Chief Investment Office Of $300B Fund Buys Miami’s Biggest Condo In Edgewater & Will Relocate Here

The Chief Investment Officer of a $300 billion fund is relocating to Miami.

Scott Minerd, a managing partner at Guggenheim Investments, purchased two units at Biscayne Beach for a combined $12.5 million, according to Forbes.

The condo are both penthouse units on the 51st floor and will be combined into one, with a total of 22,547 square feet and 11 bedrooms.

The combined units have a total of 12 parking spaces, and two private elevator landings.

There are also two separate private rooftop pools and a sauna.

Minerd will become a Florida resident, according to Bloomberg.

In addition, Guggenheim will now allow employees to work from anywhere. The company has offices in New York, Los Angeles, and Chicago.

 

Photos and floorplan for one of the two units. The second does not appear to be finished:


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Anonymous
7 days ago

So another rich guy avoiding taxes, but no tech jobs lol

Anonymous
7 days ago

He’s going to pour millions into the local economy, workers in the stores in the design distract will make larger commissions, local IG models will make more money and spend it here and and maids will get a hefty salary from cleaning this place.

Anonymous
7 days ago

Don’t forget to he nannies, the mistresses and the babysitter

Anonymous
7 days ago

and the guys on rent men

Anonymous
6 days ago

Don’t forget the high class prostitudes!

Anonymous
7 days ago

I call BS. 1st Most of these tech jobs are “startups” about 75% of those business fail. In fact one could argue that failure is a key component of speculative and startup type business. 2nd These businesses by and large are looking to work remotely. That means the capital is likely to be generated and remain remote as well.

This whole “tech” goldrush is fool’s gold

Anonymous
7 days ago

actually more specifically:
90% of new startups fail.
75% of venture-backed startups fail.
Under 50% of businesses make it to their fifth year.
33% of startups make it to the 10-year mark.
Only 40% of startups actually turn a profit.
82% of businesses that fail do so because of cash flow problems.
The highest failure rate occurs in the information industry (63%).

Anonymous
7 days ago

yes because local ig models is what moves the economy down here in miami lol what a joke of a statement

Anonymous
5 days ago

Dont forget the Realtors wo made 6% of $12.5M.
$750,000 for those without calculators.

Anonymous
7 days ago

At least he’s not a Medicare and Medicaid scammer.

whazup
7 days ago

These type of guys have been here forever, they buy a property, just you never heard about it anymore… wake me up when a proper shop relocates more than 10 people…

Anonymous
5 days ago

This is happening far more than the media can report or keep up with.
The commercial space in this same building sold for over $5M to a VC Fund using it fir their offices. They will employ more than 10 for sure.

Anonymous
7 days ago

Ballin!!

Anonymous
7 days ago

He bought at Biscayne Beach because he probably took one look at Icon or Gran Paraiso and barfed.

Anonymous
7 days ago

Biscayne Beach is nothing special. Has dozens of units for sale. Too many small, crappy units.

Danny Costa
7 days ago

That shower looks like a mini racquetball court to me 🤷🏼‍♂️

Anonymous
7 days ago

Lol. The country bumpkins falling for it again! Lol.

Anonymous
7 days ago

Bayview Tower needs to be demolished so we can have a continuous baywalk all the way to Paraiso.

Anonymous
7 days ago

Don’t get excited. He is just relocating himself to Miami to avoid paying high taxes. Company will not move down here.

Anonymous
7 days ago

It is still a significant purchase for that neighborhood – just take a look at photos of the area 15 to 20 years ago. Same goes for tech employment. Compare the numbers in Miami metro now, to that same timeframe. Miami will never be a tech powerhouse, but recent gains have been significant and should be applauded. (i.e. Zumper just announced the planned opening of a new Miami office and hiring of 150 people here.)

Anonymous
7 days ago

15 years ago edgewater was super shady and now the ceo of guggenheim is living here…

Anonymous
6 days ago

CIO…

Anonymous
7 days ago

If the CIO is here others may follow with work from anywhere.
He’s not the only one in the top tax bracket at that firm.

Anonymous
7 days ago

Exactly! The CIO is an important person in an asset management business. Likely we’ll hear about portfolio teams moving here as well. While I personally prefer Brickell to Edgewater, that location is in walking distance of some pretty good things. 29th St. is burgeoning, it’s a short walk to either DD or the center of Wynwood, or even the park. Not a bad choice. He’ll have a good home and probably a good investment too.

Anonymous
6 days ago

This is a money management firm not a tech company. What I don’t get is with the increasing tax base, why is tax revenue not spent on better policing, homeless shelters to get the meth addicts off our streets and clean up Biscayne Blvd, one if the ugliest streets in America. Why can’t they dress it up befitting multi million condos? And why is that church on 19th not redeveloped. 10 years its been vacant along with empty parcels of prime lots. No imagination.

Anonymous
5 days ago

There are too many people posting here who have no idea about the policing Miami (crime is down significantly over the last 5 years), homelessness (Miami is a national model on how to deal with it, and has one of the lowest homeless populations of any major city), and the education infrastructure that has been supporting the move of so many business I the last 5 years.

Anonymous
7 days ago

That bath looks cold and unforgiving. Ugh! And who needs a sauna in SoFla. Just go out doors. 🙂

Anonymous
7 days ago

I agree with you. So poorly designed bathroom. It’s horrible. The bathtub should be on the window not squeezed into a corner. Typical Miami designers…..meh

Anonymous
7 days ago

You can’t have sauna parties outdoor😂

Anonymous
6 days ago

Sauna is dry heat homie. Steam room is Miami outdoors.

Anonymous
6 days ago

lol…

Anonymous
7 days ago

Which condo though

Anonymous
7 days ago

Obscene. it’s amazing how much one spends in order to have a place look as empty as possible. haha

Anonymous
7 days ago

Incoherent. It’s amazing how ignorant one is when assuming that the buyer hasn’t moved in his furniture yet.

Vilatic
7 days ago

People can use their imagination. The bathroom, even with designer furniture or whatever the guy wants, will look bland. Open floor with that type of tile and bland walls with no sign of life is not what a luxury bathroom should look like.

Anonymous
6 days ago

You’d think they could do better than builder spec finishes in the penthouse.

Vilatic
7 days ago

Not to mention everything is the same tan color, mixed with white. Im sorry if this offends you, but we’re not in 2008 Miami with yellow chandeliers.

Anonymous
6 days ago

If someone gets offended by white walls they have serious issues…ever heard of paint? Let the guy move in after his designer does their thing and then keep hating some more…

Anonymous
6 days ago

^ But, why can’t he be poor like me… waaaahhhh!!!!

Anonymous
7 days ago

Maybe some of these whales moving to Miami from high tax locales and saving $$$ will be able to use those dividend tax savings to fund the trillions in climate change infrastructure SE FL will need over the coming decades. The rich will need to pony up at some point if this becomes their permanent home.

Anonymous
7 days ago

Broke whiny worrywarts like yourself need to move to higher ground, like in Oregon somewhere. Miami is NOT for you.

Anonymous
7 days ago

He’s going to flip that PH when he notices he’s in a 24/7 flight path

Anonymous
7 days ago

I live in midtown and its not that bad, and im sure hes going to be pumping music at night so he wouldn’t notice.

Anonymous
7 days ago

pumping something

Anonymous
7 days ago

and walks out the door to the half way houses