Regalia on the Bay: Fully Approved 82-Story Development Site in Downtown Miami Heads to Auction
Credit: ONE Commercial
A landmark opportunity to redefine Downtown Miami’s skyline will soon go to auction. The fully approved Regalia on the Bay, located at 340 Biscayne Boulevard, is set to be auctioned by Sotheby’s Concierge Auctions this December—offering one of the most significant mixed-use development opportunities in South Florida.
Credit: ONE Commercial
A Once-in-a-Generation Opportunity on Biscayne Boulevard
Currently operating as a Holiday Inn, the 0.91 ± acre site occupies one of the last large parcels on Biscayne Boulevard. The hotel will cease operations at the end of 2025, paving the way for redevelopment into an ultra-luxury supertall tower designed by Arquitectonica.
The project is fully entitled and approved for an 82-story mixed-use high-rise comprising approximately 1,439,352 ± square feet of gross development area and 959,568 + square feet of net sellable area, including:
374 luxury condominium residences
120-key hotel
Office and commercial spaces
500 parking spaces
The property presents a rare opportunity to develop one of the last large-scale waterfront sites in the heart of Downtown Miami.
Bidding Details
The property is listed for $175 million and will be sold without a minimum bid requirement—allowing the market to set the price.
Online bidding opens: December 3, 2025 at 5 p.m. ET
Live auction: December 17, 2025 at Sotheby’s New York
Bidder deposit required: $250,000 USD (refundable to non-winning bidders)
Auction platform: Sotheby’s Concierge Auctions
All bidders must be pre-qualified with Sotheby’s Concierge Auctions prior to the start of the auction.
Credit: ONE Commercial
Surrounded by Landmark Towers in Miami’s Luxury Corridor
Situated in Miami’s fast-evolving downtown core, Regalia on the Bay is surrounded by world-class developments including Waldorf Astoria Residences Miami, Aston Martin Residences, One Thousand Museum, and E11EVEN Hotel & Residences. The neighborhood has become a focal point for luxury residential growth, attracting global investors, high-net-worth buyers, and corporations relocating to South Florida.
Prime Location & Connectivity
The site’s coveted position at 340 Biscayne Boulevard offers direct access to Bayfront Park, the Pérez Art Museum Miami (PAMM), the Kaseya Center, Miami Worldcenter, and Brickell City Centre. The nearby Brightline station, Metromover, and Port of Miami provide seamless regional and international connectivity.
“Regalia on the Bay is a rare opportunity to shape Miami’s iconic skyline,” added Gabriel Flores, Vice President and Managing Broker of ONE Commercial. “Located along prestigious Biscayne Boulevard and framed by landmark towers, this premier site awaits a visionary buyer ready to define the next chapter of Miami luxury.”
Tokenizing Real Estate: Why Web3 Is Poised to Revolutionize Property Ownership
The real estate industry is on the brink of a digital revolution—and tokenization is at the heart of it. In a dynamic panel discussion held during a recent Web3 conference in Miami, real estate developer Diego Ojeda (The Rider Residences), Eric Mendelson from Avanti Way Realty, and David Saul Acosta representing E11EVEN Miami shared their bold insights on how blockchain, tokenized assets, and crypto-backed financing are reshaping the property landscape.
Now available to watch in full, this must-see video reveals what tokenization actually means, how it works in practice, and what it could mean for global investors, developers, and brokers.
What Is Tokenized Real Estate?
Tokenization refers to dividing real estate ownership into digital tokens on a blockchain, allowing for fractional ownership, borderless transactions, and far greater liquidity. The panel kicked off by exploring what tokenizing a property really means—”freedom,” “democratization,” and “access” were common themes echoed by all speakers.
How The Rider Residences Became a Crypto Trailblazer
Developer Diego Ojeda discussed how his project, The Rider Residences in Wynwood, has become a poster child for crypto-integrated sales. Following a viral crypto transaction that was even tweeted by Miami Mayor Francis Suarez, the project has embraced digital assets through strategic partnerships with fintech companies like Milo, allowing buyers to collateralize Bitcoin without liquidating.
