CLIENT NEWS: Ritz Carlton South Beach condo launches sales at $4.25 million
March 19, 2025Developers have launched sales for a future 15-story Ritz-Carlton that will rise behind the historic Sagamore Hotel in South Beach.
Prices for the 30 units that will be built at the Ritz-Carlton Residences, South Beach will start at $4.25 million “with the potential to reach $125 million for a combined purchase of two penthouses,” said a release issued by developer Flag Luxury Group and owner Sobe Sky Development.
Each of the one- to five-bedroom residences offers up to 8,104 square feet of living space with views of the Atlantic Ocean and Miami Beach skyline, the developers said. Select residences feature private elevators, wrap-around terraces, floor-to-ceiling windows, and bespoke interiors and finishes curated by designer Alessandro Munge of Studio Munge. There will also be two duplex penthouses with private rooftop terraces with outdoor pools and kitchens.
Amenities at the building will include a Technogym fitness center with personal treatment and training rooms, a sculpture garden by Naturalficial, an entertainment lounge and a rooftop pool with dedicated cabanas. Also included is access to amenities and services at the neighboring Ritz-Carlton South Beach condo hotel at 1 Lincoln Road and the soon-to-be-renovated Sagamore at 1671 Collins Avenue. Buyers will be able to benefit from membership perks in Marriott International’s luxury portfolio.
Other perks offered to homebuyers: “culinary programming” by Michelin-starred chef José Andrés plus beach concierge, pet care, and other a la carte services.
The 15-story Ritz-Carlton will be designed by Miami-based Kobi Karp Architecture and built behind the Sagamore. Sales are being handled by The Eklund Gomes Team at Douglas Elliman Development Marketing.
“Billionaire’s Beach is at the forefront of Miami’s real estate renaissance. The demand for ultra-luxury living in Miami continues to soar, driven by its appeal as a global destination for its lifestyle and unmatched oceanfront living,” said Fredrik Eklund, co-founder of Eklund Gomes. “The Ritz-Carlton Residences, South Beach embody everything buyers are seeking: prestige, impeccable design, and a once-in-a-lifetime opportunity in one of the hottest markets in the world.”
Originally known as the Di Lido Hotel, the Ritz-Carlton South Beach was built in 1953 while the neighboring Sagamore Hotel was developed in 1948. Both properties are owned by Sobe Sky Development, headed by the Ben-Josef, Lowenstein, and Kanavos families. New York-based Flag Luxury Group, formed by Dayssi Olarte de Kanavos and Paul Kanavos, are developing the property on behalf of Sobe Sky Development.
Besides building a new tower, the Sagamore’s lobby will be modified and its facade restored, developer Olarte de Kanavos told the Business Journal. The developer and city of Miami Beach will also split the cost for improvements to the beach walk entrance at the 100 block of Lincoln Road. Enhancements will include new pedestrian paths, vehicular access, new landscape, an art walk, and infrastructure upgrades, Kanavos added.
The project has not yet broken ground but is “slated to welcome residents home in 2027.” Often times, condo projects are at least partially financed by pre-sales.
South Florida’s residential and condo markets took off during the pandemic as wealthy households sought to establish residency in a region with good weather and no state income taxes.
However, some experts anticipate a slow down in the overall residential market in South Florida as investors lose interest in the area due to a slowdown in price appreciation. Recent reports from Redfin suggest that the share of homebuyers acquiring houses and condos with cash are down while overall supply of homes for sale is going up.
In addition, recent figures from Florida Realtors state that sales of luxury condo units fell 7.2%. In addition, the amount of money foreign buyers invested in obtaining South Florida real estate fell by $2 billion in 2024 from the previous year, a recent report from the Miami Association of Realtors stated.
