NewsStocksMiami’s tallest new tower nears sellout as wealth migration boosts Brickell project

Miami’s tallest new tower nears sellout as wealth migration boosts Brickell project

Author: Fox Business Markets·

Key Takeaways

  • Cipriani Residences Miami has reached its full height at about 950 feet and is the tallest residential tower in the city.
  • The 85-story project is more than 80% sold, and buyers from over 30 countries are expected to live there full time.
  • International demand is led by buyers from Mexico, Italy, Colombia, Brazil and several other countries, while U.S. buyers from New York and California have also purchased units.
  • The project is being driven in part by Miami’s pro-business environment and by companies relocating executives and high-income workers to the city.
  • The tower is on track to be the only new residential building in Brickell delivering completed homes in 2027.
Miami’s tallest new tower nears sellout as wealth migration boosts Brickell project

EXCLUSIVE: By next summer, Miami’s skyline will be marked by a new architectural landmark that is drawing corporate executives and wealthy buyers to South Florida.

Cipriani Residences Miami has officially topped out its roughly 950-foot construction project, which is the tallest residential tower in the city. The 85-story tower reflects Miami’s transformation from a vacation destination into a permanent center for international wealth and a market where luxury residential projects are being shaped by both lifestyle demand and company relocations.

Cipriani told Fox News Digital that the company’s first ground-up residential development in North America is now more than 80% sold. Buyers from more than 30 countries are expected to call Miami their primary home.

"Residential living is a natural extension of hospitality, but it was important to us to do it in the right way," Giuseppe Cipriani exclusively told Fox Digital. "With Cipriani Residences Miami, we found the right city, location and a great partner… Our family has been closely involved in shaping the design and the overall experience so that it reflects the same traditions we have carried with us for generations. For us, it is not simply about putting the Cipriani name on a building. It is about creating a home where the way you live is the way we would live."

Camilo Miguel Jr., founder and CEO of Mast Capital and the developer behind the tower, said the project has been especially meaningful as it rises over the city.

"Every time I drive by it, my emotional reaction is, ‘Wow.’ I am humbled by the fact that we're building something of this scale, because when I started my business, although I always aspired to get here, I didn't know when it would happen — and it has happened," Miguel said. "One of the biggest challenges was actually the upfront planning part, because when you're building a 950-foot building… the engineering that goes into that is quite different than building something that's 20 stories."

The strongest international buyer markets, in order, are Mexico, Italy, Colombia, Brazil, Venezuela, Argentina, Canada, France, Spain and the United Kingdom. Buyers from the United States, including from high-tax states such as New York and California, have also continued to buy into the project.

"There are countries that are having a lot of their own economic challenges and headwinds and political challenges and headwinds, as well… And people are not only buying in Miami as [an] investment, but people are actually buying in Miami to live. And people were looking at Cipriani and saying, ‘This is going to be home,’" Miguel said. "We have some buyers who have bought for their whole family and intend to move everybody into the building," he added.

Cipriani said the brand’s appeal has remained consistent across markets and generations.

"Every city has its own character, but what people appreciate about Cipriani is remarkably consistent: warmth, discretion, good service and a sense of familiarity," Cipriani said. "Miami is a very international city, and that has always felt natural to us. People come here from all over the world, just as they do in Venice or New York. The lifestyle naturally is shaped by its beautiful weather, its connection to the water, its seamless relationship between indoor and outdoor spaces. Cipriani Residences Miami brings that way of living into our world."

"People are increasingly choosing Miami not only as somewhere to visit, but somewhere to live," Cipriani continued. "They want privacy, comfort, good service and a quality of life that feels effortless."

Earlier this month, the New York Post reported that soccer star Lionel Messi had bought four units in the building, followed by a wave of other Argentine players. Buyers also reportedly include executives from Citadel and Amazon who are relocating from New York and California.

"We don't change who we are depending on the guest. That has never been our philosophy," Cipriani said. "For nearly a century, our family has welcomed people from many different countries, culture[s], generations and paths of life. Royals, aristocrats, powerful businessmen but also writers, intellectuals and all kind[s] of interesting people have been coming to our locations — as human beings."

"That sense of warmth and understated elegance that comes from our Italian heritage, and it remains at the heart of everything we do, fortunately has appealed to many of them," the grandson of the Cipriani patriarch added.

Miguel said Miami’s pro-business environment has become a major draw for companies and high-income workers.

"One of the main reasons that people are choosing Miami over New York City right now is the pro-business mentality. I mean you live in a business-friendly city and a business-friendly state, and the growth and the global nature of our city," Miguel explained. "And you realize quickly that as a hedge fund or a financial institution, you no longer just need to be in New York City to be relevant and be successful."

"These are big companies that are moving here, signing leases, taking space, and moving their top executives to Miami, their high-income earners. And these individuals are buying homes and condos across Miami," Miguel said.

The development is also on track to become the only new residential tower in the Brickell neighborhood delivering completed homes in 2027, a timeline that makes the project part of a limited near-term pipeline in one of the city’s most closely watched real estate corridors.

Cipriani linked the project to the family’s legacy, noting that Harry’s Bar in Venice opened in 1931 and gave rise to the Bellini, while establishing the brand values of "warmth, simplicity and genuine care."

"We are very proud, of course, of what has been built, and of where the company is today, 95 years after the opening of that small bar in Venice. Seeing the tower reach its full height makes us even more excited to bring that spirit to life for the residents who will call it home," Cipriani said.

"The principles have never changed," he said. "Whether it is a restaurant, a club, a hotel or now a residence, the idea is the same: people should feel comfortable, free and at home. The world changes, but our hospitality values do not."

Miguel described the project as rooted in the Cipriani brand’s identity and the company’s approach to service.

"This is really about heritage, about people, about a family," Miguel said, recalling his first time at a Cipriani restaurant. "What I really liked about it is that subtle elegance that you feel when you walk in, and the fact that everybody that works there is smiling, everybody that's there is welcoming and everybody that is there is hyper-focused on making sure that you have a positive experience."

"I never dreamed of Miami being what it is today," Miguel said, "and I think the sky's the limit."