An ultraluxury, branded condo tower is set for a South Florida site with ties to Carl Fisher, an original developer of Miami Beach.
The 15-story Ritz-Carlton Residences, South Beach, planned for 1671 Collins Ave., would contain 30 custom-designed units in a building with 100 linear feet of oceanfront. Prices start at $4.25 million and could reach $125 million for a combined purchase of the two penthouses, according to Douglas Elliman, the property's exclusive listing brokerage.
Despite Miami-Dade County's slowing real estate market, construction is expected to start next year, with the building due to open in 2029 at the intersection of Lincoln Road and the Atlantic Ocean, where Fisher built a home in the early 1900s. The developer is Sobe Sky Development, a partnership of Flag Luxury Group, Ben-Josef Group and Lionstone Development.
Branded residences, such as those affiliated with hotels, cars and fashion, tend to drive premium prices, often commanding 20% to 40% more than their non-branded peers, according to Chris Montgomery, senior director of market analytics for Homes.com. The developments offer hotel-grade amenities and services, reinforcing Miami’s appeal as a lifestyle and investment destination, he said.
A Porsche-themed condo opened in Miami in 2017, and the Aston Martin Residences Miami followed in 2024.
However, like many areas across the country, home prices in the Miami area are leveling as more sellers test the market.
Listings rise by about 30%
Miami-Dade's median home price for all properties fell 1.8% in July from a year earlier, though the median has increased slightly on an annual basis since then, according to Homes.com data.
Listings for all property types hit 21,369 in September, an increase of about 30% from September 2024, an uptick that will likely keep a lid on future price growth, analysts say.
What's more, much of Miami-Dade's growth is tied to foreign buyers, but the county's international in-migration has slumped to the lowest level since the pandemic. That's a result of the Trump administration's immigration policy and could slow sales in new condo projects, Montgomery said.
But the Ritz-Carlton tower is still four years from completion, and luxury housing in Miami tends to outshine broader local and national housing markets over the long term, according to Montgomery. In fact, he said, the Miami area remains a bargain luxury market because buyers can get more space and amenities at a lower price per square foot than other areas such as New York, San Francisco and Paris.
"South Florida continues to draw high-net-worth buyers who see it as a safe, strategic place to invest," Montgomery said. "The combination of lifestyle, tax efficiency and long-term market stability makes it a compelling hedge against global volatility."
Marriott International, owner of the Ritz-Carlton, opened the first standalone Ritz-Carlton Residences in 2009 in Baltimore’s Inner Harbor. Other Ritz-Carlton-branded condo projects nationwide include West Palm Beach, Florida, with additional condos scheduled for Houston in 2027 and Northern Virginia in 2028.
Buyers want walkability
Douglas Elliman said the Ritz-Carlton Residences, South Beach, is part of a larger mix of properties that includes the Ritz-Carlton South Beach and Sagamore hotels, both Art Deco buildings. The condo will be built behind the Sagamore, which is undergoing a renovation and will become part of the Ritz-Carlton portfolio, the brokerage said.
Fisher, an entrepreneur from Indiana, helped develop the barrier island of Miami Beach, as well as Lincoln Road and Fisher Island, an exclusive residential enclave.
A condo sales gallery for the Ritz-Carlton Residences opened this year in the Ritz-Carlton South Beach hotel. The 30 units will have one to five bedrooms and range in size from approximately 8,100 square feet. The building will be on a stretch of oceanfront known as "Billionaires Beach" for all the recent investment that has made it a luxury destination.
Some of the residences include private elevators, wrap-around terraces and floor-to-ceiling windows. Plans call for the two penthouses to have private rooftop terraces with outdoor pools and kitchens. One five-bedroom unit lists for $27.5 million.
The city of Miami Beach has restricted future development rights near the building, so buyers can be confident their views are protected, according to Pietro Belmonte, an agent for Douglas Elliman.
"What you see is what you get," he told Homes.com.
Belmonte said he can't discuss specific Ritz-Carlton sales totals but noted that the condo is drawing strong buyer interest from the Northeast. Residents exiting the building are a block away from Lincoln Road's pedestrian-friendly shopping, dining and entertainment corridor.
"The number one thing people ask for is walkability," he said.