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Waldorf Astoria Coming to Miami

Luxury Hotel Part of Mixed-Use Project That Also Will Feature Condos
October 2, 2018
Rendering courtesy of Property Markets Group.

In a sign of strength for South Florida’s hospitality market, the Waldorf Astoria Hotels & Resorts is opening its first Miami location in what would become one of the tallest buildings on the East Coast.

The Waldorf Astoria Hotel & Residences Miami, at 300 Biscayne Blvd., is planned as part of a mixed-use development that also would include about 400 condominiums.

The building would stand at 1,049 feet, according to developer Property Markets Group. That would surpass an 868-foot office building proposed for 555 N. Miami Ave. in downtown Miami and the 868-foot Panorama Tower recently completed on Miami’s Brickell Avenue.

New York-based PMG declined to reveal asking prices for the condos and other details, including an opening date for the hotel. But the developer said in a statement that it will be releasing more information in the coming months.

Architects Sieger Suarez and Carlos Ott designed the building, which would have personal concierges for residents and guests.

Scott Brush, a Miami hotel consultant, said the Waldorf Astoria’s average daily room rate likely would be less than $700, below the average that other top brands command on the Miami waterfront.

“This is an area [Biscayne Boulevard] where you haven’t had a lot of luxury brands previously,” Brush said. “We are seeing Miami continue to grow.”

Aside from the 140-room hotel and condos, the project also is due to offer retail.

Waldorf Astoria is one of Hilton’s 14 brands. There are nearly 30 Waldorf Astorias around the globe, including Florida locations in Boca Raton, Key West and Orlando.

Hilton Management Services would manage the Miami hotel.

PMG is developing the project in partnership with Greybrook Realty Partners of Toronto. PMG acquired the two-acre site at 300 Biscayne from Consortium de Realisation in 2014 for $80 million, or about $900 per square foot, CoStar data shows.

The developer previously planned to build two condo towers on the site but decided instead to build apartments before switching gears yet again, said Peter Zalewski, a principal with the consulting firm in Miami.

“It’s surprising because the plans keep changing,” he said, adding that PMG likely is positioning itself for the next condo cycle in a few years. What’s more, Zalewski said, PMG may be making the announcement now in advance of the tourist season to “chum the waters” for interest in condos.

PMG says it has a pipeline of more than 5 million square feet, including 700 apartments in downtown Miami and 1,200 apartments in downtown Fort Lauderdale, Florida.

Those two developments are part of PMG’s X Social Communities portfolio, targeting young professionals in downtown settings.

Paul Owers, South Florida Market Reporter  CoStar Group   
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