Crypto’s Impact on Capital Raising and Ownership Structures
The panel explored how Web3 is changing how developers raise capital. Diego shared how tokenization—like his prior $16M raise via crowdfunding at Mohawk at Wynwood—unlocks entirely new buyer pools globally. By offering white-glove rental management and fully furnished units with no rental restrictions, The Rider is positioned as a prime candidate for tokenized ownership.
Why the U.S. Market May Lag Behind Internationally
Eric Mendelson from Avanti Way Realty highlighted how other regions, such as Dubai and Colombia, are already embracing tokenized platforms due to limited access to mortgage financing. In the U.S., he believes tokenization will gain traction slowly—but with the right education and strategic partnerships, it’s only a matter of time.
E11EVEN Hotel & Residences: A Web3 Case Study in Hospitality & Lifestyle Real Estate
David Saul Acosta spoke about 11 Hotel & Residences, one of the first major developments in Miami to accept crypto for deposits and purchases. With over $1B in sales, the success of E11EVEN’s integration of Web3 principles shows the power of aligning brand, audience, and technology. Their partnership with PMG and emphasis on understanding the crypto-native buyer was key to their success.
Misconceptions and Education: The Broker’s Role
Eric noted that despite growing crypto adoption, 99% of real estate agents in Miami still don’t know how to handle crypto transactions. Through his crypto real estate division at Avanti Way, he’s training agents to understand compliance, capital gains strategies, and how to leverage crypto—not just convert it.
Final Thoughts: Web3 in Real Estate Is Here to Stay
The panel concluded with a clear message: developers who embrace Web3 early—through tokenization, strategic partnerships, and authentic engagement with the crypto community—will be ahead of the curve. The Rider Residences, E11EVEN Hotel & Residences, and Avanti Way are living proof that real estate and blockchain are no longer separate worlds.
Pagani Residences Debuts Record-Setting Penthouses and the Exclusive Pagani Utopia Miami Edition
Today, Miami witnessed the next evolution of branded luxury living with the official debut of Pagani Residences’ two crown jewel penthouses. Designed by renowned Italo-Argentine automaker Horacio Pagani, the world’s first Pagani-branded residential project continues to push the limits of artistry, innovation, and craftsmanship. Located at 7940 West Drive in North Bay Village, the newly unveiled duplex penthouses—priced at $30 million and $28.5 million—set record-breaking price points for the three-island city, further establishing the project’s position as a landmark in Miami’s ultra-luxury market.
A New Benchmark in Design and Architecture
Crowning the 28th and 29th floors, the two penthouses at Pagani Residences epitomize the project’s commitment to architectural beauty and automotive precision. Penthouse 01 spans 12,200 square feet—7,000 interior and 5,200 outdoor, with five bedrooms and six bathrooms—while Penthouse 02 offers 10,700 square feet—6,100 interior and 4,600 outdoor, with four bedrooms and five bathrooms. Each residence rises across two dramatic levels with soaring 13-foot ceilings, private elevator access, and expansive terraces framing panoramic views of Biscayne Bay and the Miami skyline.
Personally curated by Horacio Pagani and the Pagani Arte team, every finish and fixture within the penthouses reflects the brand’s signature fusion of performance engineering and sculptural design. Interiors feature light oak flooring arranged in Pagani’s chevron parquet pattern with intricate metal inlays, complemented by travertine stone on the second level. A swirling travertine staircase with oak and white lacquered metal details serves as a functional centerpiece, recalling the craftsmanship seen in Pagani’s legendary hypercars. The kitchens, created by Schiffini Magistretti and outfitted with penthouse-exclusive Gaggenau appliances, come in luxurious combinations of Carrara marble and Argento Veneziano aluminum or Portoro marble and Nero Lipari aluminum. Bathrooms continue the bespoke approach with honed travertine, Pagani’s 1000 line detailing, and Gessi Cesello fixtures.
“Pagani Residences represents the pinnacle of living and design, and the penthouses are its most exceptional expression,” said Mikael Hamaoui, founder and CEO of Riviera Horizons. “From bespoke materials to private pools, to the rarest of automotive works of art, these homes elevate luxury into legend.”
The Pagani Utopia Miami Edition
In a move that redefines branded living, each penthouse purchase includes the opportunity to acquire a “Miami Edition” Pagani Utopia Roadster—a hypercar personally designed by Horacio Pagani. Inspired by Miami’s endless sea and sky, the Utopia Miami Edition features a bespoke blue finish, merging high performance with coastal artistry. Beyond the vehicle itself, each penthouse buyer will be invited to Italy for an immersive experience that includes a private tour of the Horacio Pagani Museo, an Atelier visit, and a personal meeting with Horacio Pagani and the Pagani Arte team.
