CLIENT NEWS: Riviera Horizons to launch sales of Pagani-branded North Bay Village condos
March 12, 2024Mikael Hamaoui’s Riviera Horizons is set to launch sales this spring of a Pagani-branded North Bay Village condo project.
The planned 28-story, 70-unit Pagani Residences is the first ever condo development for the Italian hypercar brand, according to a press release. It marks the latest addition to the slew of branded residences in development across South Florida, and the first such project in North Bay Village. A number of South Florida’s branded projects bear luxury car logos, including Porsche Design Tower, developed by Gil Dezer; his planned Bentley Residences, and Michael Stern’s planned Mercedes-Benz tower.
Pagani Automobili opened its American headquarters in Coral Gables in December, a separate press release shows. Pagani CEO Horacio Pagani is an alum of Lamborghini, and founded his namesake carmaker in 1988. Since then, he has produced fewer than 500 cars, the cheapest of which sold for $280,000 in 1999, according to published reports. Paganis now start at $3 million, according to a spokesperson.
Miami Beach-based Riviera Horizons, led by founder and CEO Hamaoui, won approval for the planned tower at 7940 West Drive in September.
Fortune Development Sales will lead marketing of the project, and prices will start at $2.4 million, the release shows. Construction is expected to be completed in 2027.
Units will span 2,000 square feet to 3,300 square feet, with floor plans including two-, three- and four-bedroom options, according to the release. Amenities in the tower will include a rooftop pool and lounge, fitness center, spa, library, media room and a pet spa.
The planned Pagani Residences, aside from contributing to South Florida’s growing trend of branded condominiums, is also part of a wave of development in the three island city of North Bay Village. Developers have spent an estimated $191 million on North Bay Village sites in recent years. New York developer Harry Macklowe and Miami-based Related Group bought a 3-acre site for $47.7 million in November. Masoud and Stephanie Shojaee’s Shoma Group launched sales for a planned 19-story, 327-unit condo project in 2022, with prices starting at $400,000. That same year, the billionaire Ansin family won approval for a 7.3 million-square-foot development with 2,000 residential units.
The Malaysian developer Pacific & Orient Properties hit a snag at its planned 21-story, 54-unit North Bay Village condo project. The developer, led by CEO Thye Seng Chan, faces more than a dozen liens, and construction has stalled at the project.
