The city of Miami continues to consolidate as one of the most dynamic real estate epicenters in the United States, and in the heart of Brickell – its fastest growing area – a project is raised that promises to mark a before and after in the urban landscape.
This is the highest residential tower in the history of the city, an unprecedented work signed by the iconic Italian fashion house Dolce & Gabbana. At the head of the project is the businessman Gianluca Bacchi, who shares in this interview the details of developmentthe vision that inspires him and the strategic role of Latin American investors, with emphasis on Colombia.
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How was this new real estate project in Brickell, and what makes it so relevant to the city of Miami?
This is a very special project that we are developing in Brickell, the Miami area that is currently growing. There, many large real estate developments are being concentrated, but ours stands out for a fundamental reason: it will be the highest tower in the history of the city. It will reach a height of 1,049 feet and will have 259 units. This will be a brand that cannot be overcome due to current aeronautical regulations, which makes it a unique and definitive project in terms of height.
In addition, it is the first building in the United States that carries the firm of Dolce & Gabbana, a collaboration that fills us with enthusiasm. It is a tower that differs from the typical Brickell design, where glass and steel structures predominate. This construction incorporates materials such as Travertino, giving it a timeless aesthetic, as if it were a building on the fifth New York Avenue in the thirties. It is a really different and sophisticated concept.
What characteristics do this building a differential space in terms of design and functionality?
The architectural design is designed to highlight among the glass skyscrapers dominate Brickell. The choice of noble materials such as the travertine stone gives it a unusual warmth and elegance in the area. The tower will have an important space of amenities, three restaurants and, in addition, a hotel with an unpublished operation model: the owners of the units can rent them as if they were rooms of Hotel Dolce & Gabbana, managed from the same building.
This format is especially interesting from the point of view of investment, because it allows generating daily profitability. In Miami, obtaining a permit to rent a property daily is complicated by zoning issues. Here, each owner will be able to leave their keys at the Concierge, and at that time their apartment becomes a Dolce & Gabbana hotel room, professionally operated. It is a unique opportunity for those who want a profitable and flexible investment.
How did the alliance with Dolce & Gabbana come, and why did they choose this firm in front of other options?
We are responsible for the design and construction of the project. We chose to work with Dolce & Gabbana because it is a world leader in fashion and lifestyle, and its aesthetic vision fits perfectly with the luxury proposal that we seek to develop. They will be in charge of the design of all common spaces and the interiors of the residential units.
In Miami it is common for buildings to have the support of large brands, such as Missoni or Aston Martin, which adds value to the product. In our case, the direct relationship we have with Domenico Dolce and his team facilitated the process. This will be the first residential tower signed by Dolce & Gabbana in the United States, and both and we are very excited to bring a piece of Italian culture to this vibrant district.
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Gianluca Bacchi, entrepreneur.
Courtesy
How did the Italian firm react upon receiving the proposal to be part of this ambitious project?
They received the proposal with great enthusiasm. The tower design seemed wonderful from the beginning, and we shared the vision of bringing a piece of Italy to Miami. For them, as for us, it is an opportunity to innovate and establish a new luxury standard and architectural design. They are very committed to the project and are actively collaborating throughout the creative and conceptual process.
What investment level does this development represent, and what luxury elements offers buyers?
The total project investment is around 700 million dollars. We are talking about a tower of almost a million square feet. As for the luxury elements, all units will be delivered completely furnished, even with the books on the table. That is, the buyer can enter with their luggage and start living immediately in a space decorated with the exclusive style of Dolce & Gabbana.
This represents a significant differential value. It is as if one personally hired Domenico Dolce to decorate his apartment, something that in normal circumstances would be impossible. This level of detail and sophistication is what truly makes the project a comprehensive luxury proposal.
What initial investment can those who wish to acquire a unit participate?
The smallest units start a little above two million dollars. Of course, there are more exclusive options, such as three -story Penthouse, which has an estimated value of 88 million dollars. It is an extraordinary building, with a view and design without comparison.
What motivated it, on a personal level, to venture into this project and bet on the real estate market in Miami?
Throughout my career, I have developed businesses in 16 different sectors, and Miami is a city to which I have great appreciation. He spent a lot of time there, within what was allowed by my visa, and my partner grew up in this city after moving from Venezuela. Our daughter is also American, so Miami is part of our family life.
In addition, I am excited to leave a mark in a city with which I have such a strong emotional bond. Imagine that in the future my daughter arrives by plane to Miami and can see the highest tower, and say that it was performed by her father, it is very significant for me. It is not scared to explore new sectors; I apply the same rules to any business: do things very well, without obsessing with the immediate profit. Profitability comes as a result of excellence.
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Dolce & Gabbana building
Courtesy
What is the attractiveness of this project for Latin American investors, and why Colombia plays a special role?
Latin America, and Colombia in particular, have shown a lot of interest in investing in Miami. This city, although it belongs to the United States, maintains a strong Latin identity. Spanish is spoken as much as English, and that generates a very strong cultural closeness for the Latin American investor.
Now we are in the “first price strip”, that is, in the initial stage of development. This represents a clear opportunity to obtain significant surplus value, especially considering that the property can generate profitability from day one. By combining hotel residence and operation, the potential return range is extended, which is very attractive to sophisticated investors.
What is the estimated date for the completion of the project?
We estimate that the tower will be ready between 2027 and 2028. It is a project of great technical and architectural complexity, and we want to ensure the level of quality and excellence that we have proposed from the beginning.
Paula Galeano Balaguera
Portfolio journalist