During the trip, owners will collaborate directly with Pagani’s craftsmen to personalize both their hypercar and their residence, ensuring a cohesive expression of art, engineering, and individuality. The development also offers the option to purchase a private garage suite within the tower—designed with the same obsessive attention to detail that defines Pagani’s automotive interiors—giving each Utopia Roadster a fitting home beneath its owner’s penthouse.
“At Pagani, every creation begins with a dialogue,” said Horacio Pagani, founder and CEO of Pagani Automobili. “Just as we design a hypercar hand-in-hand with its owner, Pagani Residences, in collaboration with Pagani Arte, invites each resident into the adventure of shaping their home. Whether it’s a penthouse or a one-bedroom, the true pleasure is in crafting something unique and personal, infused with the same spirit of artistry and joy that defines our cars.”
Lifestyle, Amenities, and Setting
The penthouses come with private access to Pagani Residences’ signature wellness and social amenities. These include a state-of-the-art fitness center, a waterfront spa and restorative lounge on the 29th floor, and a rooftop pool deck with cabanas and thermal plunges. Interiors throughout the tower are designed by Pagani Arte and A++, distinguished by penthouse-exclusive chandeliers and Pagani’s signature ellipses—an iconic design motif drawn from the automaker’s supercars. Residents enjoy white-glove services and seamless lifestyle management, allowing each home to operate as both a personal retreat and a showcase of craftsmanship.
Set within North Bay Village, a tranquil enclave positioned in the center of Biscayne Bay, Pagani Residences offers effortless access to Miami’s premier destinations—including Miami Beach, Bal Harbour, Fisher Island, and the Design District—along with proximity to both Miami International and private airports. With just 70 residences in total, including four Sky Residences and two penthouses, exclusivity remains the project’s defining principle. Residences are priced starting at $3.7 million.
The Future of Branded Luxury Living
Pagani Residences represents a bold step forward for branded developments, merging the artistry of automotive design with the architectural language of luxury real estate. The project’s record-setting penthouse pricing not only cements its place in North Bay Village history but also signals Miami’s continued rise as a global hub for design-driven living. By offering an integrated lifestyle that includes a hypercar, a handcrafted residence, and a direct relationship with one of the world’s most revered designers, Pagani Residences transcends traditional notions of homeownership.
As Mikael Hamaoui summarized, these homes “elevate luxury into legend.” And as Horacio Pagani described, each residence is “a canvas for imagination, collaboration, and signature style.” Together, they have redefined what it means to live— and drive—at the highest level of artistry.
Download the Official Pagani Residences Penthouse Brochure
Discover detailed renderings, floor plans, and the design story behind the world’s first Pagani-branded residential tower.
Nobu Hospitality and Foster + Partners Reveal 619 Brickell — Luxury Tower Rising Just South of Icon Brickell
Nobu Hospitality and world-renowned architecture firm Foster + Partners have officially announced 619 Brickell, a 74-story luxury residential tower set to rise in the heart of Miami’s Brickell district. The project marks Nobu’s first branded residence in Miami and a major milestone for the city’s ever-evolving skyline. Designed by Foster + Partners in collaboration with Sieger Suarez Architects, 619 Brickell will bring together the artistry of Japanese minimalism with the contemporary sophistication that defines Miami’s urban core. The development will be located immediately south of Icon Brickell, placing it along one of Brickell’s most desirable waterfront stretches with sweeping views of Biscayne Bay.
According to the official announcement, 619 Brickell will include approximately 300 luxury residences paired with 90,000 square feet of private amenities. The amenity offerings are expected to rival the city’s top luxury developments, featuring a full-service spa and wellness retreat, a state-of-the-art fitness center, a poolside café, and dedicated residents’ lounges. In true Nobu fashion, the building will also introduce Miami’s second Nobu restaurant, which will occupy the ground level and feature a distinctive circular design overlooking Biscayne Bay. The integration of the restaurant directly into the tower’s design underscores the development’s focus on merging hospitality and home living—offering residents the seamless Nobu lifestyle experience that has made the brand a global symbol of luxury.
