miami Hurries Toward Opening

November 22, 2013 by Marion Maneker

Screenshot 2013-11-22 13.11.44

 

Miami’s local CBS news station looks inside the soon-to-be-open Perez Art Museum.

$14m Koons Sculptures to Lure Wealthy Latin Americans to Miami Condo Development

September 27, 2013 by Marion Maneker

Koons, Pluto and Prosperina

Globally recognized art is becoming a feature of real estate development aimed at the mobile rich. Nowhere is that more evident than in Miami where two Argentine developers are using art to market their flagship Florida projects. Alan Faena has the large Faena District project and Eduardo Constantini has the new Oceana Bal Harbor for which he bought two Jeff Koons sculptures for $14m:

“Miami is becoming truly a metropolis, and Jeff Koons is a representation of that, with the visibility that he has, and the quality of his art,” Mr. Costantini said. “You have like, citizens of the world, who travel a lot, and have more than two residences, but they have the sensitivity to appreciate good things, good quality.”

The works will be owned by the residents of the development. That means the price, maintenance and insurance costs will be charged to the 250 units of the development:

The works, “Pluto and Proserpina” and “Ballerina” are both larger-than-life sized sculptures that Mr. Costantini says he purchased last year for $14 million. The first is an 11-foot tall work that depicts the classic theme of the rape of Proserpina, the Roman goddess of the spring, by Pluto, lord of the underworld. The sculpture is made out of chromium and live plants, and covered in gold coloring; the developer plans to place it in front of a reflecting pool the breezeway of the apartment condo complex, which is designed by Bernardo Fort-Brescia of Miami firm Arquitectonica.

The other work, a sculpture of a seated ballerina that resembles in style some of Koons’s balloon-animal inspired work, will sit at the other end of the breezeway. One of the two Koons works, “Pluto and Proserpina,” will first be lent to the Whitney Museum in New York to be shown in a retrospective of Mr. Koons’s work. The Bal Harbour condo is set to start construction later this year and be completed in 2016.

Newest Miami Condo Enticement: Modern Art (Developments: Wall Street Journal)

Miami's New Wynwood Art Fair Expects 120k Visitors

May 18, 2011 by Marion Maneker

Miami is planning a new art fair to help reclaim the Wynwood district by attracting a flood of visitors in October, according to the Miami Herald:

During a community meeting Monday, Miami Mayor Tomas Regalado said that an estimated 120,000 people will be visiting Wynwood during the three-day festival. The fair will be paid for by private sponsors, not by the city, according to the mayor.

“The goal is to eliminate crime, and the most important thing is to get rid of the idea that [this] is not a safe neighborhood,” Regalado said.

Mayor: Wynwood Art Fair to Bring 120k Visitors (Miami Herald)

Miami's Brasil-ArtBasel Connection

February 21, 2011 by Marion Maneker

The Miami Herald says Brazilians are buying up apartments in South Beach with gusto. They’re attracted to the city for many reasons but one is ArtBasel and the city’s role as an art and antiques hub:

An ultra-wealthy crowd of Brazilian real estate buyers is creating a boomlet for local real estate agents and other businesses that cater to their tastes. […] In addition to the beach, the climate and the shopping, interior designer Mirtha Arrarian says her clients like Miami’s location as a half-way point between South America and the art objects, antiques and fashion of European capitals.Continue Reading

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