Related Group CEO Jon Paul Perez and Integra Investments founder and Builders Association of South Florida President Nelson Stabile react to data showing tens of thousands of high-earners fled New York for Florida, bringing their wealth with them.
EXCLUSIVE: It’s iconic, remarkable and the newest kind of “billionaire bunker” to enter the greater Miami real estate market.
Industry powerhouses Related Group and Douglas Elliman are teaming up to sell a unique and original concept that combines two marquee, oceanside penthouses into one.
“I think this is an opportunity that is sort of once-in-a-lifetime in a building that would be very hard to recreate again, and in a location that is known as the French Riviera of the States,” Related President and CEO Jon Paul Perez exclusively told Fox News Digital.
“We put the pieces together of this puzzle, bringing all the best of the best,” he added, “and saw that there was such a demand for very large units that this penthouse in this building will never be replicated.”
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“It’s the location, it’s the size, it is the uniqueness of the offer in its totality,” Douglas Elliman CEO Jay Parker chimed in. “Its walkability, its privacy, its security, its exclusivity really makes this iconic penthouse one of a kind.”
Developed by Related Group and listed by Douglas Elliman, the Rivage mega-penthouse spans across the top three levels of the vertical building. (Courtesy: ArX Creative)
The dubbed mega-penthouse at the Rivage Residences in Bal Harbour starts at a listing price of $150 million. It spans more than 20,000 square feet of indoor space and 10,000 square feet of outdoor areas across three levels; eight bedrooms and 10 bathrooms with ultra-luxury amenities.
However, because the building just started construction six months ago, the mega-penthouse’s floor plan can be completely customizable for its potential buyer. It marks the largest penthouse Related Group has built to date, across 120,000 units-plus.
“It’s almost in its own private market,” Parker said. “I believe we’re accurate in saying it’s the largest individual offering of its size… You’ve created a building of industry titans, people that want to congregate with one another, have a community within a community… For the foreseeable future, we will not have an offering of this caliber.”
The mega-penthouse features multiple entertainment spaces. | FOXBusiness
The listing comes in the wake of media attention around the “billionaire bunkers” of Indian Creek Village – just north of Miami Beach – home to prominent public figures like Jeff Bezos, Tom Brady, Carl Icahn, Jared and Ivanka Kushner and others.
Perez and Parker expect buyers interested in this $150 million property to be in the same caliber, making it a trophy asset for potential international clients or primary residence for America’s ultra wealthy.
“It could go either way,” Perez noted. “I would say it’s 50-50 of where the buyer comes from. But most of the time, we’re seeing a lot more domestically at these price points than international buyers.”
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Tens of billions of dollars in income have moved to Florida in recent years, data shows, so the Rivage mega-penthouse was conceived to meet that demand.
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“We decided to go ahead and start playing around with the floor plans, seeing how we can combine them. And when we started going through that process, sort of the light bulb went off,” Perez said. “It’s a bespoke mansion in the sky.”
“The overall evolution of the South Florida market has lent itself to the creation of unique opportunities in the residential sphere,” Parker continued. “The global migration into this market of ultra-high net-worth individuals is undeniable… So this evolution of the two penthouses into one is, I think, organic and in line with what we’ve seen in many of our projects throughout the South Florida market.”
According to the real estate juggernauts, “a few” interested buyers have come forward for the property, but they predict a deal won’t get to pen and paper until the end of 2025.
“Historically, we would see, at least at Douglas Elliman, that the penthouses would be sort of the last of the units to sell. But with so much demand and so much inbound wealth migration, those that are in this category of buyer understand that the opportunity is important and one that they may want to consider earlier on in the process,” Parker explained. “The time is really aligned with where the market is.”
Fox News Digital speaks with Dezer Development President Gil Dezer and the Related Group’s Nick Perez about their under-construction Bentley and Pininfarina-designed residences, respectively.
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“I think there will be more [properties like this], but there’s not going to be a lot of these opportunities. They’re very hard to find,” Perez expanded. “I think we’re betting on that South Florida continues to be a place where people want to live, where people want to do business… we’re also big believers that the political environment here will continue to stay the same.”
“And that’s extraordinary to be able to be a part of and shaping that,” Parker bounced back, “and working with people that are creating more than just the sort of traditional amenity offering. It’s very specific and bespoke, and I think developers have the opportunity to really create the unimaginable.”
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