Foster + Partners’ vision for 619 Brickell embraces a blend of natural materials, open spaces, and organic textures to reflect Nobu’s timeless design ethos. The architecture is expected to complement Miami’s skyline while introducing a refined new silhouette to a stretch of Brickell defined by commercial and residential towers. Developers 13th Floor Investments and Key International described the project as “the perfect convergence of design, service, and lifestyle,” emphasizing their goal of elevating Miami’s standard for branded residential living.
For the Miami real estate market, 619 Brickell represents a major moment in the ongoing evolution of branded residences. Nobu’s expansion into Miami reflects a growing global trend of hospitality brands entering the luxury condominium sector, offering not just architectural prestige but also curated service and lifestyle experiences. The collaboration with Foster + Partners adds architectural weight to the project, ensuring 619 Brickell will stand out in both design and stature.
Beyond the brand name, 619 Brickell’s location immediately south of Icon Brickell positions it among Miami’s most valuable parcels of waterfront land. Its proximity to Brickell Key, Brickell City Centre, and the city’s financial center gives it unparalleled access to both business and leisure. With 90,000 square feet of amenities and a waterfront Nobu restaurant, the development is poised to redefine luxury living in Brickell, fusing culinary excellence with world-class residential design.
As details surrounding unit mix, pricing, and delivery timelines begin to surface, 619 Brickell is expected to draw strong interest from investors, brokers, and buyers seeking a new level of branded sophistication in Miami. For those tracking Miami’s luxury condo landscape, the announcement further underscores the city’s continued rise as one of the world’s premier destinations for design-driven, lifestyle-oriented real estate.
Ytech Secures $565M Construction Loan for The Residences at 1428 Brickell
On November 3, 2025, JLL’s Capital Markets team announced the arrangement of approximately $565.35 million in construction financing for The Residences at 1428 Brickell, a 70-story ultra-luxury condominium tower being developed by Ytech in Miami’s Brickell Financial District. The floating-rate loan has a term of approximately 4.25 years and is provided by senior lender JPMorgan Chase and junior lender Sculptor Real Estate. This financing marks one of the largest construction loans closed for a condo development in South Florida in 2025, signaling strong institutional confidence in Ytech’s project and the Brickell luxury condo market more broadly.
Project Overview and Unique Features
The Residences at 1428 Brickell will comprise 195 luxury homes spanning two- to four-bedroom plus den configurations, with unit sizes ranging from approximately 1,800 to 8,900 square feet. Designed by renowned architecture firms ACPV Architects (led by Antonio Citterio) and Arquitectonica, the tower will feature an innovative “solar backbone” on its west façade that incorporates more than 500 photovoltaic-integrated glass panels (nearly 20,000 square feet) to partially power the building. Additionally, the development will offer roughly 80,000 square feet of resident-only amenities—such as resort-level pools, a two-story Owners Club, wellness facilities and a rooftop observatory—reinforcing the ultra-luxury positioning of the building. Groundbreaking took place in November 2024 and the largest mat foundation pour ever executed in Brickell was completed in September 2025. 1428 Brickell is slated for delivery in Q4 2028.
Sales Momentum and Market Implications
As of October 2025, the project had achieved approximately 57% presold status, demonstrating meaningful early demand despite a broader macro environment of rising costs and shifting condo market dynamics in South Florida. International buyers, particularly from Latin America and Europe, as well as domestic buyers from cities like New York, Chicago and San Francisco, are reportedly participating in the sales.
The successful financing underscores the market’s confidence in high-end condo developments in Brickell—especially those that offer differentiated features like sustainability integration, large-format units, and full-service amenities. The scale of the loan also suggests that lenders continue to deploy significant capital into luxury residential product even as some sectors of real estate face headwinds.
Why This Deal Matters for Miami Real Estate
Capital markets validation: A $565 million loan demonstrates that financial institutions are willing to back large-scale luxury condo projects in Miami, even amid rising interest rates and construction cost pressures.
Sustainability and innovation: The solar-integrated façade sets a new benchmark for ultra-luxury residential product by combining high-design with energy-producing glass—an attribute that may help differentiate in a competitive market.
