UAE’s luxury property developer, DAMAC Properties has won the $120 million bid to acquire land in the upscale Miami neighborhood of Surfside in the United States.
The Dubai-based developer said in a statement that it is planning to build an ultra-luxurious, CAVALLI branded condominium project. The Surfside project will be DAMAC’s first in the US.
The property, on Collins Avenue, offers residents 200 feet of direct beach frontage and access to South Beach and Bal Harbour. The land, comprising 1.8 acres, was sold to DAMAC for $120 million through the court process.
“DAMAC Properties has long been eyeing development opportunities in Miami. We see the city, which is known for being a luxury and fashion center, as a natural fit for our Company, which has an established reputation for its branded luxury offerings. Our global expansion into the United States marks a major milestone and demonstrates that DAMAC is a force to be reckoned with. This is an exciting time, and we have a lot in store. We are rapidly growing, not only in our real estate endeavors but in various sectors such as fashion, hospitality and even emerging industries such as the Metaverse, NFTs, and data centers. This enables us to stay ahead of the curve.”
Surfside has become a hotspot for ultra-luxury condominium developments, including the Four Seasons Private Residences, the Fendi Chateau Residences, and the Arte Surfside buildings.
The town also has a collection of high-end hotels, including the Four Seasons, the St. Regis Bal Harbour, the Ritz-Carlton Bal Harbour, and its primary shopping area, the Bal Harbour Shops, is known throughout Miami as a luxury shopping destination.
According to the reports, “It is developing a luxury resort in the Maldives to be operated by global hotel brand Mandarin International and has already projects in Canada, the UK and across the Middle East.”
In 2021, DAMAC Properties launched two projects in Dubai, DAMAC Lagoons, the developer’s third master community in Dubai, and Cavalli Tower, an ultra-luxurious 70-story tower overlooking Palm Jumeirah, with Cavalli-branded interiors.