Damac Properties has been awarded a $120 million bid to purchase land in the posh Miami neighborhood of Surfside. The Dubai-based developer intends to construct a Cavalli-branded ultra-luxury condominium building.
Residents have 200 feet of prime beach frontage and access to South Beach and Bal Harbour thanks to the property’s location on Collins Avenue. The 1.8-acre plot of land was sold to Damac for $120 million.
“Damac Properties has long been eyeing development opportunities in Miami. We see the city, which is known for being a luxury and fashion centre, as a natural fit for our Company, which has an established reputation for its branded luxury offerings.” – Damac Chairman and Founder, Hussain Sajwani.
The Four Seasons Private Residences, the Fendi Chateau Residences, and the Arte Surfside towers are some of the ultra-luxury condos that have been built in Surfside in recent years.
The town also includes a number of high-end hotels, including the Four Seasons, St. Regis Bal Harbour, and Ritz-Carlton Bal Harbour, and its main shopping district, the Bal Harbour Shops, is well-known across Miami as a luxury shopping destination.
Damac Properties is known both in the region and around the world for its high-quality real estate products. It is quickly expanding its global reach, and its flagship project in Europe, Damac Towers Nine Elms, which has Versace-designed interiors and is located in Zone 1 of London, is a good example.
Damac’s first project in the United States will be the Surfside development. The company’s constant success over the years, and more recently on the back of Dubai’s exceptional economic performance and outlook, has prompted it to look at a variety of worldwide development and growth options.
It has already finished projects in Canada, the UK, and the Middle East. It is currently building a high-end resort in the Maldives for the global hotel chain Mandarin International.
Damac Properties debuted two projects in Dubai in 2021: Damac Lagoons, the developer’s third master community in Dubai; and Cavalli Tower, an ultra-luxurious 70-story tower with Cavalli-branded interiors overlooking the Palm Jumeirah. Both initiatives have received a lot of interest and demand from customers.