Luxury product demand: The presale performance (57%+ sold) highlights strong buyer demand for larger, premium residences—averaging over 1,800 square feet—in Brickell, a neighborhood traditionally known for smaller, investor-oriented units.
Construction momentum: With the mat pour already completed and delivery scheduled for 2028, the project is now entering a phase of execution with secured financing, which often de-risks the proposition for buyers and lenders.
In summary, by securing a landmark financing package and progressing into construction, The Residences at 1428 Brickell is poised to become a standout entry in Miami’s ultra-luxury condo segment. For developers, lenders, buyers and market watchers alike, this deal reflects both the elevated expectations of luxury real estate today and the evolving standards for design, sustainability and amenities.
Miami Metro vs. New York Metro: How Luxury Listings Compare in the U.S. Market
Realtor.com’s new report, “What is Luxury?”, sheds light on how the nation’s top metros stack up when it comes to high-end real estate. While New York still leads in the sheer number of luxury listings, the Miami–Fort Lauderdale–West Palm Beach metro isn’t far behind—highlighting Miami’s rapid rise as a national luxury hub.
$1M+ Listings: Miami Nearly Catches New York
According to the report, the New York–Newark–Jersey City metro has 11,980 active listings priced at $1 million or more, the highest total in the country. Surprisingly, the Miami–Fort Lauderdale–West Palm Beach metro is close behind with 10,074 $1M+ listings.
The gap between the two is far narrower than many might expect. Historically, New York has been viewed as the undisputed capital of U.S. luxury real estate, but Miami’s surge in high-end inventory shows the city’s market is maturing and competing on a national stage.
The Top 10% Thresholds: Miami vs. New York
Realtor.com defines “luxury” as the top 10% most expensive homes in any given market. Here’s how the thresholds compare:
Miami metro: The top 10% of listings start at $2,087,674
New York metro: The top 10% of listings start at $2,887,829
Nationally: The top 10% of listings begin at just under $1.3M
These numbers highlight how Miami’s luxury floor is nearly $800K higher than the national average, putting it firmly in the country’s upper tier. At the same time, it remains more accessible than New York, where buyers need close to $2.9M to break into the top luxury bracket.
What This Means for Buyers and Sellers
For buyers, Miami offers a unique proposition: access to a high-end market with world-class amenities, oceanfront living, and international appeal—all at a price point lower than New York’s top tier. For sellers, the data reinforces Miami’s position as one of the hottest luxury real estate markets in the U.S., with strong demand and inventory levels rivaling the country’s largest metro.
The Takeaway
The Realtor.com study confirms what many industry insiders already know: Miami is no longer just an emerging luxury market—it’s a powerhouse in its own right. With over 10,000 listings above $1 million and a luxury threshold that places it in the same conversation as New York, Miami continues to attract global buyers who see value, lifestyle, and long-term growth potential in South Florida real estate.
Miami Luxury Real Estate 2025: Cash Remains the Rule in an Ultra-High-End Market
In an article published yesterday, Realtor.com highlighted a striking reality in Miami’s upscale real estate market: cash continues to dominate luxury home transactions, especially at the highest price tiers. This pattern underscores a unique dynamic where financial flexibility—more than ever—drives market strength and seller confidence in the region.
Key Insights from Realtor.com:
All-cash transactions are now the norm in Miami’s luxury segment:
Homes priced between $1M–$5M see 53.5% cash sales.
Properties above $10M are purchased with cash nearly 59% of the time.
Ultra‑luxury condos and homes are overwhelmingly cash purchases:
Transaction volumes have soared compared to pre-pandemic levels:
Condo sales over $2,000/square foot increased 631%.
Single-family luxury sales are up a staggering 1,200%.
Miami’s luxury listings are booming:
The metro area had nearly 50,000 active listings in July, with over 20% priced at $1M or more—far above the national average of 13.8%.
Sellers are showing unusual patience:
Luxury homes linger longer—median days on market: 96.5 days, longer than in markets such as New York or Los Angeles.
Many sellers opt to delist rather than lower prices, maintaining confidence in Miami’s cash-rich buyer pool.
The role of international and cash buyers is pivotal:
High-net-worth individuals from around the world look to Miami as a safe, desirable investment—favoring speed, convenience, and privacy over financing.
