Fendi, Armani, and Versace are no strangers to branding accessories or clothing with their names. High-rise buildings, however, are a different story.
While Miami has always been a hotspot for established designers, it has recently become even more attractive to this segment of the population. Many designers, including the ones mentioned above, are putting their ever-so-famous names on superluxury residential towers across the city after having gained experience in the hotel world. And the market is also present. Whether its for a fashion lover or just a very expensive gift, the want for this type of living is definitely evident.
Armani was the first brand to dabble into this industry. The brand partnered with developers Dezer Development and The Related Group on Residences by Armani/Casa in Sunny Isles Beach. Together, they built the 56-story César Pelli-designed building, comprising of 308 apartments ranging between $2 million and $15 million each. The best part? Though the building is set to be completed in 2019, 72 percent of the apartments have already been sold. Like we said, the market is strong for this idea.
However, Gil Dezer of Dezer Development admitted that convincing Armani was no easy feat. He stated, “They do their homework very well. We can do more damage than good as Armani is doing $9 billion a year in sales. They don’t need the few bucks that I’m going to give them. This is more about that they want to have a real strong presence and it helps their brand and it also helps sell [their] furniture.”
All of this makes us wonder how the copyright arrangements have been negotiated, and perhaps more importantly, whether they have been negotiated well. Given how novel this idea is, it has not yet been familiar with the courts. However, if and when this happens, we will be sure to fill you in.