By Timea Papp
G&L Real Estate Development, the American division of Empresas Guzmán & Larraín, has tapped into Miami’s Design District with a new high-end development. One Bay Residences, the company’s first U.S. luxury project, is slated for delivery in the first quarter of 2018.
Nicolas Guzman, CEO of Empresas Guzmán & Larraín, spoke to Multi-Housing News about the challenges and benefits of entering a new market, while also unveiling the unique features of One Bay Residences.
As you pursued the firm’s first luxury U.S. development, what were some of the challenges you encountered when entering an entirely new market?
Guzman: In the past 35 years, our firm has built and sold luxury projects in a variety of markets, such as Spain’s Costa del Sol, Milan, Italy and Santiago, Chile. However, each market is unique in that its buyers value certain features more than others. For example, in Europe kitchen appliances and finishes are highly valued.
Miami is undoubtedly a cosmopolitan city; therefore, the product must be designed to fit a range of needs. One Bay Residences has been successful because of its walkable setting, the boutique nature of having only 38 residences and the fact that buyers can live in an enclosed community with low HOA fees in comparison to Miami’s traditional high-rise condo projects.
What are the benefits of tapping into an emerging market such as Miami’s Design District?
Guzman: By entering Miami’s Design District, we’ve also tapped into a new group of buyers that come from around the world and are seeking a modern home layout, like One Bay Residences’ multi-level townhome floorplans, rather than the typical condo design.
Projects like One Bay Residences are difficult to replicate, while high-rise buildings are rampant in Miami.
What is the unique appeal of One Bay Residences to snowbirds?
Guzman: When purchasing a second home, snowbirds tend to approach the deal as an investment and want to ensure the property is in a neighborhood—like the Design District—that will increase in value. Another important factor is security and eliminating tedious items, like landscaping and maintenance. While condos and hotels offer these qualities, units at One Bay Residences are each multi-level, mirroring the style of a single-family home with an in-unit garage, and offer private rooftop terraces, which can be completely customized to include a pool or summer kitchen, allowing snowbirds to get the most use of their space when in town.
One company motto is “bringing the outside in”—how does that translate into this project?
Guzman: An unparalleled characteristic of Miami is its enjoyable year-round weather and we wanted to create an area that is outside and private, where residents can bask in the sunshine and entertain guests. The private rooftop terraces are ideal for this lifestyle, as it adds a dynamic component to the living experience.
One Bay Residences is said to offer the penthouse living experience without the penthouse attitude. Could you expand on what that entails?
Guzman: Most of our units feature spacious private rooftops, up to 1,636 square feet, which is akin to some penthouse units. We designed these areas to be large enough to include a Jacuzzi or outdoor living room where you can host friends or lounge at sunset, a quintessential Miami experience. One Bay Residences offers 20-foot double-height ceilings, modern finishes and views of the lush neighboring park and Biscayne Bay, all while being walking distance from designer shops, chef-driven restaurants and a booming art scene, without the penthouse price tag.
Images courtesy of G&L Real Estate Development