Market Implications & Context
These all‑cash trends reinforce Miami’s reputation as a global luxury real estate powerhouse—especially when viewed alongside broader market dynamics:
Miami is among a handful of metros with year-over-year home price declines, yet the luxury segment remains resilient.
Delistings remain elevated, reflecting strategic pricing confidence among sellers—even amid cooling demand. Miami had 27 delistings per 100 new listings in May—one of the highest rates nationwide.
Gables Estates in Coral Gables recently overtook Beverly Hills as the most expensive U.S. neighborhood, highlighting Miami’s growing muscle in ultra‑luxury markets.
Top 5 Mainland Miami Preconstruction Condo Development Most Likely to Break $4,000 Per Square Foot
Now the question becomes: what’s next? Which upcoming developments have the potential not only to follow in One Park Grove’s footsteps, but to push values into uncharted territory above $4,000 per square foot on the resale market?
While there’s no way to know for sure (preconstruction contracts aren’t publicly recorded until closings occur), here are the Top 5 mainland Miami preconstruction condo developments most likely to break $4,000 per square foot once they deliver and resales begin.
As one of the most anticipated launches in Miami, the St. Regis Residences Brickell checks nearly every box for record-breaking resale potential. Set on a prime waterfront site with private, gated access, the project pairs a world-class location with the cachet of the St. Regis brand—long synonymous with ultra-luxury hospitality.
Brickell, Miami’s financial district, continues to attract global wealth, and this development’s combination of exclusivity, waterfront views, and brand prestige make it a strong contender to cross the $4,000 per square foot line.
Coconut Grove has quietly emerged as Miami’s hottest neighborhood, with recent sales at One Park Grove proving just how high values can climb. Enter the Four Seasons Residences Coconut Grove, set directly across from Regatta Park, Dinner Key Marina, and Biscayne Bay.
Anchored by the prestige of the Four Seasons brand, the residences deliver sweeping water views of Biscayne Bay alongside Regatta Park and the marina, all within Coconut Grove’s highly walkable setting—an ideal formula for top-dollar resales. If One Park Grove can set new records, Four Seasons Residences Coconut Grove may be the project that takes the next leap.
Brickell Key is one of the most unique enclaves in all of Miami, and The Residences at Mandarin Oriental will rise on the last remaining waterfront lot there. With unmatched exclusivity, panoramic views, and the pedigree of the Mandarin Oriental brand, this project offers buyers a rare opportunity to own in a setting that cannot be duplicated.
That combination of scarcity, branding, and location could easily propel resales into the $4,000 per square foot range, especially as international buyers continue to favor turnkey, waterfront branded residences.
While not waterfront, Waldorf Astoria Residences Miami brings something entirely different to the table: height and history. Rising 100 stories, it will be the tallest skyscraper in Miami and the first supertall tower south of New York City.
As the first Waldorf Astoria branded residences in the city, the tower will redefine Miami’s skyline and create a true architectural icon. For collectors of rare, trophy properties, its cachet could easily translate into resales well above $4,000 per square foot.
The final entry on this list is 888 Brickell by Dolce & Gabbana, a bold new development that will stand as the tallest tower in Brickell (tied in height with Waldorf Astoria) and the first branded residence by the Italian fashion powerhouse.
While not on the water, its height, branding, and ultra-luxury positioning could attract global buyers seeking something unique. In a competitive luxury market, 888 Brickell’s mix of design, fashion, and visibility make it one of the strongest contenders to cross the $4,000 per square foot mark on resales.
Final Thoughts
The mainland Miami luxury condo market has already entered a new era, with One Park Grove proving that $3,000 per square foot is not only possible but repeatable. Looking ahead, the next great milestone will be $4,000 per square foot on resales—and these five projects are best positioned to get there first:
St. Regis Residences Brickell – waterfront exclusivity, St. Regis prestige
Four Seasons Residences Coconut Grove – Grove location, Four Seasons brand
Residences at Mandarin Oriental, Miami – last Brickell Key waterfront site
Waldorf Astoria Residences Miami – Miami’s first supertall skyscraper
888 Brickell by Dolce & Gabbana – tallest in Brickell, iconic fashion brand
In a city defined by constant reinvention, it’s only a matter of time before one of these towers rewrites the record books.
