Luxury hotelier Raffles is building 35 waterfront homes in Miami starting at $4.5M
Raffles is building 35 luxury homes in Miami starting at $4.5 million.
The short version
- The brand is known for high-end hotels around the world.
- The new residential building has no hotel rooms and no overnight guests.
- Sales launch on Thursday in Coconut Grove.
- Demand is already high as billionaires move south.
Luxury hotel brand Raffles is launching its first standalone residential building with 35 waterfront homes starting at $4.5 million in Miami's Coconut Grove neighborhood, according to Fortune. New York City and San Francisco have historically been the United States hotspots for the ultrawealthy, but in recent years Miami has emerged as one of the most popular places to move.
Florida absorbed a net $137 billion in income from other states between 2019 and 2023, according to a Miami Realtors analysis of IRS data. Citadel founder Ken Griffin moved his firm to Miami in 2022 and paid $106.9 million for an estate in Coconut Grove.
Google cofounder Larry Page bought two Coconut Grove estates for about $173.4 million combined. Amazon founder Jeff Bezos spent $237 million on three estates on Indian Creek, and Jewish billionaire Meta CEO Mark Zuckerberg closed on a $170 million estate nearby. Coconut Grove sits on Biscayne Bay just south of downtown, offering historic waterfront estates and a dense tree canopy.
Omer Acar, CEO of Raffles & Orient Express, told Fortune that it is a very upcoming market and they wanted to be part of it. Mast Capital founder and CEO Camilo Miguel Jr. Called the neighborhood's change over the past 30 years very transformational.
Raffles, founded in Singapore in 1887 and Now owned by Accor, is partnering with developers Mast Capital and BH Group on the project. The building at 2545 South Bayshore Drive will feature homes with two to four and a half bedrooms and penthouses, with sales launching through Douglas Elliman Development Marketing.
The property will include a restaurant, a spa, a fitness center, and a rooftop pool deck. BH Group founder Isaac Toledano said the developers acquired an older condominium building to secure the site. About 40 people have expressed interest in the roughly 35 units ahead of the launch.
For local business owners, the massive wave of high-net-worth residents continues to fuel demand across South Florida's luxury housing market. At least nobody is rushing to check out.
