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Society Biscayne Converted to The Elser Hotel & Residences Miami

Date:
July 27, 2022
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In June, after careful evaluation, Greybrook and Property Markets Group made the decision to convert our newly constructed 49-storey tower in Downtown Miami from a planned multi-family rental building to a for-sale condominium.

Miami has demonstrated exceptional market fundamentals, with accelerated corporate and population relocation in recent years. The demand surge has not been met with commensurate housing supply growth resulting in pronounced price increases for housing that has even outpaced rent growth. With historically low resale inventories and long lead times to complete projects under development, there is a gap in the Downtown Miami market at present for move-in ready product. Considering the unique point in time in the context of the residential housing market in Miami and the calibre of Society Biscayne’s finishes and offering, the Development Team explored the economic merits of converting from a multi-family rental to a for-sale condominium and ultimately made the decision to launch the newly branded ‘The Elser Hotel & Residences Miami’ with an official media release issued in early July and a marketing campaign that has just been rolled out.

The newly completed tower offers fully furnished move-in ready residences with unobstructed views of Biscayne Bay and the city skyline, over 19,000 square feet of curated amenities and 5,000 square feet of prime retail space.

“Downtown Miami is the city’s most desirable location for luxury real estate, resulting in high levels of demand met with record-low inventory,” said Ryan Shear, Managing Partner of PMG. “On the heels of an incredible response to our recent pre-construction developments, Waldorf Astoria Residences Miami and E11EVEN Hotel & Residences, PMG continues to meet the demands of Miami’s evolving real estate market by now delivering a new, move-in-ready luxury residential tower to the heart of Downtown with The Elser Hotel & Residences.” Contributing to its growth, Miami has also experienced a flurry of notable corporate relocations from prominent financial institutions over the past two years including Citadel, Blackstoneand Thoma Bravo, among others.

“With historically low resale inventories and long lead times for new projects under development to be completed, we are very excited to be launching The Elser Hotel & Residences Miami, together with PMG, in order to capture the strong demand for move-in ready residences in the Downtown Miami market,” said Peter Politis, CEO or Greybrook Realty Partners.  “The short-term rental optionality available to owners, coupled with the high calibre of finishes and offerings, will continue to serve the city as it experiences a population, tourism and corporate relocation boom.”

Boasting sweeping views of Biscayne Bay and the Miami skyline, The Elser Hotel & Residences Miami is designed by Sieger Suarez Architects with interior architecture and design by Cotofana Designs. The fully furnished residences range from studios to three bedrooms spanning 404 to 1307 square feet. Managed by industry-leading management company Highgate, the property will allow owners to enter a short-term rental program with daily rental options through The Elser Hotel & Residences Owners Program.

Amenities at The Elser Hotel & Residences include a double-level amenity deck spanning over 19,000 square feet which overlooks Downtown Miami and Biscayne Bay, a 132-foot resort-style pool with private lounge areas, and a 16-foot poolside screening LED wall. Additional amenities include co-working spaces, oversized modern gyms and fitness studios with frequent group classes, multiple lounges, smart package lockers, bike storage facilities, and a yoga lawn overlooking Biscayne Bay, among others. The property will include a new lobby cocktail bar and restaurant by the creators of Jaguar Sun as well as a coffee lounge by Cafe Domino.

The city was abuzz with the news of The Elser Hotel & Residences official launch with coverage in The Real DealThe Next MiamiProfile MiamiSouth Florida Business Journal, and more.

To learn more about The Elser Hotel and Residences Miami click here to visit the official website.

If you’d like to learn more about the units in this development, please contact your investment representative or email info@greybrook.com.

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