Only One Can Be THE One: A Tale of Two Towers
In the battle for supremacy among Miami’s most prestigious residential towers, one project has quietly set itself apart. While many assumed One Thousand Museum — the Zaha Hadid–designed icon in Park West Miami — would long be considered the benchmark for mainland Miami luxury, sales data reveals a different story. The crown belongs to One Park Grove — the OMA•Rem Koolhaas jewel in Coconut Grove — which has accomplished what no other condo on mainland Miami has: breaking $3,000 per square foot (and doing so a number of times). One Thousand Museum was completed in 2019 while One Park Grove was delivered just a year later in 2020.
One Park Grove Redefines the Market
Over the past 12 months, One Park Grove has averaged $3,354 per square foot, a figure that jumps to $3,850 per square foot over the past six months. Even more impressive? The most recent sale that achieved this record was not a penthouse, but rather a standard residence.
The Top 3 Record-Breaking Sales at One Park Grove
Residence 15A – Sold for $12.5M ($3,850 per square foot) on May 15, 2025
Penthouse A – Sold for $22.5M ($3,504 per square foot) on February 14, 2025
Residence 15A – Sold for $10.7M ($3,295 per square foot) on February 13, 2024
Together, these three sales firmly establish One Park Grove as the only condo development in mainland Miami to have crossed the $3,000 per square foot threshold—on multiple occasions.
Echo Brickell: Close, But Not Quite
The next closest challenger to crack $3,000 per square foot was the duplex penthouse at Echo Brickell, which sold in October 2024 for $33 million ($2,982 per square foot). While an extraordinary result, it ultimately fell just short of the coveted $3,000 per square foot milestone. Echo Brickell remains an important player in the luxury market, but its success highlights just how rare and difficult it is to reach this benchmark.
One Thousand Museum: Once the Bellwether, Now Falling Behind
For years, many considered One Thousand Museum the “bellwether” for pricing power in mainland Miami. Its futuristic design by the late Zaha Hadid and iconic silhouette seemed to guarantee record-setting values. Indeed, the building made headlines when David Beckham purchased the top full-floor penthouse in September 2022 for $19.5 million ($2,120 per square foot)—the first time any mainland Miami condo crossed the $2,000 per square foot threshold.
What’s surprising, however, is what’s happened since. Not only has One Thousand Museum failed to approach $3,000 per square foot, it hasn’t even come close to its prior peak. In fact:
A sale in August 2024 closed at just $940 per square foot
Over the past 12 months, five sales at the tower have averaged only $1,214 per square foot
Far from being the market leader, One Thousand Museum appears to be moving in the opposite direction.
Comparing Other Top Developments
Other ultra-luxury developments on mainland Miami are also lagging behind the astronomical numbers achieved at One Park Grove:
Elysee in Edgewater (completed in 2021) – 11 sales over the past 12 months averaging $1,168 per square foot
While impressive, these averages underscore just how far ahead One Park Grove stands in today’s market.
The Tale of Two Towers
The contrast is striking. Both One Park Grove (OMA • Rem Koolhaas) and One Thousand Museum (Zaha Hadid) were designed by world-renowned starchitects. Neither building is situated directly on the water, instead overlooking public parks. Yet their market trajectories couldn’t be more different.
One Park Grove has quietly, repeatedly achieved record-breaking pricing power.
One Thousand Museum, once considered the benchmark, has slipped to averages comparable to projects with far less architectural notoriety.
The Top 5 Sales in Mainland Miami by Price Per Square Foot
One Park Grove #15A – $12.5M ($3,850 per square foot) – May 15, 2025
One Park Grove #PHA – $22.5M ($3,504 per square foot) – February 14, 2025
One Park Grove #15A – $10.7M ($3,295 per square foot) – February 13, 2024
Echo Brickell Penthouse – $33M ($2,982 per square foot) – October 21, 2024
One Park Grove #15D – $7.2M ($2,828 per square foot) – May 17, 2024
Final Thoughts
When it comes to record-breaking condo sales in mainland Miami, only one building has repeatedly proven itself: One Park Grove. Its ability to command over $3,000 per square foot—something no other development has achieved—marks a defining moment in Miami’s luxury real estate market.
Meanwhile, One Thousand Museum, once thought to be the inevitable market leader, now finds itself playing catch-up.
In the ever-competitive landscape of Miami luxury condos, it’s clear: only one can be THE one.
