Downtown Miami’s 98-story Waldorf Astoria Hotel & Residences will soon launch sales, and a hint at pricing has been revealed for the first time.
Total sellout of the project is estimated at $1 billion. Spread over 400 condos and 140 hotel units, it works out to under $2 million for an average unit.
The information was provided by BridgeInvest founder Alex Horn (BridgeInvest just provided a $33 million pre-construction loan to the developers).
By comparison, the average luxury condo in Miami Beach sells for $4 million.
Waldorf is meticulously designing every detail of the project, Horn said.
The Waldorf Astoria will also become the tallest ever built in Miami, at 98 stories and 1,049 feet above sea level. It would become 20 percent taller than Miami’s current tallest, the 868-foot Panorama Tower.
Update: A Globest article linked to earlier misquoted Horn on pricing, according to a representative.
The total project size is 800,000 square feet of saleable space, which works out to be slightly below 1,500 square feet per unit over 540 units.