Bellinis, carpaccios and other tasty Italian antipasti flocked to Cipriani Downtown Miami.
Cipriani CEO Giuseppe Cipriani, developer Camilo Miguel Jr. and Arquitectonica founder Bernardo Fort-Brescia hosted a group of brokers to launch Cipriani Residences Miami this week.
Miguel’s Mast Capital is partnering with Cipriani to develop the planned 80-story, 397-unit luxury condo tower at 1420 South Miami Avenue in Miami’s Brickell neighborhood. Prices start at $1.1 million and units will range from 1,213 square feet to 3,495 square feet.
Miguel, CEO of Mast Capital, said interest in the project was strong, with potential buyers calling the developer’s office directly.
Alicia Cervera Lamadrid, managing director of Cervera Real Estate, agents Carol Cassis and Stephan Burke of Fortune International Realty, Julian Johnston of the Corcoran Group and Michael Light of Douglas Elliman attended the event, held Wednesday at the restaurant of the Miami downtown.
The real deal sat down with Cipriani, a former racing driver who is the grandson of Cipriani founder Giuseppe Cipriani, to discuss the project and expanding the business. The fourth generation of the Italian family, Cipriani’s children, Ignazio and Maggio Cipriani, created the distinct Mr. C brand, which operates the Mr. C Hotel in Coconut Grove and will brand the Mr. C residences under construction.
The Cipriani family has Mr. C Hotel, Mr. C Residences and now this project, Cipriani Residences. Do you plan to expand further in Miami and elsewhere?
No, right now we’re really trying to sell that. This is an important project for us. We have a big project in Latin America, in Uruguay, three towers. We will start selling them in June this year.
How will Cipriani Residences compare to the Mr. C condos that are being built in Coconut Grove?
This one actually has more services because we’re going to have 24-hour room service. We’re going to have restaurants. We are going to have the possibility for people to have guests and private parties at their homes or in the common areas. It’s a bit more service oriented than MC. They are in two completely different fields.
I heard rumors of a Casa Cipriani [hotel] opening in Miami at some point. Are you looking and if so, have you found a location?
Right now, Casa Cipriani just opened in New York in November of last year. We have an opening planned in Milan, probably a soft opening in June. The next project will be Los Angeles and Vegas. In Miami, we are looking, but we have not found the right place. You need to be able to build around 250,000 to 300,000 square feet, especially here, because you need enough hotel rooms, common areas for members.
What is Cipriani’s involvement in condo development with Mast Capital?
We have weekly, bi-weekly calls with architects. I really think we can provide services that other people can’t because that’s what we do for a living. We’re not really real estate people per se, but we’re service people.
How did you meet Camilo Miguel?
He’s a client, so we’ve known each other for a while.
I’m sure you are approached all the time for branded property developments.
At the moment we are focusing on Casa Cipriani and a few residential projects like this. We have our hands full for now.