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Into big AFFAIRS

Branded condos, but why Miami? In conversation with Pininfarina, 1508London and Chateau Group

Stella Manferdini

Into big AFFAIRS

24.05.24

Keywords:

Theory , Real Estate , Business , Miami

The real estate landscape of Miami is undergoing a significant transformative change, with branded condos at the forefront, representing the latest frontier of luxury residential living. Fashion giants such as Fendi, Armani, Dolce&Gabbana, and Versace, as well as prominent automotive brands of the likes of Pininfarina, Aston Martin, and Bentley, have made their mark in real estate by translating the ethos of their brand into tailor-made living spaces.

Some of these prestigious brands were featured at the recent Luxury Design Summit Miami, a format created by Medelhan and curated by Design Courier with the aim of outlining the evolutionary contours of the world of luxury design and architecture. With the latest episode, significantly titled Branding Miami’s Luxury Developments, we embarked on a journey through the constantly evolving landscape of branded residences in Miami, a city of great innovation that stays ahead of the curve.

Image copyright: @Pininfarina

The construction of the audio-visual production of every Luxury Design Summit Miami episode, now also available in podcast format, primarily involves the voices of selected protagonists in dialogue, opinion leaders, and visionaries. Given the necessary premises, we asked them for their perspective on the current change in direction of the residential sector, increasingly geared towards identifying the project with a specific logo rather than with the person: What factors have driven this expansion of brands into real estate? What is the allure exerted by these new products on buyers? What is the importance of the experiential factor in this? And why is there talk today of a shift in marketing strategy from ‘story-telling’ to ‘story-living’? These are just some of the questions posed to the guest speakers Claudio DaSoller – Director North America at Pininfarina – Scott Miller – Director North America at 1508London – and Esteban Koffsmon – Senior Vice President of Development at Chateau Group.

Pininfarina has been a pioneer in making its reputation a tool for expanding into new product categories, having spent considerable time in the city of Miami. As Claudio DaSoller recounts, the team was initially composed of three people, compared to the current fifty, with an exponential business growth aided by the evolution of Miami itself. The point about branded residences is that the design and architecture firms themselves are becoming brands – as is the case with Pininfarina – where translating the brand’s philosophy into a real estate product was already a practiced operation, albeit on a smaller scale. Thus, an exercise that tested Pininfarina’s internal organization, on which they have been eventually able to build capacity and expertise.

Image copyright: @1508London

Continuing his account, Claudio DaSoller explained how Miami turned out to be the perfect environment to enter the real estate sector, not for the commonly cited reasons of good weather and proximity to the ocean. But rather because it is a place that allows you to test your creativity, where it is possible to have stakeholders like investors and developers willing to take risks and challenge the status quo. Miami is also an ideal base for managing clients in South America, a factor Pininfarina leveraged for its first branded residence project completed in 2016 in São Paulo, Brazil. This initial trial triggered a snowball effect, making it today the number three in the global sector according to a recent Savills survey.

When choosing to entrust a project to a luxury brand, the risk of depersonalization – that is, of branded objects dictated solely by the brand’s aesthetics – is always present. However, it is possible to avoid this risk by reconciling the “branding” with the company’s philosophy. As explained by Claudio DaSoller, maintaining design consistency, especially when adopting a multidisciplinary approach and expanding into various categories, is crucial. Ultimately, it boils down to the company culture, to human beings who belong to that organization, with a strong respect for the past, and who are nonetheless capable and willing to push beyond that limit. There are no specific rules: everyone has their secret to achieving this. Pininfarina’s is that if you respect the past and what the company has created in ninety-four years of history, you will inevitably have ideas that work for the present and the future.

Addressing the question many ask about the development of branded condos – specifically “Why Miami?” – Scott Miller explained the characteristics that make it an ideal city for branded condo developments. The key point, according to Miller, is that Miami has evolved into an international hub, with an audience and buyers who, despite residing in other cities, increasingly want to have a space of their own here. Previously, they were satisfied with a hotel room; today, due to the evolution of Miami's business environment, they want a home they can open, close, or leave whenever they want. They want more speed, they want to be able to say “tomorrow I’m going to Miami” without intermediaries.

Image copyright: @Chateau Group

When it comes to luxury, especially branded luxury, brands continually find new ways to interact with clients. This is why the culture of customization and tailor-made solutions is increasingly taking hold in branded residences, where it is no longer a niche market but a necessity. As Scott Miller explains, the starting point is always a standard package, onto which various levels of customization are added according to individual needs.

Regarding the needs of the “modern luxury buyer,” Esteban Koffsmon explained how expectations have significantly changed over the last decade, focusing on location. For Chateau Group, developing projects in highly competitive beach areas means continuously improving value and offerings for buyers, educating them on one hand and elevating service levels on the other. On the topic of generational differences, which do exist, Esteban Koffsmon believes they are not necessarily age-related. Buyers from ten or fifteen years ago who invested in properties like Jade Beach have, for instance, moved to more sophisticated developments like Jade Signature, with higher quality services, superior design, and innovative architectural styles. The change in taste reflects a broader trend towards a more sophisticated luxury lifestyle.

Regarding the branding process, Esteban Koffsmon further explained its stages. Using Chateau Group as an example, it is important to note that it was already a well-established brand with a strong reputation in design and quality finishes. Hence, the initial choice was to brand their developments solely with the Chateau name. However, with a shift towards hospitality, their recent strategy has involved co-branded projects with partners like Fortress, Marriott, and Ritz-Carlton. Given these premises, when Chateau Group decides to put its name on a project, it carefully considers its location and target market. For example, the profile of buyers in South Beach differs from that of buyers in Sunny Isles Beach, where there has been a significant increase in American buyers post-pandemic. Therefore, branding decisions are influenced by these demographic changes, as well as the specific preferences for architecture and interior design of the buyers.